Airbnb Host

Startup Costs: $2,000 - $10,000
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No

Airbnb offers a great resource for people who are willing to rent out a spare room, their entire home or a secondary vacation property. Whether you are looking for some quick cash or looking for a long-term source of reoccurring revenue, Airbnb offers you an avenue for creating reliable income. 

How much money can you make as an Airbnb host?

According to the book Start Your Own Airbnb Business, this varies depending on a wide variety of factors including the size of the space you are renting, amenities, and your geographic location. To get a good idea of how much you can make, search Airbnb for comparable properties in your area and see what rates other hosts are getting. Pay attention to whether Instant Booking or Self Check-In options are offered, whether the competition is offering standard Airbnb accommodations, accommodations operated by a Superhost, operating an Airbnb Plus property, and what additional fees the individual hosts are charging. Then check nearby hotels, motels, B&Bs, and/or resorts. Use all of this information to determine a realistic competitive price for your property.

Related: Get the No.1 book for Startup Entrepreneurs 

How to get started

1. Check local laws and/or the bylaws of your apartment complex, co-op board, or homeowner's association to make sure nothing prevents short-term rentals.
2. Determine if you have the personality, time, and willingness to interact with and manage guests (strangers) who will be staying at your home or property.
3. Understand that as a host, customer service is an important key to your success. This will require an ongoing time commitment and effort on your part. Successful Airbnb hosts consistently receive positive feedback and great reviews from their guests. Earning anything less than stellar reviews and ratings will have a lasting and negative impact on your future success as a host.
4. Create a detailed, accurate, and well-written profile that conveys information about yourself and what you're offering. You'll also need to take and share professional-quality photos of your property. 
5. Learn Airbnb's five-step enhanced cleaning process or hire a cleaning service that understands the protocols. 
6. Make sure to have adequate insurance that covers you having paying guests stay in your home and covers any expensive items, home electronics, and furnishings that guests could damage.
7. Develop a comprehensive list of "House Rules" that your guests will need to abide by, such as no smoking, no pets, no kids, no parties, no noise after 11 p.m., and/or no utilizing or accessing certain areas of your home or property.

Learn more at Airbnb and pick up the new book, Start Your Own Airbnb Business, which offers the best practices and growth strategies of successful Super Hosts.

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