Accommodation for young people
Cities are the destination of those who seek better job opportunities, for which they must first be forged by studying. Therefore, many young people move to the city from the countryside or the interior provinces in order to realize their dream of getting a degree and practicing a profession. When this happens, the problem of housing arises. Many of these young people have relatives at home who can stay with them during their stay, while others rent apartments. However, there are a large number of them who do not fit into either option, so setting up a student pension seems to be the answer they are looking for and the profitable business model that will make you an entrepreneur.
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Requirements for Setting up a Student Pension
The following are the requirements for setting up a successful, orderly and organized student boarding school. Take note of them and start your business now:
Legal authorization: you must apply for a legal permit to set up a company and specify that minors will be accommodated there. Carry out all the corresponding procedures indicated by the State offices and your permits will be issued as soon as possible.
Place: the ideal place in which to set up a Student Pensionado is a house with spacious rooms. With respect to the rest of the house, it should have a kitchen, bathrooms, dining room and, if possible, a green space such as a backdrop or garden, in which the students can clear their heads and relax.
Furniture: when setting up a Student Guest House, it is necessary to furnish it with beds, wardrobes, night tables, dining room tables with their respective chairs, garden furniture if applicable and the equipment for the kitchen and bathrooms.
Staff: you will need staff for reception, cleaning, kitchen and administration. Interview several candidates and choose the most efficient, experienced and reliable ones for each position.
Why set up a Student Guesthouse?
The reasons for setting up a student hostel are that there is a real demand for the service from those who do not have relatives in the city and cannot afford an apartment. We are talking about a business in which you must charge a moderate rent in order to attract customers who are looking for an economic, comfortable and safe accommodation to stay during their years of study.
Disadvantages of Setting up a Boarding House
Although we are talking about a profitable business in demand, it is very important to take into account that during the vacation months, students will return to their families and will not pay any fees for those months. So you must take the necessary steps not to become underfunded. Some ideas are:
Maintenance fee: you can give them the option of paying a third or half of the fee to the students to keep them in place next semester.
Tuition: if you decide to charge tuition with each new enrollment, be sure to save the money for the vacation months.
Higher fee: You can charge a higher fee than the numbers give you to cover expenses and make a profit and save that extra money for the months when you don’t bring in any money.
Term staff: To avoid paying salaries and layoffs, you can hire term staff and renew them when the season starts again. You can also use your unemployment insurance for these cases.
Advantages of having a Student Pension
Due to the high level of student population the accommodation business has been a success in the last decades, so statistically speaking the student pension business represents a good profit margin and work flow.
By working with young people you can establish regulations and parameters that would not be possible in a normal lodging business, such as prohibiting late night visits or the use of a unit for lodging friends, making it a controllable business and more feasible to run than a hotel.
Tips for starting a Student Boarding School
Having good facilities and areas of entertainment, sports, spa and bookstore if possible, this business has multiple types of services that can be offered within the pensioner system, so it is recommended to focus the business well towards what services to offer, so that these have good quality for the user.
Acquire an insurance in case of damages, besides being trained in a good legal way in case of accidents or damages to property as a result of any inconvenience that may arise, so that it can be attended quickly and effectively, maintaining the integrity and tranquility of the student pensioner.
There are hundreds of success stories in this business, some of which have been
has come to extend its services to the highest quality for the student, so that the student’s stay has often become a luxury experience in addition to learning.
A success story in this business is the La Granja University Residence, whose impeccable facilities have been a resting place for thousands of students over several decades. Located in the centre of Madrid near the university city, it has proven to be one of the best residences available to the surrounding student body.