15 years
Check out some of the "related links" at the bottom of this page. I think hostels overall are doing well. Hostelling International is reporting high occupancy numbers.
Do you think it is a bad idea to open the hostel during economical crisis?
Start a Hostel
Hello everyone!
We are thinking seriously about opening the hostel in Russia this spring,
but analysing the current situation we got really worry about the amount of guests for this year.
So I'm wondering how serious the economical crisis can affect to the new Russian hostel?
And do you feel the crisis affects to your hostel already?
- Comments
15 years
Hello everyone!
We are thinking seriously about opening the hostel in Russia this spring,
but analysing the current situation we got really worry about the amount of guests for this year.So I'm wondering how serious the economical crisis can affect to the new Russian hostel?
And do you feel the crisis affects to your hostel already?
After just finishing a MBA in Hospitality Management and now been managing an Hostel in Ireland..I can tell you that I believe that if itsdone with the proper steps and not to big at first. Its a great idea. Even the recession, people still want to travel and are ready to lower their standards and more and more people of all ages discover the Hostel and Enjoy them. Good luck
15 years
I think it would be a perfect time to open! I know the real estate market is prime to buy here in the U.S. Plus the banks are looking for good investments -- surprisingly that what they told me this week during a chat with them about a hostel plan.
15 years
I believe the economic downturn will not negatively effect the hostel market. Even with less $, people will still be traveling. The difference will be that they will be looking for cheaper accommodations when they travel. Therefore, the hotel industry will get hit hard but not hostels.
And how about all those people losing their jobs and seeing the current job market as less than an ideal time to start looking? It's a great time to start that backpacking trip many have been longing for. Some are taking cheap, extended, backpacking trips (I'm speaking from personal experience. I just quit my job and going on a long backpacking trip next week Woohoo!) while they wait for opportunities to increase,
and as CAPhouse says, real estate is looking sweet...
15 years
Hello guys,
Great thread! I'm now in the process of trying to secure a loan to acquire the property I need to open my hostel. The main problem is banks are telling me to come back in a year or two when the economy starts to recover and they'll go back to making such deals. However, if I wait until then property prices will shoot back up again and I'll be priced out of the neighborhood I want to open up shop in.
I was hoping to have my hostel up and running by the end of this year but the economy is making it difficult for anyone to want to do business. Any advice?
15 years
I think it would be a perfect time to open! I know the real estate market is prime to buy here in the U.S. Plus the banks are looking for good investments -- surprisingly that what they told me this week during a chat with them about a hostel plan.
Yes, banks are looking for good investments but I'm being told not right now. If there ever was a time to do this it'd be now!!! But none of the banks are willing to take the risk because they're all in a wait and see mode. I don't know what to do but I can't afford to sit on my hands and wait this crisis out. :(
15 years
Dont forget to inquire about Grants that your City, State, Fed may be offering to start a small business. Some municipalitys are looking to revive their Downtown area, I think Hostel Entrepreneurship fits into that plan well. Here at Spokane CC we have a 3 quarter entrepreneur program that helps the student develop their business from concept to operation. See whats out there.
Good Luck
15 years
Yeah, I've already looked into grants and unfortunately that's not an option.
15 years
Yes, banks are looking for good investments but I'm being told not right now. If there ever was a time to do this it'd be now!!! But none of the banks are willing to take the risk because they're all in a wait and see mode. I don't know what to do but I can't afford to sit on my hands and wait this crisis out. :(
How about a business angel? Someone who'll lend you the finance in return for a stake. Its a route I'm looking towards because of the same issues with the banks.
The deals aren't as bad as they're made out on TV and investers can also bring priceless knowledge and experience to the table without interferring much.
I agree, I think its the perfect time. There are some great prices on properties at the moment, and the most choice you're likely to have for a long time. This is obviously a very general statement and may not apply to your area.
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