How to Start a Hostel Business in Bangladesh
Starting a Hostel Business in Bangladesh
It’s a great way to break into the travel industry by opening up your own hostel business in Bangladesh. Also, when you’re with a hotel business, you’ll be a business owner who gets plenty of face time with people from all over the world. Moreover, it’s not only a source of income but opening up a hostel can be an outlet for creativity as well.
This article is definitely for you if you want your hostel to be successful in today’s competitive market. Also, the hostel business is growing faster now as people are traveling worldwide for the reason of business, job or education. Besides, the rate is a great factor that many travelers prefer a hostel stay than a hotel stay. As it’s an interesting and creative business idea, you need to gather a complete knowledge before stepping into it.
What is a Hostel Business in Bangladesh?
As an alternative to a hotel, a hostel always regards as smaller, slightly cheaper. When based in a place that is not their home, a second home a hostel is used by students and professionals in many places. When it refers loosely, it’s a ‘student hostel’ which contrasts with a backpacker hostel.
But, when it aims primarily at backpackers and other tourists, it calls “backpacker hostels”. Consequently, providing multiple kinds of clientele, the business of a hostel is also a profitable one for the discerning entrepreneur. It simply comes with a running overhead cost that is significantly lesser than the overhead cost of simple hotels. This way a hostel business in Bangladesh has opened a new horizon for the jobless people.
Steps to Start a Hostel Business in Bangladesh?
While you’re in a hostel business in Bangladesh, you’re helping the local economy as well. Before it is ready to be open for business a hostel still requires a significant amount of work, time and investment despite being easier to set up and run than an average hotel.
Moreover, it’s a much homelier atmosphere in a hostel than a hotel. As a result, the hostel business is the best choice for you if you’re planning to start a new business or planning to invest money. So, let’s know the essential steps to start a hostel business in Bangladesh.
First Step: Planning
It must be planning, which is the first thing that a person paying attention to opening a hostel business in Bangladesh. Also, planning is essential not only to set up a good, working hostel but is comfortable and provides safety to the people living in the hostel.
And the owner of the business gets a good amount of profit to the owner of the hostel. It should include the location of his hostel must be, the investment that requires in order to set it up, the permissions that must be taken to set up the hostel, etc while making the plan for the potential hostel. And, before setting up the hostel itself the other relevant logistics that are required.
Second Step: Location
The prime importance of any prospective hostel-owner is the location of a hostel. It’s essentially must be situated near public transportations, like an airport, a train station or bus station. Also, where there is high of the traveler traffic may be reasonably expected, such as some historical site or temple, a hostel may locate. Although the location and positioning may not be the be all and end all of a particular hostel, it may reasonably expect to be a huge parameter determining the success of a particular hostel.
A traveler is likely not to choose to walk an extra mile from a place where they alight, or where their destination is. So, the location must be suitable enough to guarantee traveler traffic and the prospective entrepreneur must absolutely ensure that.
Third Step: Investment
This is the top most important step for any discerning entrepreneur in the field of hostel business in Bangladesh. Also, it requires a significant amount of capital for either buying or renting. However, if you make hostel for backpackers, it’ll not cost require the amount of capital or manpower. Well, let’s know what need for the guests’ living quarters is below:
- The kitchen
- A front office for handling the arrival/departure of guests
- A lounge for the guests to enjoy their time
- Manpower and other requirements
Besides, while you’re making it distinguishable from other hostels, you need to arrange some special services. It’ll help you survive the competition in the marketplace. As these all require investment, you need to raise funds through various means. Then you’ll be able to fulfill the requirement for a hostel making it a comfortable one.
Fourth Step: Facilities
If you want to make your hostel business in Bangladesh, there are many other requirements. These may include internet access in each room, maps of the city to guide them etc. Also, essentially you need to provide a landline or Wi-Fi internet connection.
And it can help you to get more guests all the time when those who are using your PC’s with an internet connection will raise your hostel for providing modern facilities.
Tourists those who are staying in your hostel they would need a city map. It not only guides them about your city but also inform them about the places to visit as well. Some other facilities you may include are below:
- Complimentary Breakfast
- Booking services for systems of mass transit
- Airport/ Railway station drop off and pick-up facilities
- Mobile SIM cards at reasonable prices
Fifth Step: Legal Entities
The legal permits are one of the most important parts of setting up. Before the hostel may be set up, they’re required. Moreover, you need various types of permits as may be prescribed by the local law and require registration. Some of them are below:
Local municipality of City Corporation approval by a trade license
Getting a NOC (No Objection Certificate) from the local municipality of City Corporation
Also, NOC from the local police station
Company registration etc
Some other Steps to Follow to Start a Hostel Business in Bangladesh
- Finding a niche
- Choosing your ideal customers
- Keeping it clean
- Getting the word out right
- Insurance and compliance
- Know how to bookkeep