October 27, 2024 • 19 mins
In this episode of RV Rental Secrets, co-hosts Garr Russell and Stacy catch up from Bryce Canyon, Utah, as they discuss the importance of strategic planning for RV owners at the end of the season. With most RV businesses winding down after peak summer months, this is the perfect time to look ahead to 2025. Garr and Stacy dive into key actions, such as increasing nightly minimums, adjusting pricing, and focusing on maximizing time efficiency. They share insights on how to reduce workload while maintaining profitability, drawing from their personal experiences in the RV rental business. Whether you're a solo RV owner or managing multiple units, this episode provides practical tips to streamline operations, minimize unnecessary effort, and plan for a more profitable next season. They also emphasize the significance of valuing your time and setting up systems to achieve work-life balance. Don't miss this opportunity to set the stage for success in the upcoming year!
Tune in and take away actionable advice to improve your RV rental business while ensuring you get the most out of your time with family and friends.
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Episode Transcript
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(00:00):
Hey, y'all welcome to mission minded messages podcast.
(00:03):
.999I am your host, Gar Russell, where every Monday I speak with faith filled entrepreneurs, sharing our strategies, our struggles, and our successes. 3 00:00:14,439.999 --> 00:00:18,470 Remember, we are a firm believer that you are either winning or learning.
So let's learn together and encourage each other this week by jumping into this week's conversation.
(00:24):
We'll see y'all on the inside. 6 00:00:26,801.428571429 --> 00:00:30,631.428571429 Hey, welcome to another episode of RV rental secrets. 7 00:00:31,191.428571429 --> 00:00:42,656.428571429 I am your co host Gar Russell, along here with Stacy traveling the country Max and Stacy, where are you located currently? We are in Bryce Canyon, Utah. 8 00:00:42,856.428571429 --> 00:00:44,846.428571429 So this is our second week in Utah. 9 00:00:44,876.428571429 --> 00:00:48,36.428571429 We just moved a little further South to explore more of the state. 10 00:00:48,36.428571429 --> 00:00:48,426.428571429 Awesome. 11 00:00:48,436.428571429 --> 00:00:49,876.428571429 Bryce Canyon, Utah. 12 00:00:50,116.428571429 --> 00:00:53,766.428571429 You know, it's kind of funny in Venture Seeker and you're in the cold. 13 00:00:53,786.428571429 --> 00:00:56,716.428571429 I was just up in Michigan last weekend and it was super cold. 14 00:00:57,286.428571429 --> 00:01:00,646.428571429 Normally we're chasing the sun, but I guess we're switching it up right now. 15 00:01:00,646.428571429 --> 00:01:02,606.428571429 We're we're chasing the fun. 16 00:01:02,926.428571429 --> 00:01:03,356.428571429 Yeah. 17 00:01:03,356.428571429 --> 00:01:04,696.428571429 Yesterday though, we were. 18 00:01:05,6.428571429 --> 00:01:15,966.428571429 Certainly saying that it was time to, to head south and head towards Florida because it was getting to like freezing temperatures and we saw some snow and we're like, okay, we're done. 19 00:01:15,966.428571429 --> 00:01:16,626.428571429 Oh, yeah. 20 00:01:16,686.428571429 --> 00:01:17,466.428571429 Time to head south. 21 00:01:17,756.428571429 --> 00:01:20,866.428571429 Well, this week, we thought we would talk about the end of the year. 22 00:01:21,466.428571429 --> 00:01:29,566.428571429 And just kind of looking back at your year because you know, as most of us know, most of the business happens, when school is out. 23 00:01:30,66.428571429 --> 00:01:41,636.42757143 That's when a bulk of our business happens and then especially if you're in those states where you get the cold weather, a lot of y'all are winterizing units and tucking them away for the winter and stuff like that. 24 00:01:41,636.42757143 --> 00:01:45,716.42707143 So we thought, you know what, let's talk about end of the year and next year. 25 00:01:46,196.42807143 --> 00:02:02,661.42857143 So Stacy what's your thoughts on that? Any, I know you guys are all closed up in New York because you hit the road several weeks ago, but what does that typically look like for you guys at the end of the season? Yeah, I mean, I think it being the third quarter, especially it's a good time to look ahead towards next year. 26 00:02:02,981.42857143 --> 00:02:06,331.42857143 But yeah, we're in a seasonal location in upstate New York. 27 00:02:06,661.42857143 --> 00:02:12,161.42957143 So basically after Columbus Day is when all of our campgrounds shut down in our area. 28 00:02:12,491.42957143 --> 00:02:14,741.42857143 So that's when we winterize our units. 29 00:02:14,831.42957143 --> 00:02:19,201.42957143 And basically we have the, you know, rest of the fall and winter. 30 00:02:19,211.42957143 --> 00:02:20,681.42957143 And we don't reopen again until. 31 00:02:21,511.42957143 --> 00:02:23,201.42957143 Usually like April or May. 32 00:02:23,541.42957143 --> 00:02:45,311.43057143 You know, you might have some reservations coming in for the holidays or winter or spring break in our area, but basically, like, we just take that time to start working on our business and looking ahead to the new year and see how we can, you know, really establish like a strong foundation to start the year ahead. 33 00:02:45,311.43057143 --> 00:02:55,431.43057143 Yeah, you know, one of the most important things I think once you come to the end of the season is to instantly increase your nightly minimums. 34 00:02:56,201.43057143 --> 00:02:57,461.43057143 Look at your rates. 35 00:02:58,366.43057143 --> 00:03:01,336.43057143 And comparison to your competition. 36 00:03:02,76.43057143 --> 00:03:13,426.43157143 But most importantly is increase those nightly minimums, especially at, you know, I'm a big believer in seven night minimums especially for the summer the minimum you want to go down to is five nights. 37 00:03:13,776.43157143 --> 00:03:16,416.43157143 Let everybody else fight over those weekend warriors. 38 00:03:16,426.43157143 --> 00:03:22,516.43157143 You want to serve the families that they're going on their summer camping, you know, family getaway. 39 00:03:22,956.43157143 --> 00:03:25,466.43057143 They're not a last minute Friday to Sunday. 40 00:03:25,466.43157143 --> 00:03:26,646.43157143 It's, a longer rental. 41 00:03:26,646.43157143 --> 00:03:27,726.43157143 It's a better rental. 42 00:03:27,806.43157143 --> 00:03:29,356.43157143 It's a lot more thought out. 43 00:03:29,731.43157143 --> 00:03:48,671.43157143 Those last term, last minute rentals is where you end up with, you know, a lot of your issues and damages and stuff like that, but yeah, make sure you've got your nightly minimums way up there and and don't be too nervous about that, Stacey's got some good stories about that her first year with fireside and worried about her nightly minimums. 44 00:03:49,131.43157143 --> 00:03:56,381.43157143 But especially if you start to see that people are already booking for next summer, that's a very strong indicator. 45 00:03:56,891.43157143 --> 00:04:04,721.43157143 That there's a strong demand and you will find that customer that wants the five to seven night camping trip. 46 00:04:05,591.43157143 --> 00:04:06,551.43157143 Yeah, exactly. 47 00:04:06,551.43157143 --> 00:04:17,741.43157143 You can change your nightly minimums to like seven nights now because people especially will start booking come January for that spring and summer. 48 00:04:18,121.43157143 --> 00:04:23,441.43157143 But, you know, as it gets closer, in the spring and summer dates then you could. 