Blueprint to Freedom: Real Estate, Investing & Growth with Sky Mitchell

0:01John Lee Dumas:Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire, brought to you by High Level, the all-in-one sales and marketing platform. Today we'll be breaking down the blueprint to freedom, real estate, investing, and growth. To drop these value bombs, I brought Sky Mitchell into EO Fire Studios. Sky is the founder and CEO of Basecamp Resorts, a Western Canada-based mountain hospitality and wellness platform. Her vision is to create modern, experience-driven accommodations rooted in community, nature, and long-term demands. An avid skier, mountain biker, and snowmobiler, Sky lives in Camor with her husband and two children and continues to build durable, experience-led hospitality assets across Western Canada.

0:40John Lee Dumas:And today, we'll be talking about experience-led real estate development, wellness as a demand driver, operator-first investing, risk with intention, and oh, so much more. And a big thank you for sponsoring today's episode goes to Sky and our sponsors. Fire Nation, are you ready to build something special in the next 50 days? Check out my free YouTube series, 50 Days to Something. Short and strategic step-by-step videos by me, JLD. On day 50, you'll have a valuable asset. And the best part is it's completely free. Visit eofire.com slash YouTube and start day one today. If you are building a real business, you need real infrastructure.

1:21John Lee Dumas:High Level gives you website hosting, funnels, email marketing, automation, calendar booking, payments, and course hosting all on one platform, plus award-winning 24-7 support. Get a 30-day free trial and my full bonus stack that includes a 15-minute private call with me and much more at highlevelfire.com. Highlevelfire.com. Sky, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. Well, it's funny that you should ask that. There's so many things. But the one thing that always blows my mind is when people say, wow, you're just growing too fast.

2:01You need to slow down. And I'm like, really? Because if you slow down, you're basically going backwards, in my opinion. And it drives me crazy because I don't even feel like we're growing that fast. Yes, fast. But, you know, you look at some companies where they go from like zero to 4000 people in two years or these big tech turnarounds and all that. And I guess we're growing fast for, you know, the real estate wellness sector because it is time consuming and very capital intensive to grow. The spa business, build Nordic Spas, all that. But I don't feel that we're growing that fast and that it's unsustainable.

2:38So it drives me crazy when people tell me that.

2:40John Lee Dumas:I mean, a lot of people just like to say things to say things. I mean, they read headlines and they just repeat them. They're like, oh my God, did you hear about that company that grew too fast? And then they blew up, like slow down. Like at the end of the day, you're like, what are you doing in this world that makes you think that I should take advice from you? So that's why Fire Nation, we're talking about a blueprint to freedom, real estate, investing, growth. Now, Sky, let's talk about experience-led real estate development because you focus on building both hospitality and wellness assets around how people want to feel, not just where they stay.

3:14John Lee Dumas:How does that philosophy change the way projects are conceived from day one? Oh, it changes everything. For us, we're specifically in the Nordic spa business. So just in case people don't know about the thermal cycle, at a very high level, it's based on hot, then cold, then rest, then repeat. And that whole philosophy is designed to make you feel better. So everything we do from designs to food selection to site selection to basically the whole business cycle is designed to make people feel better. It doesn't mean you're going to leave feeling perfect, but you're going to leave feeling better than you showed up.

3:56So whatever that like beginning point of references, you're moving ahead in the world. And so that goes into, you know, right from day one location, you know, it's so cliche in real estate, but the location matters. What are we near? What kind of people come to these locations right now? I'm in Canmore, Alberta, which is where our first Nordic spa and hotel is ever wild. and we're in a beautiful location where people come to be outside, whether you're like an extreme climber or you just like taking pictures. It doesn't matter. You're here to enjoy the beauty of nature. And so the location all the way to like, which fork are we choosing?

4:35Which chairs are we choosing? Are these comfortable? How do we get people to leave feeling better? So it really goes into everything.

4:41John Lee Dumas:Fire Nation, at the end of the day, there's a great quote by Maya Angelou that I love. People will forget what you say. They will forget what you do, but they'll never forget how you made them feel. So how are you making people feel? And I know that's one of Sky's big focuses. So I wanna talk about wellness as a demand driver, Sky, because you've been known to say, hey, wellness isn't a trend, it's a demand driver. What real world signals convinced you this shift is permanent? Well, it started off very basic, right? Like I had been to a couple of Nordic spas. I'd been to a couple of wellness spas and experiences.

