Thread by @LiamKircher

Launch An STR Management Business With Under 10k

Low barrier to entry, old school businesses are my favorite and I want to show you why.

Let's break it down 🧵

1/ You have the ability to launch an STR Management business with as little as 10k and I honestly believe it could be done even cheaper if you really wanted to bootstrap it.

Some Transparency - I am new to the STR Industry and...

2/ I am launching a business this year BUT I do have an eye for bootstrapping and launching businesses in old school industries.

So let's break down exactly what I did to launch my STR Management business with under 10k capital.

3/

- Business License - $1,200
- Insurance and Bond - $1,000
- Homeowner and Guest Management Software - $350
- Sales Management Software - $350
- Website, Logo, and Branding - $2500 (this can be lowered)
- Marketing For Listings - $0
- Marketing for Guests - $0

Total: $5,400

4/ Yes, it is that CHEAP. I assume you are asking -

"How is it possible to have zero marketing cost for guests and listings?"

"What software are you using?"

5/ Let's start with the software:

I set up calls with multiple different CRMs in this industry and found the most success with @hostfully .

They provide literally provide all the automation you would require in this industry.

Here are some details -

6/

- Sync with all channels such as Airbnb, VRBO, booking .com, Expedia, etc.
- Syncs all calendars on all channels so no double bookings.
- Manages automation for emails and texts
- Syncs with vendors for e signatures, payment methods, and financial forecasting

7/ That's just the beginning...

I am not trying to sound like a salesperson for the company but a piece of software that costs under $350/month that can provide you with your entire business operations... it's worth the cost EASILY.

8/ Next, marketing...

Why is that zero capital upfront?

Because we are going to work our asses off and bootstrap as much as possible.

ALSO, if I can do this in Canada which has a monopoly over property data and homeowner data you can easily do this...

9/ in the US where property data is so available as well skiptracing can simply be done.

Create a list of all the realtors, mortgage brokers, interior designers, construction companies, and title insurance offices in your city.

10/ You are going to begin cold calling and setting everyone up on an email campaign. The goal here is to get your name out there. Will you go and pick up 100 listings... no.. it'll take some time but if you can become the go-to STR Manager in your area really fast and land some.

11/ SO...say you land a listing, now what? How are you going to get guests into this asset so you can start generating the homeowner some income?

Simple, take advantage of these HUGE channels such as Airbnb, VRBO, etc.

12/ Use Hostfully's vendors to help you set a competitive market rate for the listing so you can grab some guests.

So that covers the zero marketing cost on both ends.

13/ Now you have zero marketing cost you have software to automate your business and you get to collect 25% on the gross income per month per listing.

It's a no-brainer.

Bootstrapping is a ton of work but it's worth it if it can be done.