14 years
1. When starting a hostel should I look at properties first, and then work a plan as far as starting costs, break-even, etc...?
2. I like the idea of owning the property, since I have very little to invest myself, and really no collateral, should I try and find an investor, or try and work with a bank or mortgage broker?
3. What is realisitic time-frame for starting a hostel from scratch? My thought is by next fall.
Hi,
Just some advice, as to your questions:
1. Why not do both, It sounds like you have an idea of what you are planning on doing. Start your business plan, work on it bit by bit each day - meanwhile start looking for a property. Location is very important so take your time looking for the right one.
2. As for owning, we all like the idea of it but often times its unrealistic, commercial property is muito expensive. You might have some trouble with that if you have no money or colateral. I would look at leaseholds to start with with a possiblity to purchase the property once your business is doing well.
3. It took me a 1.5 years to put my business together, just starting renos to the building. 1.25 years of that time was planning, saving, researching zoning/laws, looking at locations, then more planning, saving, researching zoning/laws, looking at locations, followed by more planning, saving, researching, and looking at locations. By the end I was clarifying zoning bylaws to city planners. Once you find your location, then things go into overdrive and you will be insanely busy from sun-up until you pass out at night.
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