Starting a business is no small feat, and I think there's so much we can learn from those who've walked the path before us. This week's episode is particularly special because it delves into the real-world journey of building a startup, offering lessons that are highly relevant to the accommodation industry. I had an enlightening discussion with Alex Shapiro, the CEO and co-founder of CanMonkey. We talked about the importance of recognising genuine market needs, the value of hands-on experience, and the strategies for scaling a business effectively. I believe these insights are incredibly valuable for anyone looking to enhance their accommodation offerings, whether you're managing a hotel, a bed and breakfast, or short-term rentals. SHOW LINKS CanMonkey: https://www.canmonkey.com/ #Startups #HospitalityInnovation #CanMonkey 📋 In this episode, we discuss: 00:00 - Introduction: Building a Startup with Alex Shapiro of CanMonkey 01:17 - Solving Real Problems: What Is CanMonkey? 03:27 - From Idea to Startup: The Birth of CanMonkey 05:47 - Identifying Market Needs and Finding Product-Market Fit 08:58 - Scaling Operations: Overcoming Startup Challenges 12:12 - The Importance of Hands-On Experience in Entrepreneurship 14:54 - Understanding the Recurring Revenue Business Model 18:03 - Navigating Numbers: Profit Margins and Operational Costs 21:15 - The Evolution of CanMonkey's Business Model 24:34 - The Co-Founder Dynamic: Working Together for Success 27:31 - From Investor to Co-Founder: Alex's Journey 30:45 - Negotiating Roles and Building a Strong Team 33:55 - Top Tips for Aspiring Entrepreneurs 36:40 - Taking Action: The Importance of Starting Small 39:54 - Final Thoughts and Closing Remarks ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🥊 Hotel - BNB - STR Owners! 🥊 Need more direct bookings or a brand new website? The trusted tech partner you can count on. We deliver results. 🥊 https://www.ibooked.online ​​​​​​​​​​​🥊 ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Don't forget to hit that subscribe button! This also keeps us going and creating more useful content for free! ACCOMMODATION OWNERS AND MANAGERS FREE RESOURCES! 📧Join the mailing list for freebies and critical industry updates: https://news.theaccommodationshow.com/ 🌍The Accommodation Owners and Managers Facebook Group: https://bit.ly/AMoFacebookCommunity 🗨 Connect with Bart Sobies for more industry insight: https://www.ibooked.online/bart/ 🎙 Subscribe to the podcast to listen later: https://www.theaccommodationshow.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Disclaimer: The content shared on this YouTube channel, Podcast, or associated posts reflects personal opinions and insights. This content is not intended as legal, financial, or investment advice. Always consult with licensed professionals before making decisions. The hosts and guests disclaim liability for any consequences of using this content. Actions taken should be based on your personal due diligence. Affiliate Disclaimer: This blog, podcast & youtube channel; will occasionally contain affiliate links, which means I receive a small commission on a purchase without additional cost to you, if you buy something through my links. This show aims to educate viewers and share everything I know about improving your accommodation, STR and AirBNB business. I believe in the products and services we link to and that you may benefit from them. If you do purchase through my affiliate links; I want to thank you for your support.