People are panicking.
They’re buying up all the toilet paper.
It looks like we are headed towards a recession.
There’s a lot of fear in the business world and beyond.
You need to take the right steps now to ensure your Airbnb business survives.
And while I would love to walk each of you step-by-step through the chaos of the Coronavirus, that's not very realistic.
The closest thing I can offer is the Cashflow Diary Roadmap to Retirement program.
You’ll get one-on-one instruction from me and the Cashflow Diary team, where we guide you through the process of establishing and maintaining your short term rental business — even in the midst of an epidemic like this. Applications are still open if you want to join us.
If you don’t want to join the program, what I can promise is that I’ll do my best to point everyone else in the right direction. Here are some of the top priorities to focus right now.
The Power of Community
We’re all in this together.
No one single person is going to have all the answers, not even me.
However, our ability to work together will be what gets us all through this.
We need to be helping each other — even if that means sharing your toilet paper with your neighbors. (Seriously, all these TP shenanigans are absolutely unbelievable.)
We need to use our knowledge and experience to help each other out.
Right now in the Cashflow Diary community, we’re putting our heads together to find new ways to keep upping our short-term rental game by decreasing expenses and increasing profits.
Which is also why, as a thought leader in the short term rental industry, I am putting myself on the line. Despite all the chaos of the Coronavirus and its impact on the world, I am still here helping you be a bigger, badder, better real estate investor.
We’re in the middle of a pandemic, and fear is rampant.
One thing that can be really dangerous right now is the amount of misinformation out there.
Make sure you’re staying up to date and fact checking everything you read. Your people are looking to you as a leader, so you need to be aware of what is true and what isn’t.
Protect Your Assets
With everything that is going on, there are probably a lot of things you’re wanting to protect when it comes to running your business:
- The money you need to cover your bills
- Your brand integrity
- Your cleaning team
- Your time
But, the number one thing that you need to protect right now, is your mindset.
Everyone that you work with is depending on you to make smart decisions right now.
I’m going to share one thing I’ve learned from my many experiences with adversity: no one is going to swoop in and save you.
Jason Statham is not going to burst through the door.
YOU have to take action, and do what is necessary to save your business.
And don’t forget — you are your business. So, if you aren’t already doing it, take care of yourself by:
- Sleeping 8-9 hours per night
- Drinking lots of water and taking vitamin C
- Staying active
- Managing your stress levels through exercise, meditation, or prayer.
The truth is, if you don’t look after your body, your mind will be soon to follow.
Some people are going to take this opportunity to thrive, some will just survive, and unfortunately, some will flounder.
The only way to thrive is to have a clear, strong mindset.
Now’s the time to be a leader. That means being a leader to your family, your friends, and the people that help you run your business.
I know that some of you are facing challenges. Some of your guests might be stealing all the toilet paper and cleaning supplies from your rentals. Some of you are upset with Airbnb’s policy changes.
While it’s unfortunate that these things are happening, I promise you that maintaining your cool through it all will serve you well.
People are afraid and they’re acting in fear.
But not you! You are the business owner — which means you are in the position to protect your business, grant extensions requests, and handle the short falls.
But you’re also not alone. You have access to the whole Cashflow Diary community — and can bring your questions and issues to the Cashflow Diary Facebook group. That way we can help each other through this.
Remember: the future may be uncertain, but there’s always hope
Nobody knows what tomorrow will bring. Nobody knows when this will be over.
But there are positives in all of this.
Right now, labor is on sale.
A lot of people are afraid of losing their jobs, and the stability of our entire economic system is up in the air right now. So, as a business owner, you have an opportunity to help.
You have options that other people don’t have, because you can provide a new way for people to earn income — you can hire people for their services, or encourage them to go after their own short term rental business.
Maintaining a consistent stream of revenue has never been more important than during a global crisis like this. And your example might just give someone the courage to start building their own business, too.
Above all else, know that you’re not alone
Major changes are happening.
Unfortunately, there’s nothing we can do about those changes, even when they are making our lives harder.
And since we can’t do anything to stop them, it’s not worth getting mad about.
Instead, now is the time to step up and separate yourself from the amateurs as a real deal short term rental business owner. Not just a hobbyist.
And the good news is you’re not alone. You’ve got the whole Cashflow Diary community of real deal short term rental business owners right here with you.
As for me, I’ll continue to gather and share more information about this whole situation, as I have always done since I started this whole Cashflow Diary thing.
I’ve been through plenty of crazy stuff before, and I’ve built businesses in the midst of crazy too. This is just another crazy moment we’ve gotta learn to navigate together.
My latest YouTube video goes into way more depth on strategies you can use to make sure your STR business survives COVID-19.
We’ll get through this, we just have to stick together.
Check out the video here.