Opening a new hostel in Bucharest could be a very good idea as there is still a niche in this business. We estimate that in this moment the number of backpackers coming to Bucharest hostels should be around 1500-1700 per day and existing hostels can accommodate up to 900 tourists. Of course there are other different kind of alternative cheap accommodation in Bucharest as pensions, apartments or BB but still is a good request for hostels in downtown area.
Most important thing when opening a new hostel in Bucharest is to find a suitable nice location. An old house with nice architecture is definitely a plus. Of course it has to be in a good location, well connected with public transportation. The worst part is that old buildings usually need a good renovation so the investment will increase. After this you must think about what you need there – big dorms with many beds or private rooms – it depends of your opinion about hostels. At Crazy Duck hostel in Bucharest we decide to count on private room sale more than on dorms. But this is just our idea – most hostels in Bucharest bet on dorms accommodation.
After you renovate and bring furniture and belongings to the property you have to get the official classification from the Romanian Authority for Tourism. A lot of papers and time to spend J But after this you are almost ready for business. Of course you still have to get different papers from different authorities and get registration from the local administrative office.
Overall the business is nice and good – opening a hostel in Bucharest is fun as well. The social issue is most important in hostel business – be prepared to spend time with your tourists and give them good advices about the town. This is the key to success!