Working In vs. Working On Your Business 🧐

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As an entrepreneur running a short-term rental business, your time is one of your most valuable resources. Many hosts fall into the trap of constantly working in their business—handling daily operations like guest communications, cleaning schedules, and property maintenance. While these tasks are crucial, spending too much time on them can prevent you from focusing on the bigger picture: scaling and growing your business. The key to long-term success lies in balancing working in the business with working on it.

Working In Your Business: The Day-to-Day Operations

When you’re working in your business, you’re essentially managing the daily tasks that keep your short-term rental properties running smoothly. These activities are operational and necessary for guest satisfaction but can become time-consuming and repetitive.

Examples of Working In Your Business:

• Answering guest inquiries and managing bookings.

• Coordinating cleaning and maintenance between guest stays.

• Restocking supplies like toiletries and linens.

• Handling complaints or last-minute guest requests.

• Performing property inspections or upkeep.

For many hosts, especially those just starting, working in the business is unavoidable. You’re likely wearing many hats to ensure your properties are clean, guests are happy, and operations are smooth. However, if your goal is to grow and scale your business, spending all your time on these tasks will limit your ability to expand.

Working On Your Business: Focusing on Growth and Strategy

Working on your business means focusing on the strategic, high-level tasks that will help you grow, automate, and scale your operations. This is where you plan for the future, improve your systems, and make decisions that can increase profitability and free up your time.

Examples of Working On Your Business:

• Building automation systems to streamline guest communication and bookings.

• Developing partnerships with cleaning services or property managers to offload tasks.

• Analyzing market trends to adjust pricing strategies for better profitability.

• Expanding your portfolio by acquiring more properties or exploring new markets.

• Creating marketing strategies to attract more bookings and optimize occupancy.

When you work on your business, you’re focusing on growth rather than maintenance. It’s about stepping back from the day-to-day grind and thinking about how to scale, how to improve systems, and how to position yourself as a leader in the short-term rental market.

How to Shift from Working In to Working On Your Short-Term Rental Business

1. Automate Routine Tasks Automation is one of the best ways to reduce the time spent on repetitive tasks. Tools like automated messaging platforms can handle guest communication, while dynamic pricing tools adjust your rates based on demand and seasonality.

Key Automations to Consider:

• Guest Messaging: Use automation tools to send pre-arrival instructions, check-in details, and thank-you messages after guests check out. This reduces the need for constant manual communication.

• Pricing and Availability: Implement dynamic pricing tools like PriceLabs to automatically adjust your rates based on market trends, events, and seasonal demand.

• Cleaning Schedules: Use tools like TurnoverBnB to automate scheduling with cleaning services based on bookings.

2. Delegate and Outsource The fastest way to shift from working in to working on your business is by outsourcing tasks that can be handled by others. Hiring a property management company, virtual assistant, or dedicated cleaning service can free up significant time.

Delegation Ideas:

• Guest Communications: Hire a virtual assistant to manage guest inquiries, complaints, and check-in/check-out procedures.

• Cleaning and Maintenance: Partner with reliable cleaning services and handymen to ensure your property is always in top condition without your direct involvement.

• Bookkeeping and Financials: Outsource your financial tracking, bookkeeping, and tax preparation to a professional so you can focus on strategy rather than paperwork.

3. Develop Standard Operating Procedures (SOPs) Creating detailed SOPs for every aspect of your business ensures that tasks are done consistently and efficiently, even when you’re not directly involved. SOPs allow you to easily train others and maintain high standards without micromanaging.

Examples of SOPs to Create:

• Check-In and Check-Out Procedures: A step-by-step guide that includes how to communicate with guests, clean the property, and troubleshoot issues.

• Cleaning Checklist: A detailed cleaning and restocking checklist that ensures your property is always ready for the next guest.

• Guest Review Follow-Up: A template or procedure for asking guests to leave reviews and managing any negative feedback.

4. Focus on Strategic Growth Once you’ve freed up time, focus on growth strategies that can scale your business. This could mean acquiring more properties, entering new markets, or optimizing your current properties for higher profitability.

Growth Strategies:

• Expand Your Property Portfolio: Research new locations or types of properties that could increase your revenue potential. Consider diversifying your rental offerings with high-end homes, budget options, or unique stays like cabins or tiny homes.

• Optimize Marketing Efforts: Use professional photography, enhance your property descriptions, and optimize your listings on multiple platforms. You can also create a direct booking website with Lodgify to avoid platform fees.

• Leverage Guest Data: Use insights from guest feedback and booking patterns to make data-driven decisions that can improve your operations and guest experience.

5. Measure Performance and Adapt Finally, consistently measure the performance of your business. Track occupancy rates, revenue per listing, guest satisfaction, and overall profitability. By analyzing this data regularly, you can identify areas for improvement and implement new strategies to optimize your business.

In the short-term rental industry, the shift from working in your business to working on it is crucial for growth and long-term success. By balancing the operational and strategic aspects of your short-term rental business, you can create a more sustainable and profitable venture, ultimately allowing you to work smarter, not harder! 😅

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