Bakery business plan template
Get inspiration from our bakery business plan template.
Not accustomed to writing business plans? Our hostel business template will turn a typically challenging process into a total breeze.
Modelled on a complete business plan of a hostel in Normandy, our template features both the financial forecast and the written part that presents the project, its team, the local market and the business strategy implemented by the management.
Cast your eyes on this template to achieve a better understanding of what your bank and investors would like to see, so that you can create a business plan that meets their expectations.
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This template includes a complete business plan, with a financial forecast and the following sections:
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Liverpool Lively Hostel will be a new hostel located on Lark Lane in Liverpool.Liverpool Lively Hostel has been created with the intent of welcoming tourists and groups of friends looking for cheap accommodation in Liverpool city.
Our goal is to create a hostel with a vibrant, friendly and fun-loving vibe - we would like to welcome anyone looking to immerse themselves into Liverpool’s unique culture, whether they be a single traveller or group of friends.
Our hostel, located in a three-storey building on 1 Lark Lane, will have a total capacity of 52 beds in 5 mixed dormitories.
The neighbourhood has strong public transport links, making access to the hostel easy for guests. St Michael’s train station is 8 minutes away on foot, as well as several bus lines - with the number 82 offering a direct trip to Liverpool City Centre in just 20 minutes. Guests can also hire city bikes, with the closest station situated just 2 minutes from the hostel on foot.
Liverpool Lively Hostel is a limited company with a capital of £20,000 and will be managed by Rachel K and Katrina R. Rachel and Katrina share a passion for travel and valuable experience in the hostel industry, having both worked in similar businesses for several years.
Hostelworld estimates that the hostel industry is currently valued at $5.2 billion in bed revenue and is projected to grow 7-8 per cent year-over-year.
Using data from Hostelworld and several travel agencies across the globe, the founder of HostelHelper believed there to be approximately 15,643 hostels operating worldwide in 2019.
England is said to be the 7th highest European country with the most hostels, boasting 226 hostels.
Phocuswright has also projected that the revenue of the hostel industry will increase by 5.5% per year from now until 2025.
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According to the Global Trends Report 2014, the UK hostel market was estimated to reach £216m by 2018, with a total of 653 hostel outlets by the end of the same year.
Liverpool is a vibrant city with a population of 497,784. Its history, architecture, coastline and welcoming locals make it a place well worth visiting - with VisitBritain recording that the city’s visitor economy is now worth over £4.9 billion.
In 2019, Liverpool welcomed 67.3 million visitors. The demand for use of serviced accommodation within Liverpool has increased by 6% in the last year, with 2.8 million visitors opting to check into hotels and hostels during their stay.
Liverpool hotels saw a 5% rise in weekday occupancy during 2018, bringing its average occupancy up to 81.8%. With average occupancy rates in cities outside of London remaining stagnant at around 76%, Liverpool is significantly above the national standard.
The vast majority of hostel visitors are backpackers. With millennials now accounting for 70% of all hostel travellers, the typical age range of hostel goers is from 18 to 35 years old.
Opting for experiences over luxury, Hostelworld has found that 49% of backpackers consider cheap prices to be a major factor when picking hostel beds to lay their head - especially because only 20% of future travellers will be employed, down 2% from previous years.
Only 13% of backpackers now book rooms via last-minute walk-ins, as the electronic revolution has meant they prefer to book via computer (47%) and mobile apps (55%). This means that online reviews are more important than ever before, with 28% more travellers relying on reviews when seeking out new accommodation than the generations before.
A backpackers budget varies depending on the location and time of the year. The fewer the beds in the room, the more expensive a room. Hostels in London fall around the £15,00 – £25,00 per night mark. In Europe, many travellers pay anywhere between €19 – €44 per night in peak season.
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We have decided to target two main types of customers:
We have identified three main competitors near our hostel, all of which are situated close together in Liverpool city centre.
We believe our location, beside the iconic Sefton Park, not only appeals to a different type of clientele looking to explore the lesser known sights of Liverpool, but it will also enable us to avoid frontal confrontation with those players.
The projected sales for year 1 are expected to be £214,690 and we anticipate them to grow to £222,390 in year 2 and £227,803 in year 3.
Based on the current plan the EBITDA should grow from £23,604 in year 1 (with 10.99% of margin) to £27,834 (with 12.52% of margin) in year 2 and should reach £30,559 in year 3 (with 13.41% of margin).
The improvement in EBITDA over the plan is mainly related to the improvement in the occupancy rate, resulting in better absorption of fixed costsin years 2 and 3.
The net operating cash flow is expected to remain positive throughout the plan - reaching £26,761 in year 3.
In total, our initial funding requirement amounts to £150,000. The partners will contribute to £65,000 (43% of the total), and we would like to secure a loan to cover the remaining £85,000.
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Open your own pizzeria by having a look at our business plan template.
If you would like to open your own hostel, have a look at our guide.
Follow our advice if you're interested to create a business plan for your hostel.
Want to do a financial forecast for a hostel? Check out our article to find out what to do.
Not 100% sure on how to proceed? Read our guides to start your own pizzeria.