Fresh on the heels of Cozystay’s strategic partnership, the company’s CEO offers tips for other business owners looking to grow their companies in challenging times.
Cozystay, the Vancouver-based new accommodation group, and a Kelowna-based smart micro-living developer, Unik-Town, recently partnered to give travelers and other short-term renters a new way to stay in BC.
“It’s already bringing big results,” says Cozystay CEO Galen Cheng. “Thanks to partnerships with Unik-Town and others, we’ve seen 6 times the number of bookings in February compared to last February.”
This was Cozystay’s second centralized property in the Kelowna area in the past 8 months, following Cozystay Signature Lake Okanagan Resort. Cozystay is now developing similar partnerships in Canada and internationally.
Taxes and regulations on short-term rentals are affecting real estate sectors far and wide. “That’s why we have a ready-made digital solution that lets us help the developers and world travelers who want to enjoy a convenient, local lifestyle in some of the most desirable destinations around,” Cheng says.
"One of the most important things I’ve learned in my previous experience of the four companies I founded is how to find partners that can enable growth and support my company vision,” Cheng adds. He offers the following advice.
Look for where you can offer real value with a win-win relationship. “As a facilitator of short-stay rentals, we need great properties with rooms to fill. Many developers’ business plans face a hurdle from lower sale prices in real estate than what was projected when they started building. This makes our partnership not just a nice add-on, but a real strategic advantage for both companies.”
Try to find added value as the partnership builds. “For instance, the partnership with Unik-Town will bring us not only listings but also potential users. This opens up additional revenue opportunities for us.”
You’re not just partnering with another company. You are building a relationship with people. “I’ve seen obvious win-win partnerships, for myself and other entrepreneurs, never get off the ground because people just can’t work together. Trust your instincts with that. If you can’t see eye-to-eye, it’s not going to work.”
Set clear expectations early. “People, including business partners, couldn’t read your mind, especially they are not often on the same page. Everybody involved should have a written understanding of who is doing what, when tasks should be done, and what customer value is.”
Keep it ‘operationally friendly.’ “You need plain-language contracts, short payment cycles and, realistic policies. It’s about mutually leveraging your priorities and resources.”
About Cozystay Holdings Inc.
Cozystay is an innovative accommodation group with a growing portfolio of hotels, vacation rentals, and resorts under management. Originally launching as a vacation rental service for short-term stays in select properties, the company today is focusing on selected properties (sub-brand Cozystay Signature) and vacation rental management software.
Author by Jonathon