49 00:04:23,981.43157143 --> 00:04:41,501.43307143 reduce your nightly minimum for those shorter rentals but you want to make sure in advance you're getting those full week bookings so that you're not, cutting up your calendar and then you only have a three night rental rather than a seven day rental because you already booked that, six months in advance. 50 00:04:42,261.43307143 --> 00:04:43,241.43307143 Yeah, exactly. 51 00:04:43,501.43307143 --> 00:04:49,701.43307143 And You know, if you kind of do some quick math on this, let's say that you have a two night minimum, like a lot of people do. 52 00:04:49,991.43307143 --> 00:04:56,271.43307143 So, someone's picking it up on a Friday, they're dropping it off on a Sunday, or you're delivering it and picking it up on a Sunday. 53 00:04:56,861.43307143 --> 00:05:01,561.43307143 Say that you have a two night minimum, and then let's just double it for, for this scenario. 54 00:05:01,831.43207143 --> 00:05:10,481.43307143 Say instead of a two night minimum, you have a four night minimum, okay? So, say that with a two night minimum, you're pretty much going to book every weekend. 55 00:05:11,161.43307143 --> 00:05:12,381.43307143 So that's eight nights a month. 56 00:05:12,931.43307143 --> 00:05:16,721.43307143 Say with a four night minimum, say you only book half that amount. 57 00:05:17,381.43307143 --> 00:05:19,1.43307143 So you only do two bookings per month. 58 00:05:19,561.43307143 --> 00:05:23,851.43307143 Well, how many days did you book for that month? You booked the exact same amount. 59 00:05:23,891.43307143 --> 00:05:25,571.43307143 You booked eight days for the month. 60 00:05:26,101.43307143 --> 00:05:27,341.43307143 And guess what you've just done. 61 00:05:27,951.43307143 --> 00:05:29,531.43307143 You've done the same amount of business. 62 00:05:30,146.43307143 --> 00:05:31,936.43307143 But you're doing half the amount of work. 63 00:05:32,496.43307143 --> 00:05:35,996.43307143 So now you're not taking every Friday to deliver an RV. 64 00:05:36,276.43307143 --> 00:05:38,626.43307143 You're not taking every Sunday to pick up an RV. 65 00:05:39,76.43307143 --> 00:05:45,566.43207143 Now potentially you're delivering it on maybe a Thursday to a Sunday or a Friday to a Monday. 66 00:05:45,936.43307143 --> 00:05:48,296.43207143 So you're actually getting more of your life back. 67 00:05:48,856.43207143 --> 00:05:51,646.43307143 You're doing less work and you're making the same amount of money. 68 00:05:52,236.43307143 --> 00:06:05,326.43307143 Now, jumping to my scenario, what I typically recommend, say you're doing a seven night minimum, and say you only end up doing one booking per month per month, now you're actually only doing one night less per month. 69 00:06:06,581.43307143 --> 00:06:09,91.43307143 And you're only doing one booking. 70 00:06:09,91.43307143 --> 00:06:12,101.43307143 So now you've cut your workload by 75%. 71 00:06:12,981.43307143 --> 00:06:16,291.43257143 And you've cut your profit by only 15, 17%. 72 00:06:16,601.43257143 --> 00:06:20,961.43157143 So you see how quick those numbers can move in your favor as you're shifting them around. 73 00:06:20,971.43257143 --> 00:06:26,481.43157143 And the truth be told you're end up, you're going to end up doing more than one booking per month still. 74 00:06:26,921.43257143 --> 00:06:35,411.43157143 And what's going to happen is people that if your camper is the only camper available because everybody else is a two night minimum and they're all booked up. 75 00:06:35,911.43257143 --> 00:06:40,771.43257143 What's going to happen is people are still going to reach out to you, and they're going to say, Hey, you're the only camper available. 76 00:06:41,161.43257143 --> 00:06:53,891.43157143 Would you consider renting this to me for less nights? And what I've seen happen is people end up actually going camping longer because they see you have a seven night minimum while they've said, Well, you know, we could actually squeeze in four or five nights. 77 00:06:53,921.43157143 --> 00:06:57,931.43257143 Would you consider four or five nights? So you're still going to get the rental request. 78 00:06:58,911.43257143 --> 00:07:05,91.43257143 But what's going to happen is you're not going to get all those instabooks for two nights and block your calendar off. 79 00:07:05,761.43257143 --> 00:07:08,891.43257143 And I could go on and on and on about this, cause this is honestly one of my most. 80 00:07:09,651.43257143 --> 00:07:13,251.43257143 topics that I'm most passionate about is nightly minimums. 81 00:07:13,861.43257143 --> 00:07:16,41.43257143 The other being just entrepreneurship in general. 82 00:07:16,41.43257143 --> 00:07:32,401.43257143 So Stacy, what's your thoughts on all this stuff I just spit out there? No, I mean, I know I had, fear of that in the beginning when you told me this, you know, I don't know, five years ago when we first started our franchise and you were pushing me to do weekly minimums. 83 00:07:32,441.43257143 --> 00:07:35,721.43157143 I think the most I got up to was five nights. 84 00:07:36,61.43257143 --> 00:07:51,991.43157143 But yeah, I mean, it was amazing how, many people we would have pay for the five nights, and they would only use it like two nights and they would just call and be like, Oh, okay, we left the campsite, whenever you want to pick up the camper, we're out of there. 85 00:07:52,81.43157143 --> 00:07:55,651.43257143 So I mean people, still see the value of. 86 00:07:56,581.43257143 --> 00:08:00,211.43257143 Of the rental, regardless of you having that minimum on there. 87 00:08:00,501.43257143 --> 00:08:12,501.43257143 whether it's just your customer service the camper itself that they're trying to run or like you said, you're the only one left because everyone booked up those two nights or they canceled on them last minute. 88 00:08:13,346.43357143 --> 00:08:18,786.43357143 So yeah, it can be scary, you just got to do it and you'll see the benefits of it. 89 00:08:19,526.43357143 --> 00:08:19,806.43357143 Yeah. 90 00:08:19,806.43357143 --> 00:08:35,471.33357143 You know, one of the problems with having this fear of this higher nightly minimum and seeing somebody where, cause like company wide fireside across all of our locations, across the company, across the country, our average booking is about 1, 500. 91 00:08:36,211.43357143 --> 00:08:41,721.43357143 So that shows you that we hold, you know, true to the higher nightly minimums and, and we stay busy. 92 00:08:42,461.43357143 --> 00:09:01,41.43357143 My point in saying that is typically when you're looking at it from the other side, as an RV owner, or maybe as somebody who's good at, you know, you go to the state park and you pay 30 bucks a night and you pack all the meals and you're very frugal and you know how to get away in the RV with the family for a very minimal expense. 93 00:09:01,501.43357143 --> 00:09:04,741.43357143 We tend to take that perception of that value and that cost. 94 00:09:05,216.43357143 --> 00:09:21,596.43357143 And we put that on our customer and so we think, Oh my gosh, there's, there's no way they're going to pay 150 a night for my bunkhouse camper and rent it for seven nights and then a delivery and the insurance and the add on and the cleaning and the prep and they're paying 1, 500 for this booking. 95 00:09:21,936.43357143 --> 00:09:27,996.43357143 So we end up putting our value system of value onto that booking. 