Interested in starting your own entrepreneurial journey in hospitality but unsure what to expect? Then read up on our interview with Derek Cheung, Founder of Airbnb Empire Academy, located in Frisco, TX, USA.

What's your business, and who are your customers?

My business is short-term rentals and mid-term rentals. I offer flexible stays for business travelers from a couple of days to a couple of months. I have expanded to 200 units in 5 different cities in my portfolio by utilizing a method called rental arbitrage. I make around 400-500k a month in revenue with this business, which is one of my many businesses.

Tell us about yourself

I started my business at 19 years old as a college student. I was looking for a way to develop exponential income instead of having to go work a 9-5. I made a ton of cold calls, developed my pitch over a few weeks, and convinced a landlord to allow me to do rental arbitrage at his property.

What motivates me every day to continue working on my businesses is the joy I find in building businesses. I never want to stop, and I find so much enjoyment in building and automating a business.

What's your biggest accomplishment as a business owner?

My biggest accomplishment is having a staff of 35 that rely on me for their income, support, and mentorship. I love developing talented players into rockstars that build purpose through my businesses.

What's one of the hardest things that comes with being a business owner?

I would say one of the hardest things that come with being a business owner is consistency. Your business is a reflection of you. If you're not constantly working on it, your business will stagnate and suffer. You need to be able to maintain the necessary mental energy, fortitude, health, and motivation to keep your business growing and relevant. A business that isn't growing is one that is dying because it is losing market share.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. You should have started yesterday, but the next best time is to start now. It doesn't have to be perfect from the get-go. Start listing your product right away, get customer feedback, and iterate. Iterating, pivoting, and adapting as you go is what brings success, not launching a perfect product in one go.
  2. Have perspicacity. Be on the lookout for different opportunities and ways to pivot or gain a competitive advantage in business. It's often a subtle change like honing in on a specific niche that will be the difference between nothing and millions in sales.
  3. Be consistent every day. No excuses. Efforts compounded over time will pay off. Treat your business as you would yourself, and make sure it is getting 1% better every single day. Whether it's automating a process or hiring a new agent, make sure your business is improving. If it isn't, your competitor is, and you will be overtaken.

Where can people find you and your business?

Website: https://go.derekbnb.com/
Instagram: https://www.instagram.com/derekcheung/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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