Beata Lorinc started her career with Procter & Gamble as a Supply Chain Management specialist. After deciding to become a stay-home mom, Beata now runs multiple side businesses and enjoys a full-time income, while working an average 10-15 hours a week.
Beata recently created a splash with an oceanfront vacation rental business that was born out of a random idea. With the personalized experience that she creates for her customers, and her razor-focus attention to details, Beata is bringing in double the profits that the average vacation rental manages. This has helped rapidly scale her business to four vacation rentals in less than two years. In this episode you will learn the detailed nuts and bolts of a vacation rental business and the potential investment, expenses, and profits. Not to be missed!
Also, make sure to listen to Episode 35. Beata shared her story about launching a small remodeling business to build financial independence for her parents making factory wages. That business enabled her parents to become debt-free and build a nest egg for retirement. A fantastic story of small objectives and thoughtful actions that led to transformational results.
Favorite Book: The Success Principles by Jack Canfield.
- An accidental idea and a successful vacation rental business is launched [2:57]
- Convinced spouse with creative options to finance the vacation rental property [5:34]
- Validated the business idea with extensive research and reverse engineering [7:46]
- Scoured online resources to determine challenges that guests generally face, and how Beata addressed them in her property upfront [12:38]
- How to manage the property remotely [16:20]
- What an oceanfront investment, expenses, and profits look like [20:46]
- How to increase guest traffic [31:50]
- Write clever copy. Pictures matter, but words matter even more. [14:27]
- Personalize the experience for the guests [17:10]
- To amplify your customer service, follow up with a custom note to every guest. For Beata, this has already meant successful bookings five months in advance of the peak season. [32:20]
Contacts and Links
Beata Lorinc used to have a corporate career at Proctor & Gamble spanning 11 years in Supply Chain Management. She has built a successful business with Oceanfront Vacation Rental Homes. Simple strategies have helped her double the profits and scale to four homes in less than two years.
Coming Up in the Next Episode of The Side Business Show
Tune in for Tony Kurtulan as he shares the story of his side venture in construction clean-up. It’s a great study for how a business that seems easy to enter can turn sour in the absence of passion and focus.
Have Questions about the show? Do you need help with your Side Business or just want to bounce off ideas? Please write to us at ike@theSideBusiness.Show.