I don’t often go long periods without hopping onto an aeroplane. Just this year, I’ve travelled to Dubai and Portugal several times, with many other gorgeous destinations in-between. Of course, I’m not sharing this to ‘brag’ nor position myself as a trending travel Influencer (I’ll leave that to cool kids); but it’s true that I have the opportunity to travel the world extensively, as part of ‘my work’.
That’s why I call it: The Travelling CEO.
A business in short term rentals can do that for you. Broadening both your scope for success as well as your mindset…
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The New Way Of Doing Business: Travelling CEO
The World is Your ‘Office’, we don’t need to be tied to an office desk to be productive.
More and more research is proving that travelling makes us happier and more productive individuals. I know for certain that during the groggy winter months here in the UK, I need my instant Vitamin D boost – so I jet off to Dubai. Not only do I get to top up my tan and meet my incredible colleagues and team members, but I’m also far more efficient in business, simply because of the environment I’m in.
Gone are the days of business people working from giant monitors with numerous wires, for a half-decent internet connection. Surely, if the world of tech has evolved then so should our approach to business?
And that means making travel a fundamental part of it.
Business With Short Term Rentals
Of every possible business model (and trust me, I’ve done my research) – no business will serve your thirst for travel better than one in the short term rental industry.
As an STR operator, you can pick and choose the properties you host, across any corner of the world – using some creative business strategies. What I love most about running Luke Capital Group is that it allows me to manage properties and team members from two different continents, all from my mobile phone.
When you’re not geographically ‘tied down’ by your business in any way, your opportunity to travel and be happy is infinite. What’s better, is that you can tick all those bucket-list destinations off your list, all while calling it ‘business’.
For example, Dubai has always been my dream destination for me, so it made sense for me to scale my property business there first.
In the near future, Luke Capital Group plans to expand in the US and even parts of South Africa and Australia. While this isn’t set in stone yet, the fact that I can even plan for such things and not feel ‘restricted’ is truly amazing and where real work satisfaction comes from.
But as with anything in life, travelling as a short term rental host is not all sunshine and rainbows. If you plan on doing this a lot as part of your business growth, you’ll need to get your ducks in a row first.
General Basics To Know
It’s good to get your head around the very basics first.
- Visa Issues: If you plan on welcoming international guests (in any part of the world) you’ll need to be clued up about the adequate visa requirements. Although this is a legal requirement, it doesn’t always have to be as complicated as people make out – just make sure that your information is coming from a reliable and trusted source.
- Your Legal Requirements as a Host: Short-stay laws differ from country to country. What applies here in the UK, may be largely different elsewhere – so make sure you do your research first, to prevent landing in hot water.
- Get to Know the Local Market: Location is key when it comes to STR hosting in any destination. I’ve covered this in more detail in the ‘From Rags to Rental Riches’ Edition of this Newsletter. You’ll need to research the popularity of certain neighbourhoods (against others), average daily rates and seasonal demands – among other details.
No doubt there’s a lot of planning and elbow grease involved in getting your short term rental business to a stage where you can travel immensely because of it – but those mornings in the red hot sun (or among snow-capped mountains, if you prefer) make it all worthwhile.
Conclusion: Start Today
I’ll be honest and say this lifestyle is probably what attracted me most to the idea of managing a property business, but I’ve had to put the hard yards in for sure. Remember, it’s not just about the snaps for your Insta feed – a life that’s enriched with travel is healthy and well-balanced; and one where you’re more likely to succeed.
Go on and enrol in the most beneficial programs to kickstart your property business in the least time possible. Check them out in Room22 Property Club.