96 00:09:28,456.43357143 --> 00:09:31,496.43357143 When we don't need to be doing that because it's our RV. 97 00:09:31,506.43357143 --> 00:09:32,986.43357143 We're used to using it when we want. 98 00:09:32,986.43357143 --> 00:09:44,226.43257143 And we know our RV payments two, three, 400 a month, but for the consumer, for your renter, this is their summer family getaway, you know, this is their big vacation that they do. 99 00:09:44,226.43257143 --> 00:09:45,316.43257143 So think about that. 100 00:09:45,921.43357143 --> 00:10:01,491.43357143 For your family, when you do your family vacation, if you know, you guys go to Mexico or Disney or you do a big winter getaway, you're normally spending a couple thousand dollars on that vacation and you do that without batting an eye. 101 00:10:01,521.43357143 --> 00:10:07,521.43357143 But for some reason in our minds, when we flip the value around to us, renting our RV out to somebody. 102 00:10:08,291.43357143 --> 00:10:13,361.43357143 The numbers get all skewed in our mind, and we think there's no way nobody's going to pay that, but that's just not the case. 103 00:10:13,871.43357143 --> 00:10:25,131.43357143 I literally just was in our software system yesterday, and of the thousands of bookings that we've done this year, our average ticket was like 1, 484. 104 00:10:25,401.43257143 --> 00:10:27,46.33357143 Our average booking was 1, 484. 105 00:10:27,176.43357143 --> 00:10:31,516.43357143 Five nights, which is actually down from six nights last year. 106 00:10:31,866.43357143 --> 00:10:40,756.43357143 And the reason it's down is some of my new franchisees aren't trusting me and they're, they're doing no lower nightly bookings when they just don't need to. 107 00:10:40,756.43357143 --> 00:10:42,166.43357143 It's just not the case. 108 00:10:43,16.43357143 --> 00:10:44,666.43257143 They just have to do what Gar says. 109 00:10:45,456.43257143 --> 00:10:46,586.43257143 Do what I say. 110 00:10:46,586.43257143 --> 00:10:46,916.43257143 Yeah. 111 00:10:47,196.43257143 --> 00:10:48,886.43257143 It's it's, it can be scary. 112 00:10:49,396.43357143 --> 00:11:00,836.43257143 You know, I remember for you, Stacy, yeah, it was all the way into May and you had like little to no bookings and all of a sudden it got crazy and you ended up doing six figures your first summer. 113 00:11:01,896.43357143 --> 00:11:06,6.43357143 So it's just, you, you've got to decide who you want to serve. 114 00:11:06,376.43357143 --> 00:11:08,416.43357143 And to really, to me, it's more about. 115 00:11:09,21.43357143 --> 00:11:15,481.43357143 How much of your time do you want to invest? Because most people start renting their camper just cause they want to own it for free. 116 00:11:16,1.43357143 --> 00:11:20,291.43257143 And then all of a sudden they realize, Oh my gosh, I'm driving everywhere all the time delivering this camper. 117 00:11:20,291.43257143 --> 00:11:29,171.43357143 It's more, you know, and that's part of why I created Fireside is for people to be able to enjoy renting their RV without having to do all the work. 118 00:11:29,611.43357143 --> 00:11:32,621.43357143 You know, that's why we created the RV management program. 119 00:11:32,866.43357143 --> 00:11:48,996.43357143 But most of our listeners here on the podcast you guys have your one rv maybe two or three you're renting them out And so we just want to show you what we've seen at scale and bring you value of the best way To operate your business and I always say people like no, I don't have an rv rental business. 120 00:11:49,76.43357143 --> 00:11:59,596.43357143 I just rent my rv Well, if you rent your rv you have an rv rental business because you're marketing your rv You're, you are customer service, you're cleaning it. 121 00:11:59,626.43357143 --> 00:12:00,976.43357143 That's, that's called a business. 122 00:12:00,976.43357143 --> 00:12:10,696.43257143 If you have sales department and marketing, the thing is, is you're just operating all aspects of the business, but at the end of the day, you have a business, you have to report it on your taxes. 123 00:12:11,106.43357143 --> 00:12:13,826.43357143 You have to do repairs, all the different things. 124 00:12:14,926.43357143 --> 00:12:26,526.43357143 Yeah, and it's funny because, we got to the point where we had 20 units and we would have someone, reach out and be like, Oh, can you know, we rent this RV for this weekends. 125 00:12:26,956.43357143 --> 00:12:38,586.43357143 And I'm like, Oh, I'm sorry, we have a five night minimum and they're like, so you'd rather just have the RV sit there for this weekends and not make any money off of it, then just deliver it to me for two nights and I'm like. 126 00:12:39,106.43357143 --> 00:12:46,916.43357143 Yeah, actually I would because the amount of time and effort we need to put in to deliver it for those two nights, it's just not worth it. 127 00:12:46,966.43357143 --> 00:12:53,206.43307143 When you scale, like you mentioned the time is going to be, more important than the money at that point. 128 00:12:53,206.43307143 --> 00:12:53,646.43307143 Yeah. 129 00:12:54,96.43307143 --> 00:12:54,426.43307143 Yep. 130 00:12:54,436.43307143 --> 00:12:56,306.43307143 They call it an opportunity cost. 131 00:12:56,376.43307143 --> 00:12:58,566.43307143 So there's an opportunity cost for everything. 132 00:12:58,986.43307143 --> 00:13:10,681.43307143 And unfortunately for And we don't factor our time into a lot of decisions that we make in time is literally the only resource that we have a limited quantity of. 133 00:13:10,721.43207143 --> 00:13:12,431.43307143 We have a fixed amount of time. 134 00:13:12,931.43307143 --> 00:13:15,81.43407143 As far as ideas, ideas are everywhere. 135 00:13:15,81.43407143 --> 00:13:16,741.43407143 We can come up with them all the time. 136 00:13:17,141.43307143 --> 00:13:21,151.43407143 As far as money and resources, you can always generate more money. 137 00:13:21,161.43407143 --> 00:13:23,41.43407143 You can always generate more resources. 138 00:13:23,431.43407143 --> 00:13:25,751.43407143 You can always staff, you can always add staff. 139 00:13:25,791.43407143 --> 00:13:26,351.43407143 You can always. 140 00:13:26,901.43407143 --> 00:13:29,731.43407143 Systematize, if that's a word, you can always automate. 141 00:13:30,61.43407143 --> 00:13:31,451.43407143 There's all these things we can do. 142 00:13:31,451.43407143 --> 00:13:33,881.43407143 But at the end of the day, we only have so much time. 143 00:13:34,441.43407143 --> 00:13:42,41.43307143 And if you're renting your RV and you're doing the deliveries and the cleaning and everything yourself, you have to put a value on that time. 144 00:13:42,451.43407143 --> 00:13:46,561.43407143 Like me personally, I value my time at 250 an hour. 145 00:13:46,921.43407143 --> 00:14:04,346.43407143 So when I sit down to decide if I'm going to do something, I decide, okay, is this worth $250 an hour or is this something I could pay somebody to do, like cleaning an rv, for example, you could pay somebody $50 to $75 to to do a turnaround for you, a cleaning of an rv. 146 00:14:04,946.43407143 --> 00:14:09,536.43407143 But what are we doing most of the time we're in there for two hours, cleaning it ourselves. 147 00:14:09,836.43407143 --> 00:14:11,516.43407143 So basically what you're telling yourself is. 148 00:14:12,311.43407143 --> 00:14:28,731.43307143 You value your time at that amount of money when you could be taking that time and doing the thing you actually want to be doing, which is spending time with your kids and your family and being at the soccer game or helping out at your church or all those different things. 149 00:14:29,561.43407143 --> 00:14:32,86.33407143 But for some reason, we don't do that. 150 00:14:32,926.43407143 --> 00:14:36,126.43407143 So I just want to encourage you as you're doing your end of the year valuation. 