This article explains how to make money with AirBnb, whether it is renting out a spare room or by offering an AirBnb ‘Experience’.
AirBnb Experiences are fairly recent and are a great way to explore your own interests and hobbies to make extra money with very little start-up cost. Read below to find out more.
You have to declare income received through an AirBnb business. It’s additional self-employed income and therefore taxable. However, it’s OK to be employed and self-employed at the same time (as long as your employer doesn’t mind, or doesn’t know!).
You can start your AirBnb business to earn extra income and declare it officially with HMRC by registering your business. When you’ve started making enough money, you may be able to break the chains of employment and become your own boss!
Rent a room through AirBnb
If you have a spare room and you like the idea of getting into the renting market, then renting a room through AirBnb can be a great start.
Some people become AirBnb hosts for others who have spare rooms but aren’t good at managing online technology. You agree a commission with them and do the AirBnb hosting and communicating with guests for them.
Some hosts have managed to rent whole apartments and agreed with the landlord to turn them into an AirBnb let and share some of the profit. When you have a few rooms and apartments you are managing there is potential for you to grow further, to create a business plan and get into the Buy to Let business!
If you are renting rooms in your own place and working full-time, it may be difficult to manage the check-in and out of your AirBnb guests and the cleaning in between. This is where making an arranging with an AirBnb host provider could come in useful. You may find a host of multiple properties by looking at AirBnB rentals in your area and seeing who the hosts are.
If your work hours are more flexible then you may be able to manage rentals yourself. On AirBnb you can specify certain days for rental, and the minimum number of days a guest has to stay when they book.
Host an Experience with AirBnb
AirBnb launched another service in 2016 which is growing fast, AirBnb Experiences!
Ever fancy being a tour guide for your town, or the nearest tourist town close to you? Or taking people rambling on nature trails, group cycle rides, or even a pub crawl (careful with that one!). That’s the type of Experience you can sell via AirBnb.
Also cooking classes, themed parties, ghost tours, yoga lessons, music performance, in fact any lessons or entertainment (within legal boundaries of course).
It’s best to think of a hobby or interest you have that you would like to share with, or teach to others. The possibilities are limited only by your imagination! Who doesn’t want to make money doing something they enjoy?
The great thing about AirBnb Experience is that there’s little to no start up cost and the commission rate is a reasonable 20%.
AirBnb Experiences are still a novel idea, so there is time to start up your AirBnb Experience and become professional at it before others have the same idea as you. It may be a spring-board for you starting your own business, based on your skills and knowledge, to paying customers.