Richards: Building a business that serves the community
Valley Voices
Courtesy photo
Traditional wisdom suggests that we should follow our passions in life, with the belief that if we love our careers, we’ll never have to work a day in our lives. However, passion alone doesn’t always pay the bills, especially in Eagle County. The true path to fulfillment and success involves helping others; to run a successful business, one must understand who they are serving and what problems they are solving for them.
My first business was a fitness program I launched 20 years ago. I had envisioned training professional athletes, but that dream never materialized. No experience, unwilling to relocate, and without any professional sports organizations in Vail, I struggled to find clear direction. After a few challenging years, it became evident that there was no sustainable market for my business. In the spring of 2008, I introduced a boot camp in Nottingham Park aimed at new mothers. The concept was straightforward: bring your child in a stroller and participate in various timed exercises. Unfortunately, the onset of the Great Recession hit hard, and many in our community faced financial challenges, leading them to shy away from paid exercise programs.
As I lost market share, I began to ask myself important questions: “Who has the disposable income to afford a fitness trainer, and who has the time to utilize my services?” Moreover, “What would motivate this demographic to pursue and maintain physical fitness?” I soon realized that retired baby boomers possessed the resources, time and motivation to prioritize their health and enjoy the newfound time they had after years of working. By focusing on this demographic, I was able to establish “Make it Count” a thriving brand. I became so busy that my new challenge became reclaiming my own time.
Driven to build a business that wouldn’t demand my constant presence, I reflected on the challenges our community faced and considered how I could contribute to solutions. Recognizing the affordability of the Epic Pass, I intuitively understood that more skiers and snowboarders from diverse socioeconomic backgrounds were flocking to the area. However, our community lacked affordable lodging options. This insight led to the founding of The Bunkhouse, Vail’s first and only hostel, based on the principle: “Spend money on cool adventures, not expensive hotels.” Our target market comprises recreation enthusiasts who wish to experience our mountain community but may not have the financial means to stay here. Ten years later, we continue to provide a safe, clean, and affordable hospitality experience, with rates rarely exceeding $100 per night.
A former fitness student of mine, the late Bill Cohen, was a titan in the financial and insurance industry. As the founder of IMA Financial Group, he once shared this invaluable wisdom with me: “To be successful in business, acquire more knowledge than your competitors and deliver a product or service that solves consumer problems while exceeding their expectations.”
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As we face economic uncertainty and unsustainable inflation and hardship, there will always be creative ways to solve problems for people. Who are you serving, what challenges do they have, and what value are you bringing to them?
Ryan Richards is the Growth Director and a Luxury Real Estate Agent at Keller Williams Mountain Properties. He is the founder and co-owner of the Bunkhouse, Vail’s first and only boutique hostel. You can find him at RyanRichards.com, 970-401-0720.