151 00:14:36,516.43407143 --> 00:14:37,166.43407143 Think about that. 152 00:14:37,166.43407143 --> 00:14:39,416.43407143 Think about everything in response to time. 153 00:14:39,856.43407143 --> 00:14:42,136.43307143 Then if you need to, put a value on your time. 154 00:14:42,746.43407143 --> 00:15:00,646.43407143 You know, what do you make hourly at your, at your job that you work at? Do you make 25, 50 an hour? And then when you're out delivering your RV and that takes you four hours and you charge a 75 delivery and pickup fee, And now you've got eight hours into it. 155 00:15:00,656.43407143 --> 00:15:09,306.43307143 So you've actually lost 200 because, well, heck, you could have just went to work and it may double that money and paid someone to deliver the RV for you. 156 00:15:10,26.43407143 --> 00:15:10,466.43407143 Yeah. 157 00:15:10,666.43407143 --> 00:15:10,926.43407143 Yeah. 158 00:15:10,926.43407143 --> 00:15:14,446.43407143 I think that's something that people do under charge with as well. 159 00:15:14,446.43407143 --> 00:15:17,796.43507143 When they only have one or two campers is delivery fees. 160 00:15:18,136.43307143 --> 00:15:21,16.43307143 You know, you have to think of the wear and tear on your vehicle. 161 00:15:21,266.43307143 --> 00:15:26,176.43307143 You have to think of how much fuel costs, how much your time is worth. 162 00:15:27,96.43307143 --> 00:15:35,246.43307143 So definitely, you know, during this slow or off season, take a look at what other people are charging for delivery in your area. 163 00:15:35,586.43207143 --> 00:15:40,136.43207143 And, make sure that you're charging enough to value your time. 164 00:15:40,856.43107143 --> 00:15:41,506.43107143 Exactly. 165 00:15:41,766.43207143 --> 00:15:46,126.43207143 Yeah, you know, and to when it comes to damages and wear and tear, we don't factor that in. 166 00:15:46,886.43207143 --> 00:15:53,796.43207143 But as many y'all know, you're not going to win every dispute, you're not going to catch every piece of damage. 167 00:15:54,251.43207143 --> 00:15:55,361.43207143 As it takes place. 168 00:15:55,371.43207143 --> 00:16:02,361.43207143 So you need to factor that into your pricing is you need to know, hey, I need to set aside X percent of every booking. 169 00:16:02,811.43207143 --> 00:16:09,851.43107143 So when something does go wrong and say I lose the dispute or I don't catch the damages, I have that buffer account there. 170 00:16:10,146.43207143 --> 00:16:28,171.33307143 To get that fixed, because again, like I said, you do have a business and having a business means there's a cost of business and part of a cost of business that's factored in is chargebacks and disputes and damages and lost time and revenue and stuff like that. 171 00:16:28,171.33307143 --> 00:16:34,491.33307143 Yeah, and even so, I see so many people charge a small security deposit or even none at all. 172 00:16:34,511.33307143 --> 00:16:40,731.3320714 So, you know, they'll waive the security deposit, they'll charge 250 or 500. 173 00:16:41,121.3330714 --> 00:16:47,281.3330714 But in most cases, if there's an insurance claim, that amount isn't even going to cover the insurance deductible. 174 00:16:47,871.3330714 --> 00:16:50,601.3330714 So then that money is going to have to come out of your pocket. 175 00:16:51,11.3330714 --> 00:16:55,191.3330714 You know, so you really want to make sure that you're looking at all of your numbers. 176 00:16:55,191.3330714 --> 00:16:56,811.3330714 Yeah, most definitely. 177 00:16:57,591.3330714 --> 00:16:58,171.3330714 Most definitely. 178 00:16:58,381.3330714 --> 00:17:01,671.3330714 Well, I feel like this was kind of like a lecture podcast today. 179 00:17:01,671.3330714 --> 00:17:03,391.3330714 Hopefully we brought you all some value. 180 00:17:03,391.3330714 --> 00:17:08,641.3325714 We're kind of preaching to y'all today, but hopefully you got some good value out of it. 181 00:17:08,641.3325714 --> 00:17:10,31.3320714 Check your nightly minimums. 182 00:17:10,631.3330714 --> 00:17:15,591.3340714 Make sure that you're figuring out how much is your time worth, put a value on your time. 183 00:17:15,991.3340714 --> 00:17:18,851.3340714 And, and if you're not sure, here's a good litmus test for you. 184 00:17:19,441.3340714 --> 00:17:55,581.3330714 Ask your kids, ask your spouse Hey, how much does it, how much time does it seem like I'm away from the family delivering the RV or cleaning the RV, or I'm on the phone talking to renters, just think of that if you have weekend rentals, and you've got people that are doing these last minute short camping trips and they're blowing up your phone with 100 questions, how much of your time, how much of your weekend do you regain it? If you double, triple your nightly minimums to where you have a half or a quarter of the amount of bookings taking place, but a quarter amount of work that's, that's something that'll really get you going. 185 00:17:55,581.3330714 --> 00:17:59,161.3340714 So yeah, ask around, do a little survey from your family and friends. 186 00:17:59,551.3350714 --> 00:18:04,251.3360714 I remember in my early days of Fireside, I used to handle all the tech. 187 00:18:04,711.3360714 --> 00:18:11,301.3360714 Calls for all the locations and my family would tell you, I was always there, but I was never there. 188 00:18:11,701.3360714 --> 00:18:14,31.3360714 I was always with the family, but I was always on a phone call. 189 00:18:14,31.3360714 --> 00:18:16,201.3360714 So just different things to factor in. 190 00:18:16,551.3350714 --> 00:18:25,681.3370714 Stacey, any closing thoughts before we wrap up this episode? Yeah, I just think now is a really great time to set up those habits for next year. 191 00:18:25,731.3370714 --> 00:18:33,121.3380714 So like you said, do, a time audit and, Think about how you want next summer to look like and start. 192 00:18:34,451.3380714 --> 00:18:41,871.3380714 now so that, you aren't overwhelmed next year and, not taking the time with your family that you want to. 193 00:18:41,871.3380714 --> 00:18:42,41.3380714 Yeah. 194 00:18:42,41.3380714 --> 00:18:44,771.3380714 At the end of the day, it's all about our time, right. 195 00:18:44,811.3380714 --> 00:18:47,991.3380714 Our family, our friends, plugging into community and all that. 196 00:18:48,1.3370714 --> 00:18:50,501.3370714 So let me, let me close out with a prayer here. 197 00:18:50,501.3370714 --> 00:18:53,321.3370714 I don't do this every week, but I just feel led to say a prayer. 198 00:18:53,791.3370714 --> 00:18:55,451.3370714 So I'm going to go ahead and close this out in prayer. 199 00:18:55,451.3370714 --> 00:18:57,521.3370714 Father, I thank you for this time together. 200 00:18:57,896.3370714 --> 00:18:58,876.3370714 On the podcast. 201 00:18:59,346.3370714 --> 00:19:15,76.3370714 I thank you for the gifts and skills and talents that you've given Stacy and I And that we are just able to encourage others by sharing our ups and downs and ins and outs of what we've learned in our entrepreneurial journey in the RV rental business. 202 00:19:15,566.3370714 --> 00:19:32,876.3370714 And so I just pray for creative ideas for our audience that they can look back at this year and see what they were excited about, what went well, what didn't go well, and that they would just have a good, solid, strong game plan for the 2025 season. 203 00:19:33,606.3370714 --> 00:19:36,66.3370714 And we thank you and praise you in Jesus name. 204 00:19:36,186.3370714 --> 00:19:36,836.3370714 Amen. 205 00:19:37,216.3370714 --> 00:19:37,786.3370714 Amen. 206 00:19:38,686.3370714 --> 00:19:42,416.3370714 All right, Stacy, we will see you on the next episode.
