Scaling Up Book Club Part I: People
Summary
This article discusses key aspects of scaling an STR business, drawing insights from the book "Scaling Up." It emphasizes the importance of focusing on people, strategy, execution, and cash management, and provides tips on team building and revenue management.
Key Insights
- •Only 4% of the 28 million companies in the United States reach $1 million in revenue, and only about 1 in 10 makes it to $10 million in revenue. Scaling requires focused attention on People, Strategy, Execution, and Cash.
- •Revenue management must be scheduled, not reactive. Reviewing every booking reveals pricing and demand signals.
Action Items
- ✓Get clear on how many listings are needed to reach your revenue goals.Effort: lowImpact: medium
- ✓Implement a structured revenue management routine.Effort: mediumImpact: high
Tools & Resources
- →The Lean Startup: The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
- →Traction: Traction: Get a Grip on Your Business
- →FREE HOST ASSESSMENT: FREE HOST ASSESSMENT
- →Freewyld Foundry Report: Get a Free Revenue Review → https://www.freewyldfoundry.com/report(https://www.freewyldfoundry.com/report)
- →FREE Airbnb Starter Guide: FREE Airbnb Starter Guide
- →Legends X STR Accelerator: APPLY NOW for the Legends X STR Accelerator class beginning October 17!
- →Scaling Up: How a Few Companies Make It...and Why the Rest Don't: Scaling Up: How a Few Companies Make It...and Why the Rest Don't
Common Mistakes
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
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Curated by Learn STR by GoStudioM