Wow, crazy times!
I recorded this video in early April and didn't get around to sharing it...I've been so busy having nothing to do that I forgot. ;)
I wanted to share how COVID19 and Shelter in Place has impacted my Domestic Referral Agency business. This period in our history has really opened my eyes to how this Referral Agency business model is going to sustain my livelihood. Now, more than ever, I am grateful for this way of doing business. In this video, I explain why.
Future Outlook:
As we begin to recover, I believe businesses will slowly pick up again. I will continue operating my Referral Agency as it has always been, and will continue to be, a positive cash flow investment. My retirement plan has always revolved around real estate. Luckily, I was able to refinance my residence to a lower interest rate and sell my investment property at top dollar right at the beginning of SIP. I anticipate a slight downturn in the market and intend to continuing buying.
SIP makes me want to retire even faster! I am now shooting for 2022 year end to be retired. At that time, I will likely sell my Referral Agency business and travel the world for 2-3 years. Stay tuned!
Below is a copy of the email I sent to clients, referenced in the video. This one email led to $3,626 in recaptured revenue for canceled cleanings in the past 2 months.
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3/25/2020
Good afternoon,
I want to give you an update on our current status.
As of now house cleaning as a sanitation service is still allowed as a necessary part of home maintenance. That being said, we leave it up to clients and cleaners to individually decide if they want to continue with service on an individual basis.
If either cleaners or clients are sick, please inform us to skip service.
If your cleaner is opting not to work for one or more cleaning and you are still open to receiving service, we have many cleaners wanting to work that can substitute for the job.
If you want to pause service, we can skip one or multiple cleanings to honor your request while reserving your current schedule, recurring pricing, and cleaning pro. I would recommend skipping services rather than canceling if you intend to resume service when things get back to normal. However, I understand you may not be in a position to resume service after, in which canceling would be the best option.
We have had a few clients who have offered to skip their cleanings but are in a position to offer paying for the services missed. The Cleaning Pros and I are touched and grateful for your generosity during this time.
We've lost about 60% of bookings/income but we're grateful for the bookings that are left. We look forward to resuming services when things get better. Nonetheless, our priority is the safety for everyone.
Please don't hesitate to reach out with any questions.
Stay safe, be well. Hang in there.
-Diem Tran