Hey, y'all welcome to mission minded messages podcast.
(00:03):
.999I am your host, Gar Russell, where every Monday I speak with faith filled entrepreneurs, sharing our strategies, our struggles, and our successes. 3 00:00:14,439.999 --> 00:00:18,470 Remember, we are a firm believer that you are either winning or learning.
So let's learn together and encourage each other this week by jumping into this week's conversation.
(00:24):
We'll see y'all on the inside. 6 00:00:26,801.428571429 --> 00:00:30,631.428571429 Hey, welcome to another episode of RV rental secrets. 7 00:00:31,191.428571429 --> 00:00:42,656.428571429 I am your co host Gar Russell, along here with Stacy traveling the country Max and Stacy, where are you located currently? We are in Bryce Canyon, Utah. 8 00:00:42,856.428571429 --> 00:00:44,846.428571429 So this is our second week in Utah. 9 00:00:44,876.428571429 --> 00:00:48,36.428571429 We just moved a little further South to explore more of the state. 10 00:00:48,36.428571429 --> 00:00:48,426.428571429 Awesome. 11 00:00:48,436.428571429 --> 00:00:49,876.428571429 Bryce Canyon, Utah. 12 00:00:50,116.428571429 --> 00:00:53,766.428571429 You know, it's kind of funny in Venture Seeker and you're in the cold. 13 00:00:53,786.428571429 --> 00:00:56,716.428571429 I was just up in Michigan last weekend and it was super cold. 14 00:00:57,286.428571429 --> 00:01:00,646.428571429 Normally we're chasing the sun, but I guess we're switching it up right now. 15 00:01:00,646.428571429 --> 00:01:02,606.428571429 We're we're chasing the fun. 16 00:01:02,926.428571429 --> 00:01:03,356.428571429 Yeah. 17 00:01:03,356.428571429 --> 00:01:04,696.428571429 Yesterday though, we were. 18 00:01:05,6.428571429 --> 00:01:15,966.428571429 Certainly saying that it was time to, to head south and head towards Florida because it was getting to like freezing temperatures and we saw some snow and we're like, okay, we're done. 19 00:01:15,966.428571429 --> 00:01:16,626.428571429 Oh, yeah. 20 00:01:16,686.428571429 --> 00:01:17,466.428571429 Time to head south. 21 00:01:17,756.428571429 --> 00:01:20,866.428571429 Well, this week, we thought we would talk about the end of the year. 22 00:01:21,466.428571429 --> 00:01:29,566.428571429 And just kind of looking back at your year because you know, as most of us know, most of the business happens, when school is out. 23 00:01:30,66.428571429 --> 00:01:41,636.42757143 That's when a bulk of our business happens and then especially if you're in those states where you get the cold weather, a lot of y'all are winterizing units and tucking them away for the winter and stuff like that. 24 00:01:41,636.42757143 --> 00:01:45,716.42707143 So we thought, you know what, let's talk about end of the year and next year. 25 00:01:46,196.42807143 --> 00:02:02,661.42857143 So Stacy what's your thoughts on that? Any, I know you guys are all closed up in New York because you hit the road several weeks ago, but what does that typically look like for you guys at the end of the season? Yeah, I mean, I think it being the third quarter, especially it's a good time to look ahead towards next year. 26 00:02:02,981.42857143 --> 00:02:06,331.42857143 But yeah, we're in a seasonal location in upstate New York. 27 00:02:06,661.42857143 --> 00:02:12,161.42957143 So basically after Columbus Day is when all of our campgrounds shut down in our area. 28 00:02:12,491.42957143 --> 00:02:14,741.42857143 So that's when we winterize our units. 29 00:02:14,831.42957143 --> 00:02:19,201.42957143 And basically we have the, you know, rest of the fall and winter. 30 00:02:19,211.42957143 --> 00:02:20,681.42957143 And we don't reopen again until. 31 00:02:21,511.42957143 --> 00:02:23,201.42957143 Usually like April or May. 32 00:02:23,541.42957143 --> 00:02:45,311.43057143 You know, you might have some reservations coming in for the holidays or winter or spring break in our area, but basically, like, we just take that time to start working on our business and looking ahead to the new year and see how we can, you know, really establish like a strong foundation to start the year ahead. 33 00:02:45,311.43057143 --> 00:02:55,431.43057143 Yeah, you know, one of the most important things I think once you come to the end of the season is to instantly increase your nightly minimums. 34 00:02:56,201.43057143 --> 00:02:57,461.43057143 Look at your rates. 35 00:02:58,366.43057143 --> 00:03:01,336.43057143 And comparison to your competition. 36 00:03:02,76.43057143 --> 00:03:13,426.43157143 But most importantly is increase those nightly minimums, especially at, you know, I'm a big believer in seven night minimums especially for the summer the minimum you want to go down to is five nights. 37 00:03:13,776.43157143 --> 00:03:16,416.43157143 Let everybody else fight over those weekend warriors. 38 00:03:16,426.43157143 --> 00:03:22,516.43157143 You want to serve the families that they're going on their summer camping, you know, family getaway. 39 00:03:22,956.43157143 --> 00:03:25,466.43057143 They're not a last minute Friday to Sunday. 40 00:03:25,466.43157143 --> 00:03:26,646.43157143 It's, a longer rental. 41 00:03:26,646.43157143 --> 00:03:27,726.43157143 It's a better rental. 42 00:03:27,806.43157143 --> 00:03:29,356.43157143 It's a lot more thought out. 43 00:03:29,731.43157143 --> 00:03:48,671.43157143 Those last term, last minute rentals is where you end up with, you know, a lot of your issues and damages and stuff like that, but yeah, make sure you've got your nightly minimums way up there and and don't be too nervous about that, Stacey's got some good stories about that her first year with fireside and worried about her nightly minimums. 44 00:03:49,131.43157143 --> 00:03:56,381.43157143 But especially if you start to see that people are already booking for next summer, that's a very strong indicator. 45 00:03:56,891.43157143 --> 00:04:04,721.43157143 That there's a strong demand and you will find that customer that wants the five to seven night camping trip. 46 00:04:05,591.43157143 --> 00:04:06,551.43157143 Yeah, exactly. 47 00:04:06,551.43157143 --> 00:04:17,741.43157143 You can change your nightly minimums to like seven nights now because people especially will start booking come January for that spring and summer. 48 00:04:18,121.43157143 --> 00:04:23,441.43157143 But, you know, as it gets closer, in the spring and summer dates then you could. 49 00:04:23,981.43157143 --> 00:04:41,501.43307143 reduce your nightly minimum for those shorter rentals but you want to make sure in advance you're getting those full week bookings so that you're not, cutting up your calendar and then you only have a three night rental rather than a seven day rental because you already booked that, six months in advance. 50 00:04:42,261.43307143 --> 00:04:43,241.43307143 Yeah, exactly. 51 00:04:43,501.43307143 --> 00:04:49,701.43307143 And You know, if you kind of do some quick math on this, let's say that you have a two night minimum, like a lot of people do. 52 00:04:49,991.43307143 --> 00:04:56,271.43307143 So, someone's picking it up on a Friday, they're dropping it off on a Sunday, or you're delivering it and picking it up on a Sunday. 53 00:04:56,861.43307143 --> 00:05:01,561.43307143 Say that you have a two night minimum, and then let's just double it for, for this scenario. 