9 years
Hi Mark
Well these are very gfeneral questions on dpend on your location etc. but I try to give some answers:
Most important factor during set up?
Know WHAT you will do WHEN (and WHO will do it for which COST)
Did you buy or lease the building? Thoughts of each
Lease - it's simply a matte of opportunity, but with a good leasing contract you need less investitions.
How did you handle financial aspects? Crowdsourcing? Bank Loan?
Friends&Family
What has been the hardest about setting up?
Keep you motivated also in hard and frustrating times
Biggest pitfalls?
Well this really depends on the project - forgetting an aspect and there are thousands to forget! Do enough amrketing! It's easy to cut there first, put it's wrong to do it!
Did anything come easier than expected??
Meh, no. Maybe the paperwork.
What is your measure of success???
Beeing able to pay all the rent, bills and employees. Set up a smart controlling where you can see where you stand, calculate what you need as a daily turn over to survive.
Do you have any tips for aspiring hostel owners? Do you have and resources to refer to aside from hostel management.com?
Nope. If there is any hostel network in your area then join them. We had great help from our networks.
Good luck!
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