I have decided to spend my time investigating on the proposition of investing in a hostel business. Currently, I am in the early research stage and have much time on my hands for about a year and a half before entering into dental school.
Because of my obligations in the near future, how feasible is it to start a hostel business that becomes autonomous and able to manage with little time in the beginning and/or in the future?
If it can be done, what factors may be needed? I have been tossing up ideas like hiring a manager and renovating a place with 100-200 beds. I want to incorporate a restaurant and bar in the future. Does that make it easier for it to become autonomous due to higher profits (an assumption) and the ability to pay a higher equipped manager? I'm basing this on my (very) short research that a medium sized hostel with 100 beds, charging $22 per night at 50% capacity would yield about $30,000 per month ($3000/month expenses) or 200 beds, charging the same price at the same capacity would yield about $60,000 per month ($6000/month expenses).
This question of autonomy is also important for the future stages because I want to scale the business into other markets and thus would not be able to manage all of them myself.
Thank you for your time in reading this guys!