And I think that there's a model for that too. Right. Where if you don't want to grow the business, but you just kind of want to maybe make a certain amount every year in addition to a 401k, absolutely fine. That's not our vision for First One House.
Acquiring Minds
How to Build $7.5m in Net Worth by Buying a B&B
Excerpts · 293 segments · ~1:29:06 long
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And I think to what we were talking about earlier, I've had guests that come in and they are higher end customers. They tend to stay at the Omnis or the Ritz's and they marvel at how much more personalized and high end this experience is because I'm catering to max 24 guests as opposed to a Ritz that is catering to hundreds.
And I think you only get that feedback from those higher end clientele if you're truly exhausting every opportunity to make that experience what you want it to be. And so I think that entrepreneurial vision and effort is, at least for our business case, 100% required. That was just so, so well said. And so you are, you see yourself here as an entrepreneur.
You are trying to grow a business. Yes, with a lot of tenderness and love and so on, but that, but delivering service is a business mandate. Yes, absolutely. Is there some Empire vision here or is it the one. It's the one for us.
Yeah. I mean, I can't speak into year 15 if my husband quits his job and we open place in Shenandoah, but it wouldn't be a franchise. It's not going to be like that because for us it's just, it's the uniqueness of this building, it's the neighborhood. And so franchising that out and, and making that into a multi property affair is just.
I see it as almost impossible. But. Well, it also goes counter to the whole value prop that you just articulated, that it's personalized. And so franchises by definition are not that.
Yeah. And what of.
Let, let's talk for a minute and we're going to start wrapping up here. What of the hospitality industry or maybe the BNB industry and how it's been impacted by Airbnb? What, what, what are the.
What was kind of the lay of the land there? So that was one of the big risks when we decided to, to go into hospitality was, you know, you're contending there, the lodging sector in D.C.
is very, very robust and a very crowded sector, and then add on to it the Airbnb market, which is even more of a competitive state to contend with. So it was a risk, I think, to what we've been talking about. The experience here is so unique that we cut that competitive edge quite a bit.
You know, I. I've had a lot of guests recently. In fact, I was just talking to someone this morning say that they'll never stay at an Airbnb again. That, you know, the to do list of what you have to do before you check out was enough that they had hardly free time for.
For their stay. And. Or, you know, you just are in that space that is not as well maintained or as well managed as you'd ideally like. And so I think, I think we can make a case for a lot of people staying that your dollar goes so much farther at a place like Swann House than an Airbnb. But it's, you know, we have to make that case.
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