How to start an Airbnb business

You need to determine if you need permission, find a space and get it ready and list your space on Airbnb in order to start an Airbnb business. For more details on each of these steps and others you can take to start an Airbnb business, use this guide:

• Determine if you need permission. In certain scenarios, such as ones involving landlords, co-op boards, or homeowners associations, you may have to get permission to use your space as an Airbnb property.

  If this applies to you, you should check with the appropriate sources to determine if you can use your space for an Airbnb. You might also want to check your lease; if you have one, this might include a provision about subletting.

  Homeowners associations can also have restrictions on renting out your home for short-term stays, so it is important for you to check on this if this applies to your property.

• Find a space and get it ready for Airbnb. There are many different options for Airbnb rentals, and this includes entire homes, apartments, condos, tiny houses, or other less traditional living spaces.

  This can apply to your own residence if you are leaving for a period of time or a permanent residence dedicated to being an Airbnb space.

  No matter the situation, you are likely going to have to make some preparations and investments. Some costs you might want to consider include installing keyless locks on the premises to make client entry easier and buying items that make the space more comfortable, such as furniture and appliances.

  You may also want to think about major changes to the space itself, like whether you should add a wall to close off a particular room or create another room that can also be utilized as a bedroom. A communal area is common for Airbnb spaces; this area usually has ample seating and amenities such as a television and/or stereo.

  You also need to consider the stocking of necessary household items, like clean sheets, towles, and toilet paper. Pro-tip, to score good reviews with clients, you should seek to go above and beyond in this area. Better reviews equal more business for your Airbnb space.

  Cleaning services are another component to consider when starting an Airbnb business. Are you planning on doing the cleaning yourself between reservations, or are you able to hire a service to do it for you?

  You are likely going to have to deal with high utility costs as well since most guests don't keep an eye on how much electricity and water they use when compared with standard owners or renters of a space.

  Other costs to consider include the taxes on the property and the Airbnb host fee. You should also make sure you have reliable internet service at your Airbnb location, as this is expected by many of its users. The only time no internet service is okay is if you are listing your Airbnb property as a remote or rural getaway where clients can "unplug."

• Determine your price. When doing this, it is crucial to consider affordability, your target clientele, and the market itself.

  Airbnb fees for most hosts are 3% of the booking subtotal. The fee is higher if you're an Airbnb Plus host, are in Italy or if you have a very strict cancellation policy. The listing price your guests see will be higher than what you actually take in as profit.

  Airbnb's internal metrics show how your daily prices compare to other Airbnb properties in the local area. This also helps to know when to consider lowering or raising your prices on specific days of the week or for times when surges apply.

  You can set minimums for the number of nights guests can stay at your location. This is a great help to offset the cost of maintenance and cleaning. You can also consider charging extra fees or higher prices for additional guest services, like cleaning, equipment rental, pet-friendly properties, and recreational activities like tours.

  Airbnb charges its guests before arrival and will send you your money according to the method of your choice 24 hours after your guest checks in. PayPal and direct deposit are two methods Airbnb uses for payment purposes with their hosts.

  You are not allowed to accept cash payments for your Airbnb property. You are allowed to accept most major credit cards, debit cards, Apple Pay, Google Pay, and PayPal.

  Other elements that could affect how much you earn include weekly or monthly discounts, weekend or seasonal pricing, and value-added tax in certain locations abroad

• List your Airbnb space. Make sure you write an honest listing, don't embellish any pros of the property, or withhold any information about issues or problems.

  If you are not honest, you are likely going to receive bad ratings, and this will have a significant impact on the profitability of your Airbnb space.

  However, when remaining honest and transparent, you should seek to highlight the advantages and perks of your Airbnb property as it compares to others in the local area.

  What makes your Airbnb special? Does it have a pool or many great amnesties? Is it in an area of supreme natural beauty? Any positive highlights of the property itself or the surrounding area are helpful in persuading guests to rent out the space.

  If it is near a significant place of an internist, a national park, for example, you should detail the travel times to the park and other local highlights. If in a metropolitan area, you may want to include travel info and tips regarding sights, restaurants, museums, or other places of interest your guests might enjoy.

  You should also list accessible features of your property that your guests can enjoy during their stay. These may be things that help them navigate the space more easily or provide recreational activities, like a pool, ping-pong table, hot tub, or exterior shower.

  It is absolutely essential that you include a good amount of photos of your Airbnb on the listing. This is so important as it gives your potential guests an idea of the layout and gets them excited to stay there.

  You shouldn't go too crazy with the number of photos, but make sure they are high quality and exhibit the space properly, and highlight any additional features that might persuade people to stay there.

• Hire a co-host or enlist some help. Depending on the amount of free time you have, you might want to consider hiring someone else to help you with the essential duties of running an Airbnb.

  You are going to have to deal with many emails and communications with potential guests and current guests. It can be helpful to have someone to take care of this if you are not retired or do not have enough free time.

  Other considerations for hiring help include repairs and maintenance, cleaning, urgent site-related issues, neighborhood-specific knowledge for guests, and your check-in process.

  If you go the co-host route, you can add up to three co-hosts per Airbnb property. Make sure they understand the Airbnb Co-host Terms of Service. You can determine, along with your co-host, how much they will be paid per reservation.

  If you are having trouble finding a proper co-host, there are third-party companies you can reach out to for cleaning, managing, and other Airbnb-related forms of work.

• Become an Airbnb experience host. If you are unable to rent out your property for Airbnb or find an adequate one at the moment, you can always become an Airbnb experience host to get acquainted with the service.

  Airbnb Experiences is the company's service that hooks clients up with knowledgeable hosts for special or unique experiences in the local areas of their stays. These include activities such as hiking tours, city tours, yoga classes in a unique area, and culinary experiences.

  Check to see if your locality provides Airbnb Experiences because they are not available in every Airbnb location.

  The great aspect of becoming an Airbnb Experience host is that you get to make your own schedule and dictate your own rate.

  To do this, you must submit an application to Airbnb detailing the service you can provide; they then vet you and your host's experience. Airbnb generally responds to these requests within a week's time. Depending on your local laws, you might need to register for a business license to become an Airbnb Experience host.

  Pay particularly close attention to laws and regulations regarding alcohol, food, or transportation, if one of these elements will be included in your service.

• Airbnb earning potential. The average Airbnb host in the United States makes more than $9,000 per year, according to Airbnb, but earnings can vary.

  Some Airbnb hosts buy or lease a number of homes, apartments, or condos and rent them out full-time. Your own individual earning potential with Airbnb will depend on how much you charge for your space(s) and how often you can rent it out.

  Much of this depends on how much time and money you can invest into your Airbnb property.