We opened last year to great success and rave reviews and it only seems to be getting better.
We are a small hostel at under 50 beds.
I want to ask other hostel operators and owners for opinions on the efficiency of how I am running the hostel. This is my first time managing the operations of a hostel, so Id like to have feedback. My concern is that I may be spending too much on payroll.
Monthly payroll, including my salary, is a little ove $10k a month.
Monthy revenue has been high $20k, and it seems to be increasing by 10%-15% since we opened. Our first month opened was $16k, and we have slowly been getting more and more reservations. I expect us to to hit mid $30k in the summer.
I have myself and an assistant manager on the same pay rate at $3k a month. I normally work 44-50 hours a week. My agm normally does 30-38 hours a week. He puts in less work on-site and in operations...he is more in charge of our branding and marketting. He is acually a very small partner at 5%. I am actually considering to further drop my wages and to put more hours in. My goal is to have very strong financials for future investors and to eventually sell my brand.
If I was running your hostel, how would you tell me to improve?
All feedback is appreciated.