Financing a Hostel
Start a Hostel
Hey,
We are a couple of college students really determined to open up the first hostel (with bar/coffeeshop) in our city. We know the demand is high and we are certain the profits would be great, however, we do not have the collateral or equity to qualify for a small business loan...or any loan for that matter. Are there any suggestions besides - work a lot and save money - that any of you might have for us to get this started?! We figure we will start off leasing a property until we are able to make enough money to expand and buy. That's not the problem though, we need to the capitol to transform what would be a empty facility into a thriving backpackers hostel.
Suggestions please!!
Thanks so much.
DharmaBums.
- Comments
16 years
Write a strong business plan. Have a CPA or Business Lawyer look over your plan for inconsistancies. If all looks well then you can look for an investor that has faith your plan will work. Keep in mind that unlike a bank, an investor will want a 100-200% return on their investment in a very short time.
Keep your head up
16 years
I am agree with Mr. Tom, Invester want good exellent returns for their money.
I am one the Invester.
thanks.
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