Those that operate a holiday rental business using online websites such as Lodgify, Airbnb, and HomeAway were not made in a day – just because someone owns an apartment and has it posted one of the many online vacation rental websites does not mean overnight success is inevitable. Putting in the hours and groundwork to properly set up your online vacation business can really pay off later down the line and soon enough the seeds of success will start to show.
A business plan can mark out your path on how to create the right steps for your business. Planning ahead can be priceless so here are our top tips on how to create the perfect business plan for your holiday rental business.
Executive Summary – Creating the right summary for your business is crucial for gaining momentum and guests for your holiday properties. Just a few sentences which tell guests about your business could be all you need to get your first guests through the doors instant of going to your competitors.
Company Analysis – Get your marketing and advertising for your business right by figuring out your USP. Unique selling points are what attract guests to your business over your competitors in the holiday rental business. Items like a deluxe hot tub or sea view can be great key factors in securing extra bookings.
Analyze Competitors – Knowledge is a powerful thing to get the best over your competitors and get to know them inside out. Look at what they’re offering and their prices to make sure that you’re on point with what you’re offering potential guests. With this information, you can also gauge what extras you can add on top of what competitors are offering.
Know Your Customers – Identify your audience and tailor some aspects to meet their needs. Keeping guests happy while they’re using your facilities is essential to keeping your business going. Negative reviews and empty accommodation can lead to surefire failure. Keep your business happy by keeping your guests happy.
Plan Operations – Get a clear idea of what is going to happen with your business by planning every option of your operations. Make a plan to decide on the numbers of employees to be hired, which cleaners to contract for your business and who will take care of the administration.
Marketing Plan – Having a business is an amazing venture but in order to succeed you need potential guests to know that you exist. Marketing is essential for drumming up business so set a plan on which avenues you will pursue to advertise your holiday rental business. Social media, TV, radio and magazines are just examples of media which can help your business get out there.
Distribution Sites – Getting extra bookings is the best way to make money in your business so decide in advance which sites you will entrust with your business. Popular sites include Lodgify, Expedia and Airbnb. These sites attract a large number of visitors every day so investing some funds to display your business in their listings could pay off in no time at all.