For Black History Month, these Hosts shared the keys to their success

[Airbnb]

As part of our celebration of Black History Month, we spoke with two Superhosts about how they became entrepreneurs—and the hosting insights they’ve gathered from day one to today.

Among many practical tips about growing your business, these Hosts shared that thinking strategically about nightly rates, keeping careful accounting records, and investing in their spaces from the beginning really paid off. We got so many great suggestions that we were inspired to launch a new series of articles about entrepreneurship and the business aspects of hosting. 

We’re starting our series by featuring tips from Host Advisory Board member @Pam5  of Malindi, Kenya, an entrepreneur and founder of a wedding planning company; and former Host Advisory Board member @Samuel604 of Philadelphia, a teacher and entrepreneur—or, as he puts it, a “teacherpreneur.”

Head to the Resource Center to read the full article!

And tell us: How do you manage your finances and grow your hosting business?

If you have any resources that have been particularly helpful, please share them with us!

[Sharon683]

I market on FB, emails and word of mouth.  I managing my accounting the old fashion way.  I Airbnb a shared room in my home.  I collect receipts and calculate everything at the end of the year.  I could never grasp  QuickBooks.  I just became more confused when trying to use it. 

[Gillian166]

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@Sharon683 wrote:

   I could never grasp  QuickBooks.  I just became more confused when trying to use it. 

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ah yes, that's because it's written by accountants, for accountants! they totally missed the brief about designing a program for normal people. That's why Xero was so successful when they came along, it was light years ahead of the others in usability, and had a phone app. But like you, I just diy my accounting, I keep a spreadsheet of expenses and income and send that to our accountant. The Aus Govt has an app you can use for keeping track of expenses but it's very limited and a bit clunky.

I have started scanning in important receipts, should I ever need to do a claim with ABB it would be handy to have receipts on file. Happy if that turns out to be a waste of time and i have perfect guests forever! 

[Laurelle3]

My first year of documentation for Airbnb, I have used an Exel spread sheet for the accountant. I have scanned all receipts chronologically for evidence for the taxation department if required.

After lastyear, I intended to do the accounts each month but I have only filed them in the drawer and will have to do it all over again for this financial year.

Payments from Airbnb is divided into 3 accounts (1) 35% Tax  (2) 10% Maintence (3) 55% Running costs eg rates, water, electricity, basic supplys and arrival gift hamper. If there is anthing left over I pay myself for being the cleaner, washing and ironing lady, also put some away towards a holiday.

[Emilie]

Thanks for all your tips, some great ideas there to fit everyone's preferences!

@Sharon683 There's nothing wrong with the old fashioned way sometimes 😉 Do you have any tricks on keeping all those receipts organised? It can become chaotic quite quickly without a good system.

@Gillian166 I like your idea of scanning receipts in, it can't hurt to have a back-up of the info either. Do you keep both the paper version of the receipts and their scanned one or get rid of the originals after a certain period of time?

@Laurelle3 It sounds like it's going to be a lot of work going through all those receipts when the time comes; how long does it normally take you? Are you going to give monthly accounts another go when the new financial year starts? 

[Laurelle3]

@Emilie yes I am going to try and do it monthly. It does take time, I sort receipts into months, then dates, stick to recycled paper then photo copy/scan them, then enter onto spread sheet and file.

Spread sheet also has; number of guests/number of nights/ number of washing loads and dryer if used.

Cleaning products are entered and kilometers for every trip taken to buy groceries which correlate to receipts.

[Sharon1213]

@Gillian166 Going into year 2 and will def start scanning. I like old school ways where I keep paper and write things down( excel). But it does get over welling. Thanks for the tips everyone. Happy hosting 

[Carmen856]

This business venture is keeping me young. I manage the business, do the cleaning and the accounting as well as the taxes. A super woman of some sort, not bad for being 74.  I take pride in what I do. I love reading the reviews and feel accomplished as I just became a Super Host and…..I’m loving it!  I leave my guests fresh flowers, coffee, creamer, sugar, cocoa as well as coffee pods. If a booking is close to a holiday I leave them special gifts commemorating the special occasion. My guests feel special and I appreciate it. I never thought that after retirement I would find something to do until this opportunity came about. It’s been a blessing!  Good luck to all my fellow Airbnb’s!

[Gillian166]

@Carmen856  inspiring words, thanks for the reminder that this can be very rewarding. I don't know how you do it alone, we run 3 listings (but all on the same property at least) and we def need 2 of us to do it.  

[Carmen856]

Well……my son Robert gives me a hand. He is a disabled young man and he like me take pride in what we are doing. He likes getting paid and learning how to keep his room clean. 
He does a marvelous job helping me clean the rental. 

[Lynn1470]

Carmen your the real definition of super host and super mom ! I’m reading your story and I’m very inspired. I’ve only had mine since December 2021 and these are very helpful tips !

[Samuel604]

Go @Carmen856 ! You sound  like a amazing host. If I am ever in your town , I'd loved to book at your space.

[Carmen856]

You’re welcome!  

[Pam5]

@Carmen856  Congratulations on your new Superhost status its evident that you are a superhost indeed. Enjoy your retirement and happy hosting! 

[Carmen856]

Hello Pam from Kenya - Thank you for your kind words. I’ll keep on hosting too.