A hydrofoil, in water-sports terms, is a fin-like appendage that hangs down from a surfboard or a boat hull. With a slight upward slant, upon movement it pushes water down, which (thanks to Newton's third law) creates an equal and opposite reaction by pushing the board or boat up. The effect of reducing drag looks like magic and allows the rider to navigate currents as opposed to merely waves.
In vacation rentals, we have observed that some Limited Edition owners and managers are hitting an effortless flow state by innovating and creating entirely new demand. These companies have more business than they know what to do with, are working on their own terms, and enjoying the process (not getting burned out).
So how do you find your hydrofoil?
One. It begins with mining your experience: the art of vacation rentals is built on nuance and true insider knowledge is something that cannot be hacked or bought. But you can't just sit back on that knowledge, you must critically analyze this experience in order to reach the next step...
Two. Reading the conditions is critical in any new industry (and there are plenty of newcomers who do this really well). But only those who have mined their experience are able to validate the trends that are playing out in front of us. This can take place in many ways, but when achieved, you are ready to create your hydrofoil...
Three. Pulling the trigger on one true innovation. This is the hardest part for many veterans who have refined a smooth and efficient business...to add on a new element or restructure an existing model. One true innovation is something that's not being done in your market yet. And when you mine your experience and read the conditions, you're in a strong position to make an educated gamble on this game-changing next step.
Thank you for the opportunity to share with you our vision for Hydrofoil. As a member of VRMB Communities, you can access the FULL Hydrofoil workshop along with our "Vault" of learning materials & discussions around vacation rental branding and marketing trends.