As we live in a time where resources, support, and even knowledge are readily accessible – it’s easy to lose sight of the skills that are required from ourselves to actually achieve those big business wins.
At Luke Stays, we’ve fostered a culture of trust and collaborative success for our franchise community, where every aspiring short lets or serviced accommodation business owner (no matter where in their journey they may be) can count on us to help them scale their business.
But there’s a lot to be said about your personal skills, too. Think about it, even if the world was oversubscribed with the best teachers, that even put the likes of Plato and Rumi to shame – would we still breed a population of multi-millionaire geniuses?
Because ownership of your responsibilities and skill is a huge part of becoming successful in the serviced accommodation industry – and in life.
With that in mind, let’s run through the most important skills that you’ll most likely need in order to become a “winning” Short-Term Rentals business owner and prosper most within our franchise community.
Table of Contents
In many cases, discipline overrides motivation.
The thing with “motivation” is that it’s likely to run out from time to time. We’re human beings after all, and we cannot expect our energy to be at 100% high all the time.
There are going to be moments during your entrepreneurial journey when you simply won’t feel up to doing the things that you know you need to do. This is where self-discipline kicks in – and this is the difference between becoming successful, or simply drowning in a sea of other mediocre entrepreneurs.
Take somebody’s fitness journey as an example. If a person’s primary goal is to achieve high-definition abs, then they will need to be consistent with their efforts; and “show up” every day. It’s likely that this person won’t always enjoy waking up at 5am every day in order to hit the gym, or eliminate their favourite sugar-loaded foods from their diet. It’s understandably difficult to always stay happily motivated in a situation like this.
But it’s the self-discipline that will drive this person’s consistency; and that’s how they’ll ultimately reach their killer body goals.
The same can be said for you. If your goal is to scale your own short let’s and serviced accommodation business, then remember that it’s going to require a lot of showing up from you; even though Luke Stays will promise to take a lot of the entrepreneurial “pain” away for you.
But you’ll be expected to attend meetings, catch-up calls, stay accountable for your goals, and do things like be present on social media if you must (even if this is something you normally dislike).
Visit our property community page, and sign up today to start your franchise business.
One of the reasons why our franchise model works so well is because of the community it’s inspired.
No matter how independent one claims to be, we are creatures who long to “belong” after all; and even neuroscience proves that human beings are far more productive when they feel they are being held accountable and are working as part of a team.
Of course, if it’s in your nature to work solo and you see yourself as more of an introvert, then that’s perfectly all right too. We are not asking anybody to dive in with both feet and do the hokey-pokey in the middle of a crowded room! However, being a team player and prioritising collaboration over competition will see you through in this business – and probably help keep your emotional health in check, too.
In our franchise community for example, we love getting stuck in every time somebody has an STR-related question, and offering advice and resources where need be. Building a network is so important in this line of work; you never know when you’ll need to lean on your trusted pool of contacts when there’s an issue with your accommodation, or if you simply want somebody to air your feelings with.
Adaptable (and willing to learn)
The world is changing. The pandemic has turned our industry on its head, we have thousands more digital tools than we did ten years ago, and guest expectations have completely shifted.
As a result, we need to continue to adapt as well.
Every property entrepreneur has their own personality and style of working; but we cannot stress the importance of being open to learning enough. The serviced accommodation industry is now oversubscribed with new tools, systems, and processes – and if you fail to keep on top of how different PMSs work or even how to run your business from your mobile phone, then you are going to fall behind.
Remember, the best learning can only happen when all signs of ego are left at the door. We all struggle to swallow our pride now and again; but if you’re entering a new business with the intention to become successful and serve others; be open to learning from people of all ages and backgrounds.
Our founder RYAN LUKE can share a number of stories of when he needed a thick skin to survive in this industry.
So, we’re going to be honest with you: Even with all the support you’ll receive, being an STR business owner is not always going to be all sunshine and rainbows. You will need to liaise with investors and landlords – some of whom may not be 100% interested in what you have to say. But this is where you’ll need to simply accept it as part of your journey and move on.
Be A Serviced Accommodation Business Owner
The good news is, if you’re a franchisee with Luke Stays, you will always have a supportive team in your corner, during those stickier times in business – however, it’s important that you look after your own mental health and mindset and don’t expect everything to always go swimmingly; and that’s now how STR (nor life) works.
If anything, your peaks and troughs will only make you a stronger entrepreneur and encourage you to strive towards even bigger wins in the industry.
If you think you have the makings of a successful short let’s & serviced accommodation business owner and want to explore how to reach your fullest potential with the support of Luke Stays, get in touch now to discuss our franchise opportunities and we’ll fill you in on how to get started.