With a new year underway everyone is thinking about their 2020 goals and how to grow their business. But the world doesn’t need another article on how to plan and set SMART goals for your business in 2020. There are a million great articles, journals and planners that can help you with that. But let’s be honest, most all of your business goals come down to one thing – make more money. Am I right? Let’s approach your goal setting with a different perspective and build your goals around what’s going on in the industry. Here are 5 things you need to know to have a successful vacation rental and set your 2020 goals.
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Beating All the Algorithms
We live in a world of algorithms. We are trying to figure out the algorithm on every platform – Google, Airbnb, Homeaway, Facebook, Instagram, and the list goes on. Regardless of the platform, the one thing they all have in common – content is king. Just when you think that everything has been said, it hasn’t. Quality content that people want to read is the biggest factor in all algorithms and having a successful vacation rental. But, content doesn’t have to be in the form of a blog post. Content includes social media posts, blog articles, property descriptions, web pages, essentially anything that has words on it. This can get overwhelming, which leads to the next point.
Do Less to Make More
The business world advocates hustle, hustle, hustle. But all that hustle can lead to busywork and burnout. If you’ve hit that point, take a breath and read our article on property manager burnout. The 80/20 rule applies here. According to Brian Tracy, “this rule suggests that 20 percent of your activities will account for 80 percent of your results.” The other 80%? Well, that can be classified as busywork. In 2020, let’s flip that rule and spend 80% of your time working on the 20% of the activities that are revenue-generating and contribute to having a successful vacation rental. This requires that you really get into your systems and processes to start streamlining and delegating tasks. Let’s make this the year of doing less and making more.
Embrace Technology
There is no getting around it. It’s here to stay. If you are working towards doing less and making more like above then you have to invest in technology. From utilizing smart home technology in your vacation rental to implementing digital marketing, and finding a property management software. Technology can help you automate a lot of tedious everyday tasks. In 2020, travelers will be mobile-first. Website analytic trends are starting to show that over 50% of visitors to websites are on mobile devices. While you are considering new technologies for your business, find programs that are mobile optimized.
Hone Your Storytelling Skills
For years we have been hearing about “Live Like a Local” and while that is still true, travelers are looking for a step further. Business Insider states that “Transformational Travel” is the new wave of experiences. While Pinterest trends indicate that “Responsible Travel” is the new hot thing. Regardless of which messaging you choose, creating experiences for guests is key to having a successful vacation rental business in 2020. We mentioned earlier that content is still king, so crafting marketing messages that tell stories and demonstrates the experience you offer guests is a good marketing strategy.
Invest Back Into Your Business
It’s common to think that if you want to make more money you need to reduce costs. This holds true to a certain extent. Sometimes you do need to reduce costs, but to truly grow your business, you need to invest in it. And the investments that will continuously pay back over time are your photos and website. While it is true that the camera on your phones is awesome or you have a nice DSLR, having a nice camera does not make you a photographer. And just because you can build a website does not mean you should. Investing in a photographer that understands vacation rental photography and a quality web designer can up-level your business because people can see how amazing your vacation rental truly is.
It’s a new year, a new decade, and a new chance at building the business you want. A business that you run rather than one that runs you. Create the freedom and abundance that you dream about. Streamline processes, hone your skills and pay attention to travel trends for a successful vacation rental business in 2020. You got this. Now, go conquer all those new goals!
