n �nhance a first product or build a second product to grow revenue, or
n Use the founder’ s own money to scale.
Startup self-funding is called bootstrapping. At what point might an HOA also benefit from bootstrapping?
Like startups, HOAs allocate limited resources across competing objectives. While the builder constructs new houses for sale, owners maintain existing houses for life. �ach stakeholder uses HOA dollars to fund the common area, but for different reasons. Sometimes those reasons don’ t align.
At BeachWalk by Manasota Key, we’ re looking at bootstrapping some off-site events. That means owners would help fund small deliverables on their own, until we build more capital.
For example, our lifestyle director can do large off-sites, while we owners do small offsites:
a) HOA funds off-sites for more than 20 people,
b) Owners fund personal off-sites for fewer than 20 people, and...
c) Owners pay a small fee to use group transportation subsidized by an HOA contract.
In short, the HOA would subsidize vehicles like minibuses. Owners could use them for a small fee, for off-sites that need more than a carpool... like a road trip!
Bootstrapping is not a permanent funding model. It’ s a creative way to cover certain expenses while our builder / owner board grows the extensive HOA resources needed for future. In another example, we’ re brainstorming ways to monetize our restaurants, both on-site and at sister sites. At BeachWalk we have a café and poolside bar and grill. We’ ll soon have more formal dining, for holidays and special occasions. Besides offering themed meals and entertainment, we’ re brainstorming visiting chefs; owner-driven meal choices; owner cook-offs; progressive dinners between homes, restaurants, even sister sites.
Imagine if we could travel between sites on our mini-buses?!
How about a wellness workout with healthy cuisine after? Who doesn’ t love spa days! Our food & beverage manager’ s goal is to keep the dining unique, so owners“ keep coming back.”
Our builder board president is also anxious to innovate. He’ s:
a) driving economies of scale across many HOAs to optimize resources,
b) investing to ensure that BeachWalk appeals to both prospective and current owners, and
c) collaborating with owners for creative problem-solving.
In short, he’ s charting a new course in how to manage an HOA. So where will this innovation lead?
“ Connecting the dots”
l How many of us think of our HOA as a business?
l How do we harness the spirit of our community?
We can find wisdom and answers in how Steve Jobs created Apple.
In his 2005 Stanford commencement speech, Steve taught us how creativity is about“ connecting the dots.”
He said“ you can ' t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future … This approach has never let me down, and it has made all the difference ….”
We at BeachWalk are looking at new ways to connect the dots … between owners, builder, amenities … new homes, former homes, sister sites … the choice of dots is endless.
We’ re“ greenfielding” new ideas— mixing new things in new ways— similar to the startups.
After all, an HOA is a business. But it’ s also where we live. And it’ s up to us to make it ours.
If you too could invent like a startup, where would you take your HOA?
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