Seven Things To Do When It's Slow
It's slow. My last rental came back last Thursday so it's the slowest it's been for me.
In my journal, I started to outline what I need to be doing in order to be successful and it turned into this, my first article as a new contributor to the Carshare Chronicles and Associate Coach with the Carshare Academy.
I'm doing all of this stuff in some form or fashion. The hustle doesn't stop even when business is slow.
Personal Development
Yes, it seems silly but Jay-Z said, “I'm a Business Man". What he means it that you are the business, not your cars. Your ability to perform, grow, adapt and overcome is measured by your skill set and your effort. Take a course. Schedule a coaching call. Study the Turo terms of service. Watch some Youtube videos. Work out. Meditate. You have unlimited potential.
Take Account
This is the time review your earnings, expenses and develop that profit and loss statement. Yeah, it's the thing you don't want to do but this is the best and only time you might want to do it. If you have been running a business for a few months, now is the time to chart out the next few months. Also great time to get any outstanding reimbursements for tolls or other charges.
Maintenance
Why spend money when revenue is down? OPPORTUNITY COST. There is nothing worse than missed revenue when there are bookings to be had. Get those oil changes done, tires rotated and cars inspected if you haven't done so.
Do a New Photo Shoot
You got a new iPhone but you are still using pictures from your old cell phone from 2 years ago. Hire a photographer, a friend or anyone that understands basic photography to help your listing stand out.
Marketing
Turo is a marketplace. You want to out-perform everyone else. You can rewrite your listing by looking at other All-Star Hosts in other markets for your car, being careful to check the Terms of Service so you don’t unknowingly copy any violations. You can create business cards and QR codes that you can share within your community (repair shops, hotels, etc.) You can design a website and your direct booking capabilities. Create your market.
Form Your LLC
Set up your business credit profile. Get your business banking accounts. Update your insurance policy. Whatever you do, be the business that other people want to trust and give money to.
Develop Patience
It’s a virtue. Repeat steps 1 - 6. In the words of famous car guy Henry Ford, “A business that makes nothing but money is a poor business.” Now is the time, when the deposits may be smaller, to focus on creating the best version of your business, and yourself.