What is the SOUL of your short-term rental (STR) business? What do you believe in? And how do you want to impact other’s lives? Whether you have one Airbnb listing or one thousand, defining your core values (and aligning your actions with those ideals) can help you attract the right people and build a business you can be proud of.
Eric Moeller is the founder of Cohost Mastery and my partner in creating STR Legends Live and the STR Profit Academy. Today, Eric joins me to explain how we define core values for business and why STR hosts should take the time to get clear on what they stand for and who they want to serve.
Eric describes why it’s best to craft a phrase or story around your values (versus a single word), and we get specific on how to leverage your core values to guide decision-making. Listen in for insight into the values Eric and I created for our partnership and learn the Mission to Mars system of defining core values for YOUR STR business!
How we define core values for business
- ‘Soul of company’
- Includes beliefs + who serve
Why STR hosts should define their values
- Helps guide decision-making
- Attract ideal customers, employees
Why a phrase is better than a word
- Easier to share (emotion attached)
- Speak your truth vs. authentic
How to build out your core values
- Choose 5 to 7 people for Mission to Mars
- Create statement re: value each embodies
Eric’s advice for STR hosts around values
- Revisit every quarter and revise as needed
- Publish on listing, go further to align daily
Eric & Jasper’s core values for business
- Be better than Gap
- Speak your truth
- Respond vs. react
- Seek failure