54 00:05:01,831.43207143 --> 00:05:10,481.43307143 Say instead of a two night minimum, you have a four night minimum, okay? So, say that with a two night minimum, you're pretty much going to book every weekend. 55 00:05:11,161.43307143 --> 00:05:12,381.43307143 So that's eight nights a month. 56 00:05:12,931.43307143 --> 00:05:16,721.43307143 Say with a four night minimum, say you only book half that amount. 57 00:05:17,381.43307143 --> 00:05:19,1.43307143 So you only do two bookings per month. 58 00:05:19,561.43307143 --> 00:05:23,851.43307143 Well, how many days did you book for that month? You booked the exact same amount. 59 00:05:23,891.43307143 --> 00:05:25,571.43307143 You booked eight days for the month. 60 00:05:26,101.43307143 --> 00:05:27,341.43307143 And guess what you've just done. 61 00:05:27,951.43307143 --> 00:05:29,531.43307143 You've done the same amount of business. 62 00:05:30,146.43307143 --> 00:05:31,936.43307143 But you're doing half the amount of work. 63 00:05:32,496.43307143 --> 00:05:35,996.43307143 So now you're not taking every Friday to deliver an RV. 64 00:05:36,276.43307143 --> 00:05:38,626.43307143 You're not taking every Sunday to pick up an RV. 65 00:05:39,76.43307143 --> 00:05:45,566.43207143 Now potentially you're delivering it on maybe a Thursday to a Sunday or a Friday to a Monday. 66 00:05:45,936.43307143 --> 00:05:48,296.43207143 So you're actually getting more of your life back. 67 00:05:48,856.43207143 --> 00:05:51,646.43307143 You're doing less work and you're making the same amount of money. 68 00:05:52,236.43307143 --> 00:06:05,326.43307143 Now, jumping to my scenario, what I typically recommend, say you're doing a seven night minimum, and say you only end up doing one booking per month per month, now you're actually only doing one night less per month. 69 00:06:06,581.43307143 --> 00:06:09,91.43307143 And you're only doing one booking. 70 00:06:09,91.43307143 --> 00:06:12,101.43307143 So now you've cut your workload by 75%. 71 00:06:12,981.43307143 --> 00:06:16,291.43257143 And you've cut your profit by only 15, 17%. 72 00:06:16,601.43257143 --> 00:06:20,961.43157143 So you see how quick those numbers can move in your favor as you're shifting them around. 73 00:06:20,971.43257143 --> 00:06:26,481.43157143 And the truth be told you're end up, you're going to end up doing more than one booking per month still. 74 00:06:26,921.43257143 --> 00:06:35,411.43157143 And what's going to happen is people that if your camper is the only camper available because everybody else is a two night minimum and they're all booked up. 75 00:06:35,911.43257143 --> 00:06:40,771.43257143 What's going to happen is people are still going to reach out to you, and they're going to say, Hey, you're the only camper available. 76 00:06:41,161.43257143 --> 00:06:53,891.43157143 Would you consider renting this to me for less nights? And what I've seen happen is people end up actually going camping longer because they see you have a seven night minimum while they've said, Well, you know, we could actually squeeze in four or five nights. 77 00:06:53,921.43157143 --> 00:06:57,931.43257143 Would you consider four or five nights? So you're still going to get the rental request. 78 00:06:58,911.43257143 --> 00:07:05,91.43257143 But what's going to happen is you're not going to get all those instabooks for two nights and block your calendar off. 79 00:07:05,761.43257143 --> 00:07:08,891.43257143 And I could go on and on and on about this, cause this is honestly one of my most. 80 00:07:09,651.43257143 --> 00:07:13,251.43257143 topics that I'm most passionate about is nightly minimums. 81 00:07:13,861.43257143 --> 00:07:16,41.43257143 The other being just entrepreneurship in general. 82 00:07:16,41.43257143 --> 00:07:32,401.43257143 So Stacy, what's your thoughts on all this stuff I just spit out there? No, I mean, I know I had, fear of that in the beginning when you told me this, you know, I don't know, five years ago when we first started our franchise and you were pushing me to do weekly minimums. 83 00:07:32,441.43257143 --> 00:07:35,721.43157143 I think the most I got up to was five nights. 84 00:07:36,61.43257143 --> 00:07:51,991.43157143 But yeah, I mean, it was amazing how, many people we would have pay for the five nights, and they would only use it like two nights and they would just call and be like, Oh, okay, we left the campsite, whenever you want to pick up the camper, we're out of there. 85 00:07:52,81.43157143 --> 00:07:55,651.43257143 So I mean people, still see the value of. 86 00:07:56,581.43257143 --> 00:08:00,211.43257143 Of the rental, regardless of you having that minimum on there. 87 00:08:00,501.43257143 --> 00:08:12,501.43257143 whether it's just your customer service the camper itself that they're trying to run or like you said, you're the only one left because everyone booked up those two nights or they canceled on them last minute. 88 00:08:13,346.43357143 --> 00:08:18,786.43357143 So yeah, it can be scary, you just got to do it and you'll see the benefits of it. 89 00:08:19,526.43357143 --> 00:08:19,806.43357143 Yeah. 90 00:08:19,806.43357143 --> 00:08:35,471.33357143 You know, one of the problems with having this fear of this higher nightly minimum and seeing somebody where, cause like company wide fireside across all of our locations, across the company, across the country, our average booking is about 1, 500. 91 00:08:36,211.43357143 --> 00:08:41,721.43357143 So that shows you that we hold, you know, true to the higher nightly minimums and, and we stay busy. 92 00:08:42,461.43357143 --> 00:09:01,41.43357143 My point in saying that is typically when you're looking at it from the other side, as an RV owner, or maybe as somebody who's good at, you know, you go to the state park and you pay 30 bucks a night and you pack all the meals and you're very frugal and you know how to get away in the RV with the family for a very minimal expense. 93 00:09:01,501.43357143 --> 00:09:04,741.43357143 We tend to take that perception of that value and that cost. 94 00:09:05,216.43357143 --> 00:09:21,596.43357143 And we put that on our customer and so we think, Oh my gosh, there's, there's no way they're going to pay 150 a night for my bunkhouse camper and rent it for seven nights and then a delivery and the insurance and the add on and the cleaning and the prep and they're paying 1, 500 for this booking. 95 00:09:21,936.43357143 --> 00:09:27,996.43357143 So we end up putting our value system of value onto that booking. 96 00:09:28,456.43357143 --> 00:09:31,496.43357143 When we don't need to be doing that because it's our RV. 97 00:09:31,506.43357143 --> 00:09:32,986.43357143 We're used to using it when we want. 98 00:09:32,986.43357143 --> 00:09:44,226.43257143 And we know our RV payments two, three, 400 a month, but for the consumer, for your renter, this is their summer family getaway, you know, this is their big vacation that they do. 99 00:09:44,226.43257143 --> 00:09:45,316.43257143 So think about that. 100 00:09:45,921.43357143 --> 00:10:01,491.43357143 For your family, when you do your family vacation, if you know, you guys go to Mexico or Disney or you do a big winter getaway, you're normally spending a couple thousand dollars on that vacation and you do that without batting an eye. 101 00:10:01,521.43357143 --> 00:10:07,521.43357143 But for some reason in our minds, when we flip the value around to us, renting our RV out to somebody. 