6 WAYS TO MAKE MONEY WITH HOMESTAYS | LUCRATIVE STARTUPS

You want to be an entrepreneur but not sure about what to do. I have a great option for you, “homestays”. In this blog I will be telling you 6 ways to make money with homestays. Homestays are a way to use your spare rooms to make money. Yes, you can earn without getting out of your house. Homestays are quite popular due to many reasons. You can read about that here: WHY ARE HOMESTAYS MORE POPULAR?

6 WAYS TO MAKE MONEY WITH HOMESTAYS

Homestays don’t ask for too much money as investment. Registration process is easy and feasible. Meanwhile below I’ve listed 6 ways to make money with homestays making them a lucrative startup. There is also a bonus tip to make money with homestay waiting for you in the near end of this blog. 

i) LOW INVESTMENT AND HIGH RETURN

The investment cost in a homestay is very low as compared to a hotel. You don’t have to purchase or lease land. There is no need to construct a new building. All you have to do is to renovate those spare rooms of yours that no one uses. The expenditure of renovation is very less as compared to the construction cost of a brand new building. 

ii) NO NEED TO HIRE TOO MANY PEOPLE

In homestay you only welcome a few guests at a time. For the hospitality of such a small number of guests you don’t need to hire a whole mass of people. This also saves you from paying wages to a huge staff. You can take the help of your own house keeper or hire one or two people to aid you in the accommodation services. Having a laundry man and someone to take care of the cleaning and cooking is more than sufficient.

iii) DON’T HAVE TO SHARE THE PROFIT

Homestay is a small startup that you are going to start on your own. As I’ve said already that the investment expenditure is low so you don’t need to borrow money or look for some partners. That being said, you don’t have to share the profit earned with anyone. This itself is a lucrative deal. This is another way to make money with homestay.

iv) MAINTENANCE CHARGE IS CLOSE TO THE GROUND

In a hotel the maintenance charge is very high. The cost of water supply and electricity in a multistoried building having more than 10 rooms on every floor can cost you a fortune. These charges are recuperated in the price of rooms offered for lodgings. In a homestay no such maintenance charge is there. The electricity bill and water bill is not too expensive to pay. Hence the price of the accommodation is also not set to a very high bar. This is just another why homestays are better than hotels. You can read more at:  FIVE THINGS YOU NEED TO KNOW WHY HOMESTAY IS BETTER THAN HOTEL?

v) NO BOUGIES EXPENDITURE

People love to stay in homestay because they enjoy the natural, unfabricated ambience. The rustic touch makes a homestay nostalgic. The visitors are not expecting you to give their room a bougies touch. You can use the things that are already present in your house like a grandfather  chair, an antique lamp or a hand woven carpet to furbish the lodgings. 

Sometimes the visitors simply fall in love with the handcrafted items that you use to decorate their accommodation with. If you realize that those items are gaining popularity then you can sell them to the visitors and can make some extra ounces out of it.

vi) REGISTRATION IS EASY AND LESS EXPENSIVE

The registration process is very easy and inexpensive. However it varies from country to country and state to state.  Unlike in hotels where registration is a tricky and expensive process. For instance if you wish to read about how to start a homestay business in India and how to get the registrations you can read it here: HOW TO START A HOMESTAY BUSINESS?

vii)HIRE A LOCAL GUIDE | A BONUS TIP

This is a bonus tip for you. Other than the above mentioned 6 ways to make money with homestay you can hire a local guide. Make sure the charges of this guide are lower than other high priced guides and he takes your guest to the most unbeaten paths. The tourists love to discover new places and observe the city with the eyes of a local. The professional guides only take the tourist to the popular sites whereas the true color of a city lies deep within the rural area. Similarly the raw culture of a city is preserved among the rural mass. Homestays have an upper hand on this. This added with a local guide can make you earn a good amount.

CONCLUSION

Homestays are easy to set up and maintain. They can be a really lucrative startup. With the bonus tip that I have enlisted above and these 6 ways to make money with homestays you are all set to generate some income for yourself. If  you still find the concept of homestay a bit confusing then you can read our blog: What is Homestay | All About Homestay Business to make everything clear.