Lazy Oaf Backpackers – An evaluation into the feasibility and requirements of setting up a successful hostel in Cardiff.
Cardiff Metropolitan University
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The project has set out with the aim of analysing the feasibility of setting up a successful hostel in Cardiff. Within this project, the author has evaluated the essential factors in order to achieve this aim such as; writing a literature review, conducting a SOWT and PEST analysis, undertaking market research, investigating legislations, presenting a detailed business plan , and analysing the financial outcome of the venture. The business plan formed the largest chapter of this enterprise project and has involved a great level of research. Within that chapter all the important aspects of a business plan have been explored, for instance; marketing research, product information, promotional methods, staffing requirements, and financial cash-flows. From completing the business plan, it has been determined that opening a new Independent hostel in Cardiff is very feasible idea. This is because marketing research indicates that there is a high demand for budget accommodation and more directly hostels and the financial forecasts show that the business will be profitable overtime. The venture was chosen due to the authors Love for travel, culture and lasting memories made from staying at hostels. The business being proposed in this project is called Lazy Oaf Backpackers. It is based in Cardiff city-centre opposite the Millennium stadium. Whilst providing affordable accommodation is the main focus of Lazy Oaf backpackers , it shall offer forms of social activities every evening / day for all guests to create lasting memories and provide a unique selling point over its competitors. It is the hope of the owner that Lazy Oaf will become Cardiff’s leading hostel within 3 years.
BA Enterprise Project
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