5:21And it took me a hot minute to be like, wow, this is really great. But as I started feeling better, coupled with watching these Nordic spas and how busy they were and getting to know the people who started them and getting an understanding of this outdoor spa business. It was just so clear at the very basic level before doing any research of the matter. And then, you know, you start looking into the Global Wellness Institute and the value of wellness real estate. And really, it's a lot of market research, just talking to people. I go to a lot of different real estate conferences around North America and around the world and hospitality conferences.

5:59And it was just a buzz. And it was really interesting because we decided to build a spa without a lot of data, but with a ton of instinct. And that's another one of those things that people say like, oh, you need all this data and all this stuff. But at the end of the day, entrepreneurs need a gut instinct. And so I believe that wellness is a demand driver because it's once you start getting this feeling, this feel better feeling from the experience, it's not a fad. This isn't just like, oh, you know, some little fad. This is something you want to feel for the rest of time. And a lot of this does play into longevity and, you know, other hot topics.

6:37But at the end of the day, it's something that's so good for you and good for you forever.

6:42John Lee Dumas:Entrepreneurs do need a gut instinct, Fire Nation. I mean, you have to be able to follow your gut. I would never have launched a daily podcast actually 14 years ago now had I listened to other people's advice. They said, there's no data to support that. All podcasts are once a week, like twice a month. Like a daily show is gonna fail. My gut instinct said, no, it won't. Henry Ford, he said, if I listen to other people's advice, I would have tried to find and breed a faster horse. But no, my gut said, build cars. I know that's the future. follow your gut. And I want to talk, Sky, about operator-first investing because you actually bring an operator's mindset to investing.

7:19John Lee Dumas:So how does deeply understanding things like design, amenities, daily operations, how do those things directly impact financial outcomes? Well, they are what impacts financial outcomes because if you don't have a great design, an amazing experience, in our case, like phenomenal Nordic spas, people aren't going to come, which means you don't have any revenue, which means you're not going to have any investor returns. So it's a direct correlation. We need to keep our experiences new, fresh, exciting, enjoyable, and, you know, keep up with the designs. We're constantly, you know, reinventing the designs.

7:54We're constantly adding new amenities, even to our brand new spa that we just opened two months ago. We're already bringing in another sauna and a bunch of other outdoor experiences to keep it fresh so that people keep coming back. When they keep coming back, they keep spending money. And obviously that leads to investor returns.

8:11John Lee Dumas:Fire Nation, so important to listen to people who have been there and done that. Again, we're all sitting upon the shoulders of giants. And that's what I love about Skye is we're talking to her about her zone of genius, what she's actually done. Not again, just from headline readers. People are like, oh, you shouldn't do that because I read this in this place and whatever it might be. You listen to people who have trod down that path before you. They share their successes, their failures, and you can learn from that. And I want to talk about navigating risk with intention, relationships as the real asset, strategic adaptability, and so much more when we get back from thanking our sponsors.

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9:57John Lee Dumas:Every video is short, clear, and built to move you forward one intentional step at a time. Clarity, offer, validation, systems, momentum. By day 50, you are not working on something. You have built something, something to be proud of. And this is completely free on my YouTube channel right now. If you're done letting weeks just drift on by, visit eofire.com slash YouTube. That's eofire.com slash YouTube and press play on day one. 50 days will pass in the blink of an eye. The only question is whether you'll still be thinking or finally building something special. Fire Nation, if you are building a real business, you need real infrastructure.

10:40John Lee Dumas:That is why High Level is Entrepreneur on Fire's featured partner. High Level gives you a website builder and hosting, funnels and landing pages, email marketing, appointment scheduling, payment processing, course and membership hosting, and so much more. Everything you need to succeed, all under one roof. No duct tape, no juggling five platforms, just one clean system for your business. And their award-winning 24-7 support has your back when you need it most. When you sign up at HighLevelFire.com, you also get my exclusive bonus stack, a 30-day free trial, a private 15-minute call with me, JLD, access to my weekly live office hours, a digital copy of my book, The Common Path to Uncommon Success, my 50 Days to Something Execution Roadmap, and more.

11:23John Lee Dumas:Visit highlevelfire.com and start building your something today. Sky, we're back. And I want to talk about navigating risk with intention. How do you personally spot the unmet needs and the overlooked opportunities and then build real demand around that instead of just assumptions or hype? So I would say that this all started with an unmet need. And it was 10 years ago when Airbnb was becoming so popular. and I love to travel. And I was like, what I don't like about these Airbnbs is that I don't know what I'm going to get. Like, is Jack's suite going to be amazing? Is Susie's house going to be perfect?

