You’ll only get so far trying to operate as a one-person band in this industry. Find out what it takes to ultimately get your ‘sheet’ together.
In the early days of building your short term lets business, it’s easy to look at things from a pair of rose-tinted glasses. However, when that honeymoon period wears off and you begin acquiring more properties, you quickly realise the need for an operational team, who can help keep your business running like a well-oiled machine.
Mark my words: This isn’t a one-person-band game. So, get your ‘sheet’ together – and you’ll save yourself loads of time, hassle and money in the process.
If You Want to go Far, Go Together
The business of hospitality isn’t easy.
Our industry is built around humans and human behaviour more than any industry – so the need for a team is absolutely key.
Not only does this keep your ducks in a row from a logistical perspective; but it also helps manage those pesky stress levels and free up a lot of your valuable time.
Trust me, if I’d realised this five years ago, I’d probably have more hair on my head right now.
The trouble is, that a number of start-up entrepreneurs crave control over every element of their business. I see this all the time with our Franchise Model; where business owners are under the illusion that the fastest route to success is to just take on all the responsibilities themselves.
While this may seem ‘faster’ in the early stages (because you’re not spending time briefing new team members and putting systems in place) – it’s also a guaranteed way of digging a figurative hole for yourself. One that you’ll need one heck of a long ladder to climb out of.
Making the mistake of doing everything yourself results in burnout, stress, exhaustion, errors and inefficiencies – which will only have a knock-on effect on your guests; and as such, your brand.
Once a short term lets brand’s reputation is bruised, it’s bloody hard work to re-build. You’ll thank yourself in the long-term for not risking your credibility (and your bank balance); and investing in a hands-on team, from the off-set.
Scaling Up Means Stepping Up In Short Term Lets
I recently spoke with a lovely short term lets host, who’s managing close to ten properties within their portfolio.
In the excitement of building their business and seeing new money coming in, they hadn’t prioritised the need for a wider team – and now that they’re scaling more rapidly, the need is becoming a problem.
It may just sound like bravado-talk; but every successful entrepreneur from the short term rentals and serviced accommodation space will tell you the same: The scaling happens FAST in our industry. I myself didn’t even know what short term rental hosting was five years ago, and now I’m managing hundreds of properties across two different continents!
The point is, you’ve got to be prepared. The very last thing you want is to wake up (absolutely exhausted) in the morning one day, only to realise that you need a team of people to help you with the operational aspect of your growing business – and you haven’t even got a single individual to call upon.
It can happen. And believe me, it DOES happen – I have witnessed it countless times; and it has never ended well.
Just this week, we introduced two new team members to our Ops Department – and we’ll continue to add to this – because my operational staff are the beating heart of Luke Capital Group; and a huge reason why we’re successful.
Getting a Ready-Made Team, as a Franchisee Member
The biggest ‘block’ that comes with scaling a short term rental business, is simply not knowing where to start.
Operational errands can seem like a headache at the best of times; especially if you’re still trying to learn the ropes of other parts of your business.
However, building your empire on flakey systems and processes will only crumble it down to its core. Without getting the right systems and people in check, your journey as a short term lets business owner will be short-lived; and you’ll have probably damaged many personal and business relationships in the process.
Although I’m biassed, this is absolutely one of the biggest benefits of becoming a Franchise Member with Luke Stays. Our franchisees have ready-made support waiting for them (in all areas of business); and never have to worry about faffing around with never-ending tasks, when they could be spending time growing their empire – or with their families.
Take it from someone who’s made plenty of mistakes in their business journey and learned the hard way: You’re much better off investing in a team before you even think you need one. This industry requires ample resilience, mental strength and shrewdness – you’ll increase your chances of success tenfold by partnering up with a team that knows what they’re doing.
To stop surfing the waves on your own and finally get your “sheet” together, find out more about our franchise opportunities with Luke Stays here.