Posts

Challenges to Starting a Business

I just talked to the van den Akkers tonight (who also made me a delicious meal). We discussed real estate opportunities and challenges. Some challenges they commented on: 1. Never get employees. 2. Don't do business with family. 3. Watch out for nonpayment by customers. --> Have a stipulation in the lease of breaking the lease within 10 days if they cannot procure the amount. 4. Being "nice" vs. abiding by contract doesn't turn out great in the end. 5. Seizing growth opportunities quickly  especially when you see a good deal (as you've been watching the market). 6. Newness of the business. Inexperience. 7. Unexpected expenses, time, and resources (maintenance). Some plans to combat these challenges: 1. Never get employees. Well, this may be unavoidable at a certain point. But do your due diligence in background checks and reference checks. 2. Don't do business with family. If you do, set up formal contracts. Hold them to it. 3. Watch out fo...

Ways to Engage with Customers

What are some ways to engage with my customers? -Polls -Sponsored contests and events -Tours (in-person and virtual) -Loyalty programs with rewards -Dialogues on social media -Have a story

Finding Customers

I'm trying to think of ways that I could increase my clientele on AirBnb. I found some ideas online that were helpful. Here were my top options. 1. Stay active on the website daily: (a) update calendar, (b) search for post, and (c) comment on foru, 2. Promote on social media 3. Be available (reply <15 min)

Promoting My Business

Build a complete listing, fill in all the available information and be honest, you will probably hurt your future reviews if you lie. Get verified. If you are into serious business, provide as many verifications as you can (I think you can have as many as 7). Fill in your profile, have a friendly picture (not one after a metal concert) and write a couple of nice and true things about yourself. A lot of people chose pictures where they are with their significant other, I guess it makes them look friendlier? – that could work too. Have a competitive and descriptive title (ie. mention some upcoming event in the area) - keep in mind they show up in google, so you might get hitsfrom there. Also mention other selling facts, ie. “close to Subway station”. Have a competitive price, easy and simple, check what is offered in your neighborhood and, if possible, beat the price of the similar listings that are your competition. Also use the extra charge per person option, have a lower pric...

Being Customer-Centered

Blessings I'd Like to Receive Three mo. of savings --> Follow the law of tithing Married in the temple --> Follow the law of chastity Health body --> Follow the law of Word of Wisdom Peace --> Wearing garments obediently Why do we need to repent, sanctify ourselves, and try to do good as we seek to become self-reliant?  20-to-40-year-old men & women Tourists, travelers, business men/women People looking for a quality experience and place to stay while in town Do you live in or near a major city? It's a growing city. And Meridian for people traveling to the temple (for sealings!). There’s likely a steady stream of both tourists and business travelers who need a place to stay. Is there a college nearby? Yes. You might be able to rent your space for homecoming weekends, college tours, reunions, and graduation. Do you live near the mountains? Yes, demand for your place may be more seasonal. Does your location, and your home, offer the kind...

Personal Finances

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Housing percentage is as expected. Transportation is not as expected; transportation included trip out to Utah, and two flights (BOI -> LAS; LAS -> CLE). Personal care was also higher these last two weeks with a haircut and nails. Spent 2.3x more per day than expected. Goal: Day expenses as expected.

AirBnB planning

It's so fascinating to look at housing postings now. I get so excited! I told my family about the paper clip challenge. They like how fun it is. :) Alright so a little bit of AirBnb planning: Assess What is my target market? Likely young professionals in town for business or traveling to see friends. Oh! I wonder if I could target the populations that come to the area for ski/snowboarding?  Cost for me? Unsure, still figuring it out. Likely $2,000 to $4,000 to start off. So, after my trip to Japan with my dad. How long to break even? Likely 7 mo, if I had someone renting for $40/night and 3 nights a week.  Create a Legal Entity (LLC) approx. $50/mo Why though? Register for taxes (EIS) approx. $50/mo Why though? Business bank account ($10/mo) Keep separate - better for taxes STR Permits/Licensing Building and Development Desk at City Council Business Insurance Cleaner's Renter's insurance (the renter's guarantee on AirBnB doesn't cover ...