I remember the first time I bought a discount hotel up, people thought I was crazy. I thought I was living out my dreams because I got sick and tired of working for my money.
As you probably already know, when you work, as in you work a typical 9 to 5 job, you trade in your time for money. If you stop working, you don’t make any money. Pretty straightforward, very basic.
Most people can understand this concept. That’s how most people earn their money. They trade their time.
Now, of course, a lawyer or a doctor’s time is more expensive than the typical rank and file American’s time. A typical American’s time is probably worth anywhere between $8 to $50 per hour.
Now, regardless, if you work, you’re still trading in your time. And believe me, I got sick and tired of that.
I asked myself, “Is there a way where I can work once, make money, and then make the money work for me?” Well, that’s where real estate came in. In particular, rental real estate. That’s how I got into discount hotels.
The great thing about discount hotels is that they don’t cost and arm and a leg. They don’t look all that pretty, but as long as they’re clean, there will be a clientele for them. The key is turnover.
Now, when I first did that, I ran into one headache after another. In fact, in certain parts, I wanted to give up. But thankfully, I didn’t because now, a lot of passive income is coming in.
I don’t have to show up for work. I can be on a vacation in Southeast Asia and my properties in Southern California would still be bringing in the dough.
Instead of me working out a sweat, I can do stuff that I actually like. I can do creative stuff. To me, this is the ideal life. And the way I was able to do that is through discount hotels.
Now, one of the most important lessons that I learned is that a little bit of extra goes a long way as far as competitive advantages are concerned.
You see, there is no shortage of discount hotels. The idea that I had was not some sort of Albert Einstein moment because a lot of people have that idea as well. And a lot of people actually implement that idea, so there’s a lot of competition.
You have to wrap your mind around the concept of competition so you have to do whatever you need to do so you can get a competitive edge. And believe me, installing plastic decking boards, as simple and as seemingly shallow as it may be, actually give you a competitive advantage.
The name of the game when it comes to the discount accommodation space is not to spend billions of dollars trying to destroy your competition. Instead, it’s all about spending just $1 more to increase perceived value.
But make no mistake about it, when it comes to efficiency and return on investment, plastic decking boards do one hell of a job when it comes to boosting your accommodation’s perceived value. Do it today.