12:04Or am I going to show up and it was like marketed beautifully and, you know, it's not really that great. And I've had a lot of those experiences. So I started this business with a base camp resource, which is basically a purpose built Airbnb. We had 32 townhomes and we ran them like a hotel. And when I was starting this, people were like, you're crazy. This is stupid. You have no money. Go get a job. Why are you doing this? So if I, you know, listen to everybody, I wouldn't be here, first of all. And second of all, it was risky, but I knew that this was going to work because I knew through talking to people that many people felt the way I felt about Airbnb, which was you just don't know what you're going to get.

12:42Like when I was in LA and the air conditioner broke down in the middle of the night, like who do I call on Airbnb that's going to come fix the air conditioning. There was nobody. The host is sleeping. Airbnb is not sending anybody. So I applied a hospitality model and hotel model to this Airbnb building. From there, it grew. And every new project was a new equity raise, new debt and new risk. But it's a calculated risk. It's understanding the market you're in. And now that we're in wellness real estate, it's really, you know, of course, you need data like we spoke about. And of course, you need to understand the market that you're in, but it's really studying what have other people done?

13:19What are people looking for? Talk to people, survey people. And, you know, like I said, get to know other people in the business helps you to navigate the risk. But at the end of the day, there's risk. And it's just about understanding what risk works for you.

13:34John Lee Dumas:Fire Nation, this show is called Entrepreneurs on Fire, not nine to five in a cubicle on ice. I mean, being an entrepreneur, it means you're taking risk. It means you're saying, you know what, this could work. This might happen with a lot of hard work and with some guts and with following my instincts and with taking those risks that we're talking about. And something that you do really well, and this is what I want to talk about, is relationships as the real asset. I mean, Sky, you emphasize trust-based partnerships. How does transparency, alignment, and consistent follow-through actually create durability with investors and the partners over time?

14:09That's a great question because I always tell people, you know, it's okay to say, I don't know. And you're better off to say, I don't know, than to pretend, you know, when you really don't, because then people won't trust you. And so I'm always the first person to say, you know, I'm not totally sure. Let me get back to you. And that's a perfect way to get the answer to someone and then have them really trust you because they feel that you're not just trying to like make up an answer. At the very beginning of starting this business, I had no money and I had no way to pay the, you know, electrical engineer, mechanical engineer, the architect who were designing my first building, Basecamp Resorts.

14:44So I said, listen, if you do this and I pay you once we have enough money to pay you, you will be my consultants forever. And that stayed true. And they're still my consultants. And of course, I got around to paying them. But it was really just building those relationships on honesty.

14:59John Lee Dumas:Fire Nation, don't you want to run a business around honesty, around trust, around transparency and alignment? I mean, if you do, then be that person in that relationship. I I mean, look how Sky was that person in that relationship. And now the people she has around her, her partners, her investors, they embody that as well. And I want to talk about strategic adaptability, Sky. Specifically, how do you know when to stay the course versus when to change direction based on real-world feedback you're getting? And, you know, this is without letting your ego or sunk costs cloud your judgments. That's a great question.

15:34So a couple of years ago, I turned 40 and a few of my friends got me a T-shirt and on the T-shirt read pivot. And I am known to be the queen of pivot. I think someone even wrote a book about this and I was so happy when I saw it on the shelf at the bookstore. But anyway, pivoting in business is essential. But knowing when and how is really the key part because there's so many books and schools and MBAs and all these fancy programs that'll tell you to make a business plan. And no matter what, come hell or high water, stick to the plan. Well, oh my gosh, if we had stuck to the plan during COVID or when our investors changed their mind or when a multitude of different things happened, we'd be bankrupt.

16:14You have to be able to pivot and pivot. You know, I call it pivot in style. So, of course, a lot of things drive that. So, for example, if an investor was going to invest and decided not to or a lender decides to lend or during COVID, no one was lending against hospitality. It just it stopped in its tracks. So a great example is we had a hotel we were building. The lender was like, basically hotels are empty. We're not going to give you a loan and nor should they. So we said, OK, we'll change the plan. And instead of turning these beautiful units that had kitchens and multiple bathrooms and bedrooms into a hotel and effectively going bankrupt, we're going to sell condos.

