Are hostels profitable?
An easy guide to making a hostel business plan Before venturing off to start any business, you should do your math and find out if it’s worth your while. So, are hostels profitable? The answer to this question depends on many variables. Let’s say you’re in a well established or growing destination, and you want…
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Booking.com Rate Intelligence 101
In the day-to-day hostel management, we are often too busy; there is so much happening that needs our attention here and now, so we get distracted from strategic activities. We end up not using tools available to us completely free, and we miss on the opportunity to significantly improve the strategic management of our hostel…
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REVENUE MANAGEMENT 101 – YES, YOU CAN!
“ Revenue management is nothing more than a simple equation between supply and demand: your prices are defined by guests, and not the other way around.” Revenue management, also known as yield management, started being used around the same time that commercial flights became popular. During the early 70s, airlines, especially those in the United…
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THE BEST MARKETING FOR HOSTELS? 7 EASY STEPS TO CONSIDER
Running a hostel and struggling with your marketing? This is most likely the reason you clicked on this article, right? My name is Matt, and I am the guy behind hostelgeeks.com, a website designed to award 5 Star Hostels around the world. You can find all official 5 Star Hostels at Hostelgeeks. Whilst Anna is sending out…
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THE NEXT LEVEL OF ADDITIONAL SERVICES
One of our HostelSkills #2 panelists Samra Čomor, shared her views on additional services hostels could and should provide in order to bring both their business and the guests’ satisfaction to the next level. When it comes to the services that are being provided it’s extremely important to have an excellent basic service, and that…
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USING REVIEWS TO BOOST DIRECT BOOKINGS
Most businesses accept that online reputation management is – or should be – an important part of their business strategy, but why exactly, and how does it apply to the hotel and hostel industry? To celebrate their attendance at the HostelSkills #2 Conference in sunny Barcelona, our friends from Customer Alliance have taken a deeper…
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HOW TO CREATE THE ULTIMATE HOSTEL EXPERIENCE
The way people travel has changed dramatically over the last several years. In the last 5 years, the emergence of Generation Y, digital nomadism, hospitality sites such as AirBnB and CouchSurfing, coupled with a shift in traveller’s values had made it a very exciting time for the hostel industry. By Daniel Beaumont, Podstel For the last…
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5 REASONS GOING TO CONFERENCES IS WORTH IT
When it comes to conferences, there are two types of people. Ones attend them all and don’t need convincing when an opportunity to mingle, network and gain some new insights arises. Others are more prone to thinking that all you need to learn you can do online, and if you dig deep enough, even for…
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TEAMING UP WITH OTHER HOSTELS AND WHY YOU SHOULD DO IT
The market and the number of consumers constantly grow and, as a result, the competition is ever greater. It’s like sports. Teaming up is the way to win. Producers (and hostel owners are one, as service is a type of product) have a never ending task of improving their end product and trying to diversify…
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SOCIAL PAY IN HOSTELS? MAKE THE BEST OF IT!
Followers are currency. Is your hostel accepting it? Travel blogging is hugely popular. Some of the most followed Instagram accounts are those of globetrotters, wanderlusts, and backpackers. So, if you have a hostel, this is one of the absolutely best promotion channels for you. Travelers inspire other travelers. Social media is where they look for…
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