Recently, I had the pleasure of sitting down with Derek Hurtado. Derek is a serial entrepreneur, specializing in the Airbnb business, and he is also an Instagram expert. I asked him for his best tips, tricks, and practices.
Hey Derek, where are you from and what do you do?
I am from Scottsdale, Arizona and I an Influencer Consultant and run a vacation rental business.
What made you get into the Airbnb business?
There are two types of competitive fields in Entrepreneurship. There is the Red Ocean, where there is over-saturation of competition and bloody battles, but the opposite being a Blue Ocean is vast and potential for massive Growth. It is also less competitive. The vacation rental business is a blue ocean business. There is a huge potential to scale fast and global. The leverage of having properties around the world allows the nomadic “laptop lifestyle” an easy feat.
What are the three keys to success in the Airbnb business model?
- Give the best experience. Guests are looking forward potentially all year long for this one trip. They will be traveling to an amazing location to collect new and exciting experiences. The biggest component of their travels is their lodging. Staying at an Airbnb, you must outdo the level of value provided by hotel chains AND provide a human touch to the process. This human touch can be outsourced, but not by machine. Having Virtual Assistants is an important aspect of scaling your AirBnB business.
- LOCATION IS KEY! Do not even think about converting that scrap yard shed in your backyard to an Airbnb. If you can find the ideal location, even if outside of your city, you can bring in higher revenue and higher occupancy rates.
- Systems make or break a vacation rental company. It is a well organized and meticulously detailed machine. Proper standard operating procedures and multiple scenario strategies are a necessity if you are wanting to grow beyond the six-figure mark.
What made you get into entrepreneurship?
Derek Hurtado: A job is boring. I don’t know what else to say besides the fact that working monontinesly isn’t who I am. I am someone that creates experiences and help consult businesses on marketing strategy. The best way to do those two things is by running my own company.
What’re your biggest keys to success in business?
- Discipline – Discipline excels motivation by a long shot. Discipline is doing what needs to be done when you don’t want to. Motivation is doing what needs to be done when you feel good, and you’re not always going to feel good.
- Consistency – I tell people who are trying to start businesses this all the time, put in consistent effort. If you only work on your business once a month all day, you’re probably not going to build a big business. Work towards your goals every day, even if it’s only 30 minutes.
- Business Mindset vs. Hustle Mindset – Most people are building a hustle, not a real business. I recommend to not chase trends and fads and have a real business mindset. If you treat is like a business, it will pay you like one.
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