Hostel business done properly is big business especially in towns and cities with higher institutions.
People hire houses to run hotel, so there is no reason why you cannot hire a house to do hostel business. That is if you do not have one.
In the cities, it is becoming increasingly expensive and difficult to rent houses. In Lagos suburbs, to rent a three bedroom flat, you may be coughing out a whopping N500, 000 for two years rent. A single man or woman would be wise to stay in a hostel.
But where are the hostel business? I have an engineer brother in Lagos who sleeps in the office but who would have preferred a hostel at a reasonable price. This is a paying business that people are not thinking about. It pays in places where you have singles and students.
It may be difficult to bring strange faces together but people do not know one another when they meet in schools and become friends. Circumstances also do make people friends. Besides, friends may approach you as a group for space.
Now, the hostel business I am talking about is not bed and breakfast, which is another business on its own. I am talking of a situation where two, three, or four people share a small room and pay weekly, monthly quarterly or annually as the case may be.
You must be sure of the kind of people you are taking in. They have to complete application forms with guarantors, a letter of introduction from their places of work and photographs. This is the risky area of hostel business
This book will set you off in business the easiest way.
Do not take anybody outside students and salaried workers and please verify their claims. These two groups have a lot to lose if they misbehave or default. Please note that this is not a business for towns but mega cities where you have accommodation problems.
MARKETING. You must have a big signboard and visit nearby tertiary institutions to tell them about your hostel. Have advert plates at strategic places, bus stops, PHCN poles, and walls, with time you will be tired of business. CAPTIONS
YOUNG SHALL GROW
HOSTEL ADDRESS
PHONE NO.
STOP FATTENING THESHYLOCKS
STAY IN AN HOSTEL
NAME, ADDRESS,
AND PHONE NO.
CAVEAT. Be careful whom you take in. Maintain discipline and do not allow the place to be turned into a brothel.
These must have been spelt out properly in the agreement anyway; You will have separate hostels for each gender and please provide agreed amenities.
Regular supply of water is a must. Have all this in place and you are on. A stand by generator will increase the value of service provided and therefore the price charged.
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