102 00:10:08,291.43357143 --> 00:10:13,361.43357143 The numbers get all skewed in our mind, and we think there's no way nobody's going to pay that, but that's just not the case. 103 00:10:13,871.43357143 --> 00:10:25,131.43357143 I literally just was in our software system yesterday, and of the thousands of bookings that we've done this year, our average ticket was like 1, 484. 104 00:10:25,401.43257143 --> 00:10:27,46.33357143 Our average booking was 1, 484. 105 00:10:27,176.43357143 --> 00:10:31,516.43357143 Five nights, which is actually down from six nights last year. 106 00:10:31,866.43357143 --> 00:10:40,756.43357143 And the reason it's down is some of my new franchisees aren't trusting me and they're, they're doing no lower nightly bookings when they just don't need to. 107 00:10:40,756.43357143 --> 00:10:42,166.43357143 It's just not the case. 108 00:10:43,16.43357143 --> 00:10:44,666.43257143 They just have to do what Gar says. 109 00:10:45,456.43257143 --> 00:10:46,586.43257143 Do what I say. 110 00:10:46,586.43257143 --> 00:10:46,916.43257143 Yeah. 111 00:10:47,196.43257143 --> 00:10:48,886.43257143 It's it's, it can be scary. 112 00:10:49,396.43357143 --> 00:11:00,836.43257143 You know, I remember for you, Stacy, yeah, it was all the way into May and you had like little to no bookings and all of a sudden it got crazy and you ended up doing six figures your first summer. 113 00:11:01,896.43357143 --> 00:11:06,6.43357143 So it's just, you, you've got to decide who you want to serve. 114 00:11:06,376.43357143 --> 00:11:08,416.43357143 And to really, to me, it's more about. 115 00:11:09,21.43357143 --> 00:11:15,481.43357143 How much of your time do you want to invest? Because most people start renting their camper just cause they want to own it for free. 116 00:11:16,1.43357143 --> 00:11:20,291.43257143 And then all of a sudden they realize, Oh my gosh, I'm driving everywhere all the time delivering this camper. 117 00:11:20,291.43257143 --> 00:11:29,171.43357143 It's more, you know, and that's part of why I created Fireside is for people to be able to enjoy renting their RV without having to do all the work. 118 00:11:29,611.43357143 --> 00:11:32,621.43357143 You know, that's why we created the RV management program. 119 00:11:32,866.43357143 --> 00:11:48,996.43357143 But most of our listeners here on the podcast you guys have your one rv maybe two or three you're renting them out And so we just want to show you what we've seen at scale and bring you value of the best way To operate your business and I always say people like no, I don't have an rv rental business. 120 00:11:49,76.43357143 --> 00:11:59,596.43357143 I just rent my rv Well, if you rent your rv you have an rv rental business because you're marketing your rv You're, you are customer service, you're cleaning it. 121 00:11:59,626.43357143 --> 00:12:00,976.43357143 That's, that's called a business. 122 00:12:00,976.43357143 --> 00:12:10,696.43257143 If you have sales department and marketing, the thing is, is you're just operating all aspects of the business, but at the end of the day, you have a business, you have to report it on your taxes. 123 00:12:11,106.43357143 --> 00:12:13,826.43357143 You have to do repairs, all the different things. 124 00:12:14,926.43357143 --> 00:12:26,526.43357143 Yeah, and it's funny because, we got to the point where we had 20 units and we would have someone, reach out and be like, Oh, can you know, we rent this RV for this weekends. 125 00:12:26,956.43357143 --> 00:12:38,586.43357143 And I'm like, Oh, I'm sorry, we have a five night minimum and they're like, so you'd rather just have the RV sit there for this weekends and not make any money off of it, then just deliver it to me for two nights and I'm like. 126 00:12:39,106.43357143 --> 00:12:46,916.43357143 Yeah, actually I would because the amount of time and effort we need to put in to deliver it for those two nights, it's just not worth it. 127 00:12:46,966.43357143 --> 00:12:53,206.43307143 When you scale, like you mentioned the time is going to be, more important than the money at that point. 128 00:12:53,206.43307143 --> 00:12:53,646.43307143 Yeah. 129 00:12:54,96.43307143 --> 00:12:54,426.43307143 Yep. 130 00:12:54,436.43307143 --> 00:12:56,306.43307143 They call it an opportunity cost. 131 00:12:56,376.43307143 --> 00:12:58,566.43307143 So there's an opportunity cost for everything. 132 00:12:58,986.43307143 --> 00:13:10,681.43307143 And unfortunately for And we don't factor our time into a lot of decisions that we make in time is literally the only resource that we have a limited quantity of. 133 00:13:10,721.43207143 --> 00:13:12,431.43307143 We have a fixed amount of time. 134 00:13:12,931.43307143 --> 00:13:15,81.43407143 As far as ideas, ideas are everywhere. 135 00:13:15,81.43407143 --> 00:13:16,741.43407143 We can come up with them all the time. 136 00:13:17,141.43307143 --> 00:13:21,151.43407143 As far as money and resources, you can always generate more money. 137 00:13:21,161.43407143 --> 00:13:23,41.43407143 You can always generate more resources. 138 00:13:23,431.43407143 --> 00:13:25,751.43407143 You can always staff, you can always add staff. 139 00:13:25,791.43407143 --> 00:13:26,351.43407143 You can always. 140 00:13:26,901.43407143 --> 00:13:29,731.43407143 Systematize, if that's a word, you can always automate. 141 00:13:30,61.43407143 --> 00:13:31,451.43407143 There's all these things we can do. 142 00:13:31,451.43407143 --> 00:13:33,881.43407143 But at the end of the day, we only have so much time. 143 00:13:34,441.43407143 --> 00:13:42,41.43307143 And if you're renting your RV and you're doing the deliveries and the cleaning and everything yourself, you have to put a value on that time. 144 00:13:42,451.43407143 --> 00:13:46,561.43407143 Like me personally, I value my time at 250 an hour. 145 00:13:46,921.43407143 --> 00:14:04,346.43407143 So when I sit down to decide if I'm going to do something, I decide, okay, is this worth $250 an hour or is this something I could pay somebody to do, like cleaning an rv, for example, you could pay somebody $50 to $75 to to do a turnaround for you, a cleaning of an rv. 146 00:14:04,946.43407143 --> 00:14:09,536.43407143 But what are we doing most of the time we're in there for two hours, cleaning it ourselves. 147 00:14:09,836.43407143 --> 00:14:11,516.43407143 So basically what you're telling yourself is. 148 00:14:12,311.43407143 --> 00:14:28,731.43307143 You value your time at that amount of money when you could be taking that time and doing the thing you actually want to be doing, which is spending time with your kids and your family and being at the soccer game or helping out at your church or all those different things. 149 00:14:29,561.43407143 --> 00:14:32,86.33407143 But for some reason, we don't do that. 150 00:14:32,926.43407143 --> 00:14:36,126.43407143 So I just want to encourage you as you're doing your end of the year valuation. 