Airbnb is the global revolution that is turning millions of people into entrepreneurs. Airbnb hosting business is also the best side hustle to generate extra income. According to Airbnb news there are more than 6 Million listings in 100000+ cities around the world, but most of them are being managed by part time hosts.
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What is Airbnb?
Airbnb means “Air Bed and Breakfast” and it is a kind of service that helps owners to rent out their spaces to travelers looking for a place to stay.
How to Start an Airbnb Business and Make Money ?
If you want to start your Airbnb journey, you should follow these 6 simple steps –
1) Find and Prepare Space for Airbnb
2) Get Permissions
3) Set a reasonable price
4) List your space
5) Co- Host ( Helper )
– Find and prepare your space – In case of finding a Rental property to list on Airbnb make sure you do some research and find valuable space. For example – Renting Price, Surrounding, tourist attraction and other.
How to prepare your space for Airbnb ?
After finding a perfect space of your taste, prepare it for Airbnb hosting.
– Change the door lock and try to install keyless lock to make check-in easier.
– Buy basic things to make your guest comfortable, It includes a fridge, TV, Microwave.
– Clean the whole house properly.
– Try to do a house inspection.
– Add WiFi and Streaming services.
– Get ready the washrooms with basic thing [ Unused Soap, Cream, Toothpaste, body wash, Face wash]
– Get Permissions – If you are holding a spare room in your home to list, it’s ok! But in case of renting others property make sure to get proper permission from your landlord, co-op board or homeowners association.
Moreover, you may also need some permits and licenses depending on your state like short term renting.
– Set a reasonable price – It totally depends on you, how much you wanna charge for your property but think about affordability, customers number and market. Because to play a long game and to get booking in the market this point plays a vital role. To set a good price you can check your competitors gigs and try to change the price according to market demand and supply ( Understand the Airbnb fee, Taxes)
– List your space – Before listing your property on Airbnb you should mention simple and exact information in paragraph form and try to attach clear and HD images. So the visitors can imagine before arriving.
– Hire or enlist some help [ Co-host] – In the business of hotel and guests having teammates is very important. Because, it is very hard for a single person to deal with inquiries of guests, cleaning house, urgent issues, Repairs and requests at site.
In the case of Airbnb business we can add up to 3 co-host to your listing, make sure they understand Airbnb Co-host Terms & Conditions.
– Other – Before imagining yourself as an Airbnb host, you need to submit an application with Airbnb . And you might need to form a legal entity [ Registering your company, LLC ] depending on the rules of your state.
Taxes – Understanding the Taxes is very important, like other businesses Airbnb also include some taxes on income. { Please verify }
Open a separate account – Because it is very important to track your start-up expenses and profits.
Insurance – Make sure you get insured. Not only your property insurance, you should consider business insurance.