16:50So we kind of minimize them and we decided to sell them. A couple of our deals lately haven't worked out. We never got as far as to, you know, raise money or do anything like that. But I had a few pieces of land and I decided I'll take a hit. And that's OK. I sold them. I lost a bit of money, nothing too crippling. But that's better than to be so married to the plan that you do it anyway. And instead of, you know, losing 100 grand, you lose, you know, a few million bucks or whatever it may be. And so it's really just a lesson with your soul and being like, okay, it's once in a while okay that something doesn't work out.

17:25And what led me to that was hearing people who are 20 or 30 years older than me tell me about all their dud deals and knowing that everyone's had a dud deal. And if you haven't had a dud deal, then I don't know, everyone I know has had one or two and that's okay. And it doesn't mean you're a failure.

17:42John Lee Dumas:I love that. There's a lot of things you said about pivot too that I wanna go back to. I mean, how about a classy pivot? I mean, listen, sometimes your pivots can be classy. They can be intentional. They can be meaningful. And really about sunk costs as well. I mean, I just think back to all the people who just end up living an average to below average, let's be honest, life because of sunk costs. Like I went to law school when I was 27 years old. I had no idea what I wanted to do. I went to law school. I spent$20 ,000 on tuition. I bought like a condo in the town I was going to law school in.

18:12John Lee Dumas:And I was just miserable. and I was going to school where 90 % of my classmates were miserable. Yeah, 10 % were loving it. They were meant for law school but 90 % were just like miserable people like this is not for me. I don't want to be a lawyer but guess what? They had invested the money and they thought that the sunk cost was just going to force them down that path and guess what? Now, 25 years later, they're like miserable lawyers and that's just a sad reality where I just took it on the chin, pulled out of law school and said I'm going to try something different And it didn't lead right to what I'm doing now, which I've been loving doing for 14 years.

18:45John Lee Dumas:But it at least allowed me to continue to pivot, to adjust till I found my thing and not just say, well, I'm in here. I'm 27 years old. This is the rest. I'll be 65 in 40 years. I'll be able to retire eventually from this miserable existence. And you need to just be able to say, hey, sunk cost isn't going to sink me. So what I want you to share now, Sky, is a closing value bomb where this is for entrepreneurs. this is for investors who are actually building experience-driven assets. What would you say is one principle they must commit to if they want both impact and returns to compound over time?

19:23Well, I think you kind of nailed it in what you just said about going to law school and hating it and changing. It's really finding something that you're passionate about. Whether you're the entrepreneur, whether you're the investor, whether you're the employee at nine to five, if you're not passionate about what you're doing, and in this case for me, it's wellness real estate, then there's just no point in doing it.

19:44John Lee Dumas:Skye, if Fire Nation is listening right now and they're just really enjoying the value, the knowledge that you're sharing, and they want to connect with you, with your business, to see what you're doing, to see how maybe they can get involved, what is your call to action for our listeners today? Well, obviously, I would love if everyone could come visit our spa in Canmore, but understanding that's not always a reality. You can start with the website. We're growing. We're growing very quickly and we're soon coming to open some spas in the States as well. But our website is stayeverwild.com. And that's where you can learn more about the business, about wellness, about investing, all the different things as they pertain to our beautiful Nordic spas and hotels.

20:23John Lee Dumas:All right. One more time. What was that URL? Stay, like S-T-A-Y, everwild, E-V-E-R-W-I-L-D.com. Fire Nation, you're the average of the five people you spend the most time with. You've been hanging out with SM and JLD today, so keep up the heat. And for links to everything we talked about, visit eofire.com. Type Sky in the search bar, and the show notes page will pop right up. And Sky, thank you for sharing your truth, your knowledge, your value with Fire Nation today. For that, we salute you, and we'll catch you on the flip side. Thank you so much. Really appreciate it. Hey, Fire Nation, a huge thank you to our sponsors and Sky for sponsoring today's episode.

21:01John Lee Dumas:And Fire Nation, freedom isn't a dream. It's a decision. Join the Freedom Circle where clarity, systems, and support collide. Your 90-day path to time and income freedom starts at freedom-circle.com. And I will catch you there or on the flippity-flip side. Fire Nation, are you ready to build something special in the next 50 days? Check out my free YouTube series, 50 Days to Something. Short and strategic step-by-step videos by me, JLD. On day 50, you'll have a valuable asset. and the best part is it's completely free. Visit eofire.com slash YouTube and start day one today. If you are building a real business, you need real infrastructure.