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Best Way to Grow Your Airbnb Business to $10K/Month

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SUMMARY:

If you’d like to bring your business up to $10,000 a month, how can you do that? Let’s look at 3 tips for the fastest way to grow your business.

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For many people, $10,000 a month is a great milestone for their business, and I often get asked what is the best way and the fastest way to get there. We’re going to go from the assumption that you are starting from absolute zero – you don’t have any experience or background, and you don’t own any properties. If your goal is to grow your business to $10,000 a month, versus providing an extra $2000 a month in extra revenue, then you are likely going to want to have between 10 and 13 properties, and there are a number of shortcuts that you aren’t going to want to take.

An example of this is managing properties in different locations. If you are only looking at managing 2 or 3 properties, then having them spread out in different locations isn’t usually a big deal, there usually isn’t a large downside to that. Depending on the type of property, around the 5 to 10 property mark, you’re going to start seeing lots of complications if your properties are in different areas.

For example, you’re going to have a challenge integrating multiple different cleaning teams with the right sets of systems and keeping everything on track. The same goes for your maintenance people. You’re also going to want to understand the pricing schedules of the different areas as well, the high and low season, etc. Once you are growing to 10 properties, you’re creating a lot of unnecessary inefficiency in your business if you do it that way.

Another big piece of advice is to remind you that the first few properties are going to be the hardest. They are going to be more challenging to bring on than the other properties you will bring on later down the road. So be ready for that. You’re going to really hone in on your niche and your offer and your messaging to really resonate with your clients. From there, things get a lot easier once the initial legwork is done.

More often than not, once your business is up to 3 or 4 properties, you’re going to be consistently bringing on properties through referrals. Remember that so you don’t get discouraged thinking you aren’t going to reach that $10,000 mark when you’re just starting out.

The other tip I have for reaching the $10,000 mark in your business is to really pay attention to your bottom line. One of the ways this comes into play is with cleaning fees. I’ve seen people make this mistake and I myself made it too, is to be accidentally losing money with your cleaning fees. When I first started, I set up my property and set my cleaning fees before I got a quote from the cleaners, because I wanted to get my listing set up as quickly as possible.

But in doing that, I actually set my cleaning fees too low and I was losing a small amount of money in the cleaning fees with every booking. When you only have 1 or 2 properties, that doesn’t seem like a big deal, because you’re still making money off of your management fees. But once you are up to 10 properties, suddenly that lost income starts to really add up. And you’ve already set a precedent with your clients, so you don’t really want to start charging them for those little things because they aren’t expecting that charge. So you want to make sure that you really watch that bottom line from the beginning so you can reach your goal of $10,000 as fast as possible.

VIDEO TRANSCRIPT:

What's up guys, it's James here and in today's video, we're going to talk about the best way to grow your Airbnb business to $10,000 a month in recurring monthly revenue. I get asked all the time, you know, a bunch of different questions relating to how you should structure your business, and how you should quickly get to $10,000 a month. That's a big important number. For a lot of people, it's a lot of people tend to have the number $10,000 a month in mind when they get started growing a business. And that's sort of the goal that people want to get to, at least for the first milestone. So understandably, a lot of people want to know what is the most effective and most efficient way to grow your business to that point. So that's what we're going to be talking about in more detail in today's video.

Now, before I jump right into it, I just want to ask that before we get started, you go ahead and click that like button and subscribe to the channel. If you are new here. If you clicked to the like button, that just helps me out tremendously with YouTube's algorithm. If you want to get notified when we post new videos, then just go ahead and click that subscribe button so you can stay up to date with the channel. Also down in the description down below. If you haven't already checked it out, there is a link to a free training where he walked through step by step by step how to get your business to six figures on Airbnb managing other people's properties on Airbnb. So I highly recommend that you check out that training as well, we're going to go into a lot more detail.

So without further ado, let's go ahead and get started talking about what is the most effective and efficient way to grow your Airbnb management business from absolute zero, I'm assuming that you're starting without any experience without any background, not owning any properties and get it to $10,000 a month. Well, to start off with, you want to make sure that you build with the end goal in mind, there's a lot of things you would probably do differently in your business, if you are just planning on growing to let's say two or three properties to provide an extra 1000 2000 $3,000 a month in supplemental income, versus if you're growing this business to $10,000 a month.