151 00:14:36,516.43407143 --> 00:14:37,166.43407143 Think about that. 152 00:14:37,166.43407143 --> 00:14:39,416.43407143 Think about everything in response to time. 153 00:14:39,856.43407143 --> 00:14:42,136.43307143 Then if you need to, put a value on your time. 154 00:14:42,746.43407143 --> 00:15:00,646.43407143 You know, what do you make hourly at your, at your job that you work at? Do you make 25, 50 an hour? And then when you're out delivering your RV and that takes you four hours and you charge a 75 delivery and pickup fee, And now you've got eight hours into it. 155 00:15:00,656.43407143 --> 00:15:09,306.43307143 So you've actually lost 200 because, well, heck, you could have just went to work and it may double that money and paid someone to deliver the RV for you. 156 00:15:10,26.43407143 --> 00:15:10,466.43407143 Yeah. 157 00:15:10,666.43407143 --> 00:15:10,926.43407143 Yeah. 158 00:15:10,926.43407143 --> 00:15:14,446.43407143 I think that's something that people do under charge with as well. 159 00:15:14,446.43407143 --> 00:15:17,796.43507143 When they only have one or two campers is delivery fees. 160 00:15:18,136.43307143 --> 00:15:21,16.43307143 You know, you have to think of the wear and tear on your vehicle. 161 00:15:21,266.43307143 --> 00:15:26,176.43307143 You have to think of how much fuel costs, how much your time is worth. 162 00:15:27,96.43307143 --> 00:15:35,246.43307143 So definitely, you know, during this slow or off season, take a look at what other people are charging for delivery in your area. 163 00:15:35,586.43207143 --> 00:15:40,136.43207143 And, make sure that you're charging enough to value your time. 164 00:15:40,856.43107143 --> 00:15:41,506.43107143 Exactly. 165 00:15:41,766.43207143 --> 00:15:46,126.43207143 Yeah, you know, and to when it comes to damages and wear and tear, we don't factor that in. 166 00:15:46,886.43207143 --> 00:15:53,796.43207143 But as many y'all know, you're not going to win every dispute, you're not going to catch every piece of damage. 167 00:15:54,251.43207143 --> 00:15:55,361.43207143 As it takes place. 168 00:15:55,371.43207143 --> 00:16:02,361.43207143 So you need to factor that into your pricing is you need to know, hey, I need to set aside X percent of every booking. 169 00:16:02,811.43207143 --> 00:16:09,851.43107143 So when something does go wrong and say I lose the dispute or I don't catch the damages, I have that buffer account there. 170 00:16:10,146.43207143 --> 00:16:28,171.33307143 To get that fixed, because again, like I said, you do have a business and having a business means there's a cost of business and part of a cost of business that's factored in is chargebacks and disputes and damages and lost time and revenue and stuff like that. 171 00:16:28,171.33307143 --> 00:16:34,491.33307143 Yeah, and even so, I see so many people charge a small security deposit or even none at all. 172 00:16:34,511.33307143 --> 00:16:40,731.3320714 So, you know, they'll waive the security deposit, they'll charge 250 or 500. 173 00:16:41,121.3330714 --> 00:16:47,281.3330714 But in most cases, if there's an insurance claim, that amount isn't even going to cover the insurance deductible. 174 00:16:47,871.3330714 --> 00:16:50,601.3330714 So then that money is going to have to come out of your pocket. 175 00:16:51,11.3330714 --> 00:16:55,191.3330714 You know, so you really want to make sure that you're looking at all of your numbers. 176 00:16:55,191.3330714 --> 00:16:56,811.3330714 Yeah, most definitely. 177 00:16:57,591.3330714 --> 00:16:58,171.3330714 Most definitely. 178 00:16:58,381.3330714 --> 00:17:01,671.3330714 Well, I feel like this was kind of like a lecture podcast today. 179 00:17:01,671.3330714 --> 00:17:03,391.3330714 Hopefully we brought you all some value. 180 00:17:03,391.3330714 --> 00:17:08,641.3325714 We're kind of preaching to y'all today, but hopefully you got some good value out of it. 181 00:17:08,641.3325714 --> 00:17:10,31.3320714 Check your nightly minimums. 182 00:17:10,631.3330714 --> 00:17:15,591.3340714 Make sure that you're figuring out how much is your time worth, put a value on your time. 183 00:17:15,991.3340714 --> 00:17:18,851.3340714 And, and if you're not sure, here's a good litmus test for you. 184 00:17:19,441.3340714 --> 00:17:55,581.3330714 Ask your kids, ask your spouse Hey, how much does it, how much time does it seem like I'm away from the family delivering the RV or cleaning the RV, or I'm on the phone talking to renters, just think of that if you have weekend rentals, and you've got people that are doing these last minute short camping trips and they're blowing up your phone with 100 questions, how much of your time, how much of your weekend do you regain it? If you double, triple your nightly minimums to where you have a half or a quarter of the amount of bookings taking place, but a quarter amount of work that's, that's something that'll really get you going. 185 00:17:55,581.3330714 --> 00:17:59,161.3340714 So yeah, ask around, do a little survey from your family and friends. 186 00:17:59,551.3350714 --> 00:18:04,251.3360714 I remember in my early days of Fireside, I used to handle all the tech. 187 00:18:04,711.3360714 --> 00:18:11,301.3360714 Calls for all the locations and my family would tell you, I was always there, but I was never there. 188 00:18:11,701.3360714 --> 00:18:14,31.3360714 I was always with the family, but I was always on a phone call. 189 00:18:14,31.3360714 --> 00:18:16,201.3360714 So just different things to factor in. 190 00:18:16,551.3350714 --> 00:18:25,681.3370714 Stacey, any closing thoughts before we wrap up this episode? Yeah, I just think now is a really great time to set up those habits for next year. 191 00:18:25,731.3370714 --> 00:18:33,121.3380714 So like you said, do, a time audit and, Think about how you want next summer to look like and start. 192 00:18:34,451.3380714 --> 00:18:41,871.3380714 now so that, you aren't overwhelmed next year and, not taking the time with your family that you want to. 193 00:18:41,871.3380714 --> 00:18:42,41.3380714 Yeah. 194 00:18:42,41.3380714 --> 00:18:44,771.3380714 At the end of the day, it's all about our time, right. 195 00:18:44,811.3380714 --> 00:18:47,991.3380714 Our family, our friends, plugging into community and all that. 196 00:18:48,1.3370714 --> 00:18:50,501.3370714 So let me, let me close out with a prayer here. 197 00:18:50,501.3370714 --> 00:18:53,321.3370714 I don't do this every week, but I just feel led to say a prayer. 198 00:18:53,791.3370714 --> 00:18:55,451.3370714 So I'm going to go ahead and close this out in prayer. 199 00:18:55,451.3370714 --> 00:18:57,521.3370714 Father, I thank you for this time together. 200 00:18:57,896.3370714 --> 00:18:58,876.3370714 On the podcast. 201 00:18:59,346.3370714 --> 00:19:15,76.3370714 I thank you for the gifts and skills and talents that you've given Stacy and I And that we are just able to encourage others by sharing our ups and downs and ins and outs of what we've learned in our entrepreneurial journey in the RV rental business. 202 00:19:15,566.3370714 --> 00:19:32,876.3370714 And so I just pray for creative ideas for our audience that they can look back at this year and see what they were excited about, what went well, what didn't go well, and that they would just have a good, solid, strong game plan for the 2025 season. 203 00:19:33,606.3370714 --> 00:19:36,66.3370714 And we thank you and praise you in Jesus name. 204 00:19:36,186.3370714 --> 00:19:36,836.3370714 Amen. 205 00:19:37,216.3370714 --> 00:19:37,786.3370714 Amen. 206 00:19:38,686.3370714 --> 00:19:42,416.3370714 All right, Stacy, we will see you on the next episode.
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