How would I go about setting up a hostel?

LadyJ

My boyfriend and I have been talking about setting up a hostel in Mayo. It's only really talk at the moment because neither of us have ever done a business course so we have absolutely no idea how to go about doing it.

I was wondering if anyone could offer any insight as to how much money we would need and generally give us a list of things that we would need to do to get it up and running. Sort of like a step by step guide on how to really make this happen.

Any help would be much appreciated.

yamo

I always wanted to set up a hostel in the west of Ireland. I had notions of setting one up in Galway a few years ago, but a variety of factors got in the way.

I'm no expert on all of this, but outside of the obvious premises/beds, I'd imagine your biggest expenses will be the specialist insurance you'll need as well as the basic food/bills/laundry expenses.

Get in touch with the guys from Failte Ireland, and hopefully they'll be able to give you some advice. I'm not sure if you'll be eligible for help from your local county enterprise board, but it would be worth giving them a shout to see if they can help you out. I've had help from the Dublin City Enterprise Board before and they were great when it came to basic setup advice. Their websites will usually have details of how to incorporate your business - they might also be able to recommend solicitors and accountants who will help you with all the legals and financials in this area. Your local VEC should be able to point you in the direction of a short hospitality/tourism industry course that might be of use as well?

Sorry I can't give you anything more specific. I guess the best thing you can do is try and make the place as cool as possible. The best hostels I've stayed in when I've been travelling are the ones with the best TV/coffee areas, as they're the best places to meet punters. A lot of hostels make the mistake of neglecting these kind of common areas in favour of cramming in more beds, which sadly makes them crappy, soulless places to stay...

stepbar

LadyJ wrote: »

My boyfriend and I have been talking about setting up a hostel in Mayo. It's only really talk at the moment because neither of us have ever done a business course so we have absolutely no idea how to go about doing it.

I was wondering if anyone could offer any insight as to how much money we would need and generally give us a list of things that we would need to do to get it up and running. Sort of like a step by step guide on how to really make this happen.

Any help would be much appreciated.

I would say (conservatively) that you would need to borrow anything between 100k to 500k (500k to assume the purchase of a premises, refurb costs etc, 100k to perhaps cover the purchase of a lease, setup / refurb costs.).

Simply put, do you have A) someone who could act as a guarantor or a tangible asset(s) (Not the family home) to offer up as security? If you don't, you are wasting your time going any further. I'm deadly serious.

Briongloid-M

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