Opinions expressed by Entrepreneur contributors are their own.
Startup Costs: $2,000 – $10,000
Part Time: Can be operated part-time.
Franchises Available? Yes
Online Operation? No
THE BRIEF:
Airbnb offers a great resource for people who are willing to rent out a spare room or even their entire home, says serial entrepreneur R.L. Adams. If you’re in a bind for some fast cash, Airbnb offers you an avenue for creating an income. You’ll get paid 24 hours after a guest checks in, which is to avoid any problems or potential scams that might arrive. Some people earn their primary income just by renting out rooms or homes on AirBnB.
ASK THE PROS:
How much money can you make?
“The startup Eliot & Me recently launched an AI-powered calculator that will give you a more accurate renting price for your Airbnb and a better sense for what you could make. After inputting your address, Eliot & Me will automatically pull other details about your home, like the number of bedrooms and bathrooms and the maximum number of guests it could accommodate. Using data from historical trends, local competition, the busiest and highly-demanded dates and more, Eliot & Me will present the average daily, weekly and monthly renting prices over the past year and offer rate suggestions.” —Rose Leadem, Entrepreneur.com
What should you be aware of?
“For each guest that you host, their experience will include a series of phases that begin once someone finds your listing on the Airbnb website or mobile app. When your listing catches someone’s attention, the potential guest will make contact with you via the website or app. It’s important that you, as the host, respond promptly and accurately to inquiries, always maintaining a friendly and professional attitude. Once the reservation is made, as the host, it’s your responsibility to clean and prepare the accommodations for each guest’s arrival. Everything should be set up and waiting for them before they arrive. It’s essential that the description of the property you provided on the Airbnb service, and the amenities you said were included, are all accurate and ready for your guests upon their arrival.” —Entrepreneur staff
What’s the most important thing to know about this business?
“What you say within your listing is important, but the visual images of your property (the photos) you showcase will ultimately play a huge role in the decision-making process for your prospective guests. Thus, it’s essential that your photos truly showcase your property in the best possible way. Show them the outside as well as specific areas within the property they’ll be utilizing, such as the bedroom(s), bathroom(s), kitchen, patio and/or living room area.” —Entrepreneur staff
