SEC-S20W1 | My Business Ideas | 8Ocean Drive

Do you think your business should be of your choice?

This is where I want to start my post today. My answer is YES!

We make choices every day in our lives. It should be the same as far as starting a business. The freedom to choose the kind of business you want to embark on is not only fulfilling, but it will also allow you to achieve better success. Let me not fail to say, better success indeed if it aligns with your target market and market research.

I am not planning to start a new business, as I already have three. Well, that is if you can call Steemit also a business.

Let me introduce you to my business, 8Ocean Drive, Salt Rock, Ballito, South Africa.

If there is one thing that makes our family happy it is the warm African sun, the sound of the waves breaking on the shoreline, and catching fish.
A dream came true when we decided to swap the busy city life for a place at the coast. Although our family holiday home was on the Garden Route we settled for the warm waters of the Indian Ocean.
When we bought the property we decided to continue with the holiday letting of the self-catering chalet.

My answer to the first question is going to be, no. I am currently a business owner

My business is classified under the hospitality industry. It is a self-catering unit, which makes it a “home away from home.”

Here are 8 reasons why I choose holiday letting as a business.

1. Growing market: The short-term rental market has grown significantly, especially in our seaside town of Ballito.
2. Higher-income potential: Short-term rentals generate higher income than long-term leases, as rates are based on demand and peak seasons.
3. Flexibility: I have full control over letting out the unit. If I feel like not having guests, I close the availability.
4. Property appreciation: We are forced to maintain and enhance our property all the time. This increases the property value.
5. Networking opportunities: I have the opportunity to network with other letting agents, which makes marketing for my businesses so much easier.
6. Enhanced marketing opportunities: With digital platforms and social media, marketing of my unit is far more targeted and cost-effective.
7. Personal enjoyment: A huge plus point is that I now have a unit that I can use for family when they visit, giving them that feeling of being on holiday and the freedom to do what they want to do.
8. Scalability: I know the demand, and I can scale the business by acquiring additional properties for letting if need be.

It was a no-brainer to buy a property at the coast that could give us additional income.

Now over to individual businesses or partnerships

Although I am in both business models my preferred model is a sole proprietorship or individual business.

Here are 8 key points of my business model for my letting establishment.

1. Business proposal
➢ Name: 8Ocean Drive
➢Location: On 8 Ocean Drive, Salt Rock, Ballito
➢Type: Short-term rental

2. Target market
➢Short-term guests: Holidaymakers, travelers, etc.
➢Local and internationally
➢Family of four

3. Uniqueness
➢Pet friendly
4. The unit
➢Type: 1 Bedroom self-catering apartment
➢Features: Fully equipped, courtyard with braai (BBQ) facilities, and walking distance from the beach
➢Condition: Well-maintained

5. Revenue
➢Main revenue: Rental
➢Additional Revenue: Adjustable rates, cleaning fees, daily service fees, and airport transfers
6. Marketing and Sales Strategy
   ➢ Digital footprint: Listing with booking platforms, dedicated website, showcasing on social media
   ➢Advertising: Bumping up listings on booking platforms
   ➢ Local partnerships: WhatsApp and Facebook groups for collaboration with letting agents
   ➢ Local businesses: Guest discounts on various packages
   
7. Operations
➢Management of bookings: com and LekkeSlaap, two fully automated systems that synchronize with each other and my diary.
➢Guest Experience: Easy process for check-in/check-out, 24/7 support, updated local guide
➢Maintenance: Inspection and deep cleaning after departure and a network of contractors for emergency repairs

8. Financials
➢Initial Costs: Purchase of property, renovations, enhancements, and furniture
➢Ongoing Costs: Utilities (electricity & water), security, internet, entertainment (Netflix), deep cleaning, maintenance, and insurance
➢Pricing Strategy: Competitive analysis and adjustment of pricing

This is my module as an individual business owner to provide a great experience for guests, maximize revenue, and have a hassle-free experience for me.




My ideas behind this business model of an individual business owner

Like with any business model and type of business, there are always pros and cons. The pros outnumber the cons by far with an individual business, and that was my idea behind choosing it.

8 advantages and key factors that helped me in choosing my business model.

1. Complete control: As the owner, I have complete control and can do as I like when I want to.
2. Immediate action: I can make decisions quickly and independently without waiting for someone else.
3. Flexibility: I can run the business on my own from anywhere and anytime.
4. Ownership of intellectual property: I am the sole owner of my tradename, my logo, etc.
5. Lower costs: All operations are handled by me. It is an easy and inexpensive way of running a business.
6. Less regulations: As an individual-owned business, there are far fewer regulations and compliance requirements.
7. Less taxation: I am the only one being taxed, as there is not a company and directors that must pay tax.
8. No profit sharing: Best of all, the profit is mine.



By focusing on these areas, I have created a successful and enjoyable holiday-letting business. Adaptability and continuous improvement are key to staying competitive and meeting guest expectations.
As a previous and current successful business owner, there is no doubt that the individual business model is suitable for small businesses with lower risk profiles.





My business for years to come and my plans

Clear plans can significantly enhance my satisfaction and the success of my business.

My 8 plans to ensure growth

1. Optimize occupancy: With competitive rates and a great guest experience, I can guarantee that the unit is in high demand at all times.
2. Excellence in customer service: Paying attention to what my guests want and my offering helps me to keep a 9+ rating on the booking platforms.
3. Better use of technology: By enhancing my property listings, payments, guest interactions, and a stress-free booking process, I can be better than my competitors.
4. Expanded marketing: For a wider audience, I am investigating offering loyalty cards, referral commissions, and discounts on second bookings, which will increase income.
5. Associations: To keep up with developments in the industry, I have joined network groups, local business forums, and tourism boards, and with that, I am growing my connections.
6. Scalability: We have already handed in building plans to enhance our property for twelve extra guests. I am also exploring marketing properties of other owners to boost income.
7. Financial monitoring: Creating budgets, setting targets, and controlling the finances are a must and help with decision-making. The help of my charter accountant will be required when I expand.
8. To be open to change: The market and guest behavior change with time. It is important to be ready and willing at all times to change course.

Is increasing profitability, expanding market share, increasing value, and improving customer satisfaction, not the main reasons why we enter into a business?



As with any business growing and expanding, a holiday letting business involves a mix of strategic planning, marketing, operational improvements, and being alert at all times.

If you have read this post carefully, you would have noticed that the number 8 plays a significant role in my business, 8Ocean Drive!

Well done if you have noticed it! You will be a 8reat business owner!




^Note:
^{Images are my own and the main image was designed with Canva.}

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