Recently I'm living in a hostel which has good name or reputation in our city. This hostel has several branches and doing successful business since 2019. Actually good and effective strategies help a business to run for long time successfully and also earn good name as this hostel earned in past few years. What was their main perspectives and strategies they applied to run their hostel business successfully?
At the very beginning the hostel target students and people whoever come to Dhaka city for few days or for specific purpose. This hostel made several packages like one-day package, 3days package, 7 days, 30 days even 1 year package with terms and conditions. So this was a great thing they added to their business and why people will come again? They have good services with net and clean environment. Their rules made for the good of everyone and they continuously bring new offers and campaigns for customers.
One time investment and lifetime income and this kind of business mostly found long lasting. If you are a owner of well designed building which looks like home and best for residence then throwing a hostel business indeed a wise decision.
Image by Gerd Altmann from Pixabay
Behind the success of this hostel also there is another strong reason is foreign investment. Chinese investors also contributing here as I've learned from their social media pages. They ask for security money deposit from customers who loves to check-in their hostel. That security deposit they use for making more money from it. Security deposited money will be refunded when the customer will checkout but the time customer stay inside the hostel that money can be used in several purpose to make more money. This is another good idea for long time existence of a business.
They reached all the people via social media and their advertisements and new launched packages will insist people to try their service. This is really very effective plan for running hostel businesses successfully. Foreigners also stay in this hostel by having specific package. They accept all kind of payment methods so customers find this easy and hassle free. They serve maximum good services that convince anyone to stay inside the hostel for long time. Sometimes people doesn’t care about money and ready to pay for their comfort and this hostel make money by taking this chance.
When the hostel become well reputed they never going to compromise or negotiate the price of their packages and customers will pay as they know their service is good enough and they maintain discipline on their management team. They hire employees who follows their agreements and really very responsible to their roles.
In this age of competition if we add good ideas and strategies which is also following the trend can help business run successfully. This hostel taught me that how a successful hostel can be run for long time. This can be inspiring when I'm thinking about my future business. Hope it will encourage many people like me who has plan for future business.
I've Published It Before Here :
https://read.cash/@Shohana/hostel-business-indeed-a-great-idea-93cb3b7f
