Start up costs?
I would like to open a hostel (just in the development stages now) and have come up with rough estimates of the cost of opening a hostel. What do you guys think a good start up amount is? Will I probably need a business loan? I have been working full time for the past few years saving up for school, but I think opening a hostel may be a worthwhile investment. Looking forward to your responses to see if my approximations are in the ball park of the correct startup costs.
Well your in the right place for more information. There is a massive amount of advice on the forum, just search through and many of your questions will be answered. If not, then you can always post a specific question and hopefully someone will help. Its impossible to say how much you will need, every hostel is different. A business plan as with any business is the right direction to go in and not just at start up, but as a working document. There are even some templates on here to work from. Good Luck
how much will you need? what is the price of fish? to say that 'depends' is an understatement. are you talking 14 beds in nicaragua or 300 in NYC?
business plan? yes, especially if you intend on borrowing.
as decepe said, this place is a wealth of information. have a read through as much as you can and then fire some more specific questions; we're all here to help each other.