The 6 Key Components To Running A Successful BNB Management Business (Part 1 of 6)
Written by James Svetec on Dec. 8th 2018
Hosting is awesome, and you want to do more of it.
Buying a property is expensive and you don’t want to end up biting off more than you can chew.
What to do?
Naturally, this is when it’s time to start managing other people’s properties so that you can get all of the pros without any of the potential cons involved with buying a place or renting one.
This is exactly where things either start to get messy or stop entirely for most people.
Inevitable, hosts will forget about one or more of these 6 Key Components to running a successful BNB Management Company and scaling to a full-time income while still maintaining freedom.
If any one of these 6 Key Components is missing, the business will either never get off the ground, won’t scale, or will burry you in a seemingly endless pile of work.
While things may progress ever so slightly each month, disaster is just around the corner without the right systems and processes, and achieving both the income AND freedom that you want can seem next to impossible.
From my perspective, it’s a lot like watching a Floridian drive off to the South without a GPS in search of California…
These next 6 posts will be focused on helping you to navigate the path towards both a full-time income and time & location-freedom while managing other people’s properties on Airbnb.
In each post, I’ll walk you through one of the 6 Key Components to running a successful BNB Management Company.
Key Component #1 is... Picking A Niche!
“I just want to help any hosts to manage their properties”
Maybe you’ve thought this.
Most of my clients have thought this at one point or another.
What’s wrong with this line of thinking?
Simple.
The riches are in the niches.
We’ve all heard the saying “Jack of all trades, Master of none”
Well nothing could be more true when it comes to business and managing other people’s properties is a business.
Whether your goal is to make $5,000/mo or $50,000/mo you need to pick a niche and you need to know that niche better than they know themselves.
Let’s look at an example:
You’re in the market for braces, so you call up a doctor.
Not just any doctor though, that would be silly. You’re going to get on the phone with your dentist.
You go to the dentist, establish that you do in fact need braces, so your dentist goes ahead and slaps some on.
Right?
Of course not.
Your dentist (I would hope) will refer you to an Orthodontist.
Why?
Because Orthodontists specialize in helping people who need braces.
Not just people with health issues, not even just people with oral health issues.
Nope, Orthodontists only help people with malocclusion (fancy word for crooked teeth).
That’s it. That’s all they do. And they are irrefutably the masters of it.
Wanna take a guess at how many dentists are out there with clients knocking at their door wanting braces?
Zero.
Wanna take a guess at who gets paid more?
You guessed it: Orthodontists. By about 30% on average.
Now, what’s all this talk about brace got to do with managing other people’s properties on Airbnb?
Everything.
You see, the reason that most people never even get their first client in this business is because they fail to pick a niche.
Just going out and trying to be everything for everyone will leave you being nothing for no one.
I guarantee it.
If you want to be successful, you’ve got to decide on exactly WHO it is that you’re going to be serving and get even clearer on exactly HOW they want to be served.
You don’t tell your Orthodontist that you need braces, they tell you.
The same should be said for you with your prospective clients.
You need to know what they need better than they do, and the only way to do that is to specialize.
Once you get your niche mailed down and you get crystal clear on what they need, the road ahead gets a whole lot easier.
So what’s Key Component #2?
It’s one that most people don’t think of and it’s coming up in the next post.
It’s a beautiful life!
James
James Svetec
James Svetec helps people start and grow successful BNB Management businesses. He is an expert at helping people get clients and making things super simple to understand.
If you're interested in starting your own BNB Management business or scaling up and getting clients, then definitely reach out and request a free strategy session today.
