4 Reasons Why You Should Start an Airbnb Side Hustle
Pay off that student debt in style.
I’m 27 years old. Most of my millennial peers have come to realize that in today’s society a side hustle is almost as essential as your main gig. It’s not like in the good old days when our parents had the same job for 40 years and then used their retirement to live out another 20 years in peace and harmony. Nope. It seems we have set much higher expectations for ourselves based on the opportunities that the internet has brought us. Everybody is looking for a side hustle that they can pursue next to their day job. It probably also has something to do with the enormous student debt that most millennials have, but let’s not go down that rabbit hole in this particular piece.
The point is that the possibilities are out there so why not take advantage of them? When most people hear the word side hustle most of the time their mind jumps to something in the tech space due to its flexibility. No one wants to go bartending at some bar after a 9-hour shift at the office, instead of working online on the couch with some nice tunes in the background and your girlfriend's legs parked on your lap seems so much more appealing. When I think about a side hustle, I turn straight to the sharing economy, more specifically Uber and Airbnb. I’ve been doing Airbnb for 2 years now, and what started out as a “Mehh, let’s see if I can get a couple of extra bucks this month” has now turned to a real passion that brings in some decent money.
Anyway, let’s not beat around the bush and get straight into why you should consider as a vehicle for your side hustle:
1) Very Low Entry Barriers
Chances are that when you are reading this you probably have used Airbnb as a platform before — though more likely as a traveler than a host. One way or another, you probably know that it’s not hard to create an account on the platform. You sign up with either your email, Facebook, Google, or any other easy way that will require the effort of clicking a button. Well, the same thing applies to anyone who would like to be a host. The great thing about Airbnb is that the barriers to entry are low, and by low, I mean REALLY low. Anyone can literally create an account in minutes. To get your listing online, you’ll simply need to add some basic information about your space, including a few paragraphs about it, and lastly, add a few pictures in the process — BOOM! You’re online. After verifying your identity (which usually is a very quick process) you can officially accept bookings and host your first guests. Someone who has never used Airbnb before might think this is a bit crazy — staying at some random person's place who can literally list his broom closet as a “short-term rental”. And you know what? I agree! But I also love it! The sharing economy is honestly one of the best inventions ever made and creates opportunities for millions of people worldwide by opening their homes to complete strangers that can easily turn into friends.
2) You learn to think on your feet and develop your problem-solving skills
People learn in different ways depending on their preferences and personality types. I, myself have never been someone who enjoyed frequent reading as a kid (now as an adult I read slightly more but still nowhere near enough to be considered a “well-read” and “cultured” adult 💁)
However, I did love the practical aspects of learning. I realized my brain can retain knowledge in a much more effective way if I am put in a real-life situation where I was supposed to solve some kind of problem. Since starting my Airbnb journey, I have been put constantly into these types of situations where I had to solve one problem after the next. No hot water, the stove doesn’t work, broken toaster, no Wi-fi, the list goes on and on. I was forced to come out of my shell and interact with guests, both in person and over text in order to make sure they are having the best possible experience. Through this, I’m realizing that my people skills are significantly improving and I constantly need to be quick on my feet in order to ensure the service I provide is up to the standard that is expected.
3) You develop your financial literacy and sense of responsibility
If you want to take Airbnb hosting seriously and eventually make this your primary source of income, you’ll need to be aware of your numbers. This means working out all of your KPIs, making sure you have all your permits, and keeping organized books. You also have to ask yourself all of the relevant questions that apply to your specific situation and the goals you would like to achieve. How much can I afford to invest in my short-term rental? How much do I charge per night? How much discount can I afford to give for longer-term guests? What are my best seasons/months during the year? Do I need to hire cleaners? If so, how many, and do I hire them as a one-off or on a monthly basis? Can I actually commit enough time to provide a valuable stay for my guests? These are just some of the many questions you need to ask yourself before starting. It’s kind of like getting a dog. You need to have a serious chat with yourself to see whether you are ready to make such a commitment because essentially your Airbnb will become your dog, which you need to take care of, spend money on, and give time and attention to. At the end of the day, you are offering a service that people are willing to pay for, so you’ll need to be committed and take it seriously. Once you get the hang of it, it’s such an awesome experience and you can make some serious dough in the process 😉
4) You will interact with people from all around the world and be part of a global community
As an introvert, I normally wouldn’t jump on the idea to frequently meet new people and chat with them. However, a lot of your guests will be people you get along with great and are happy to have met them. As I travel frequently, I don’t get to meet everyone in person, however, I do write with every single person who stays at my Airbnb. When interacting with (potential) guests, the vibe is usually quite relaxed as the Airbnb community itself is quite easy-going (at least from my experience). Different than to a hotel business, where everything is rather transactional, on Airbnb the interactions are deeper than that. You are opening up a portion of your personal space for a stranger to temporarily live in, which automatically creates a certain level of trust that you will not get when booking a hotel room. Sure, at the end of the day there is a business transaction involved and you’ll need to be vigilant as to who you are accepting bookings from (there are always a few bad apples), however, at the end of the day it is somewhat a community. There’s mutual accountability through the review system and most of the time neither wants to disappoint the other party and everyone wants to have a great experience in the end.
Conclusion
Airbnb has provided a convenient way to make money if you are committed and take it seriously. Notice how I used the word convenient instead of easy? That’s because there is no such thing as easy money. No matter what side hustle you end up pursuing, you’ll need to put in the effort and consistency to build it up to something that people are willing to pay for. For Airbnb, this means providing consistently high-quality service and keeping up with industry insights and best practices. Be a student of the game and try to learn as much about your topic as you possibly can. Once you do that, there’s nothing standing in your way, and the dog you decided to get will be your best friend and reciprocate your love 10 fold.
