According to a report on how much people make on gig economy apps like Uber, Airbnb and Task rabbit, 58% of hosts make between $100 to $990 a month. The rise and fame of hosting from home are noticeable by the $2.24 billion Airbnb raked up in revenue at the end of 2021; this revenue is mainly from commission fees paid by hosts worldwide.
The success of any venture is highly conditional on many factors, and it is not guaranteed for everyone who tries this. I am writing this article because having multiple sources of income is always a plus.
I suggest setting up a BnB as one of the many ways you can create an extra source of income. We all know how the world economy seems to be getting more and more expensive. So if you can do so, start hosting the following steps.
Do your research: Start by pinpointing the best place and location for you to get started. The cost of setting up and The legal terms and prerequisites of having guests. For example, your lease agreement with your landlord.
Second, do your research with regards to cost vs income. Will your cost of set-up be too high? How many bookings in a month will you need to cover all the costs of running the BnB.
Third, look at what other hosts are doing in your area and how much they charge. Position yourself according to the amenities you offer. If there is a pool or gym your guest can access, you can charge a little more.
My suggestion for setting up is to be thorough in your research. Do your Pros and Cons before getting started. Consider the following steps before you open up your doors if you are ready.
Set up systems: Before opening your doors, Ensure you have set up systems in which things will run smoothly. Whether you are available or not, customers will need to check in.
There are two options, Self-check-in or Someone who helps you check-in. You can either leave the key with trusted security personnel who are always on-site, with a keyless door Or a Key Holder with a security code lock.
Cleaning Service: This one is significant, always have a cleaning service or individual on retainer. Ensure that the place is cleaned and done very well before or after a guest checks in.
Paying well is a big part of ensuring the place is sparkling clean. Having a good relationship with the service or individual builds trust, and you can rest easy knowing they did a great job. It will also echo in customer reviews.
Stage your house: You can now set up your place for guests with a clean house and some new items. Stage your home to look its best, almost like a hotel. This means you design the place; adding fluffy pillows, art, and decor items will do the job. Again, remember to keep it simple.
Stock up on Amenities: Assuming there are numerous things customers look for when booking a place: B&Bs are knocking it out of the park by providing items that hotels charge extra for. For example, an Iron box. Some of the other amenities you can stock up on are Slippers, Guest towels, slippers, coffee, water bottles, Free Wifi, Smart TVs, Toiletries and pantry items like salt and pepper.
Photoshoot: Set up some cash and invest in capturing amazing photos of your place. Not any ordinary camera will do, professional photos only. Because first impressions are always based on what the customer sees on the app. Here is a guide.
Pricing: Getting your pricing right is critical; I cannot accentuate this enough. Getting the price right will equal more bookings and eventually great returns on investment.
Pricing too high or too low can cost you. So position yourself appropriately based on the amenities you offer and your location.
Set up your place: You are now ready to sign up and be a host on Airbnb, Booking.com, or any similar apps. As you follow the steps and sign up, you will discover that you need to Sync Calendars. Please don’t skip that step; it is important to have all your calendars Synced to keep you in the know.
Also, you won’t have to go back and forth between apps to set up reminders. Once you get a booking on one App, it will synchronise with all the other linked calendars.
Now you can go ahead and tell all your Family, friends, followers and random Facebook friends about the newest BnB in town. Then Sit back, rest and wait for your first booking.