So there's a lot of shortcuts that you might be able to take that wouldn't be very impactful on your business if your end goal is only to build it to like I said two or three properties. However, if your goal is to get the business to $10,000 a month, which in most cases is going to be about 10 to 13 properties, then you want to make sure you don't take any of those shortcuts because although they will help you to get more quickly to the first two or $3,000 a month, it's going to drastically slow you down from getting to $10,000 a month.

Now to give you an example of one of the areas where that shortcoming can be made. I was actually just talking with a student of mine not too long ago, earlier this week, we talked about the idea of starting your business managing properties in different locations. So if you're only going to be managing two or three properties, and then having your property spread out in different areas, different locations is really not a big deal, it's pretty easy way to build the business, there's no real downside to having properties in different cities. If you're only looking to grow to a couple of properties. As soon as you get to be. Depending on the type of property generally around the five to 10 property mark, you're going to have a lot of complications, if your properties are in different areas.

A couple examples of how those problems are going to crop up, you're going to have a challenging time integrating multiple different cleaning teams with the right sets of systems and keeping everything on track, it's much easier to only have to work with one single cleaning team. The same goes for all your maintenance people who might be going by to manage the maintenance of these properties. And then also you're going to have to understand the pricing schedules of all these different areas as well. When is the high season when is the low season winter events coming into town.

So again, you can see pretty clearly how at two or three properties, it's not really that big of a deal. But if you start to grow to 10, or 11 or 12 properties, then you're creating a whole bunch of unnecessary inefficiency in your business, because you didn't take the time to build it from the beginning, so that it's actually well suited for the end goal. So rule number one, when you're looking to get to $10,000 a month is make sure you're building with the end in mind, and not trying to take any shortcuts that are gonna hurt you long term. So the other really big piece that I like to remind people when they're trying to build to that $10,000 month mark is that the first couple properties are going to be the hardest.

Now that doesn't mean they're going to be hard, it just means that they're going to be more challenging to bring on than the other properties you'll bring on later down the road. The first one, two and three properties are going to require some legwork. So be ready for that. Understand that that's going to be part of the process, you're going to reach out to clients set up appointments with them. And even before doing that, you're going to have to really hone in your niche and figure out exactly what your offer is and what your messaging is going to be. That's going to resonate really strongly.

Those clients want to come on board and work with you. From there, things get a whole lot easier because you've already done a lot Have that initial legwork. So don't trick yourself into thinking that just because it's challenging or taking you a little bit longer to bring on your first client or your second, that it's going to take just as long to bring on your eighth, your ninth or 10th. More often than not, once you get your business to three to four properties, you start to pretty consistently bring properties on through referrals, the nice thing there is that you're going to get every client if you're doing your job, well, every client is going to generally lead to another one to three referrals down the road. And those referrals will then lead to more referrals. And those referrals from those referrals will lead to even more referrals, from your referrals from your referrals.

It is really a never ending cycle where the business or it takes on a life of its own. It's kind of like a snowball, you know, getting that first snowball made, it really just takes a little bit longer than once you start rolling it, especially if you're at the top of a hill, start rolling it down the hill, that thing gets absolutely humongous before you've really done anything, and it gets humongous a lot more quickly than if you're just kind of packing snow on to it as you go. I don't know if I really needed that analogy there. But I hope it was helpful to just get you really thinking about the momentum and the role that momentum plays in building your business. So that's a really big thing to remember as well, just to help you not get discouraged when you're building to that $10,000 month mark.

Now the last thing that I highly recommend you focus on when you're building to $10,000 a month. And you have that as your end goal is to really make sure that you're watching the bottom line in your business. And that comes into play in a couple of different arenas. Cleaning fees are one area where I've seen people and I myself have you and made this mistake when I was first starting out where you can accidentally be losing money. You know, for example, when I first started, I actually just set my cleaning fees before I got my cleaners to quote, I believe that I should just get my property up and listed as quickly as possible, which I've soon figured out was the absolute worst strategy to take. But in doing that, I set my cleaning fees too low. And I was actually losing money on some of my cleanings.

Now because I was making enough money in management fees to mask that I didn't catch it for a little while I wasn't watching my bottom line, I wasn't really detailed going into my numbers and figuring out exactly where the business stood. And so I was losing money needlessly. The other thing is just little small things that would add up that I wasn't charging clients for like having a plumber go by or having to go for go by or different little bits of things that as per our agreement with property owners, we were able to charge them extra for one or two properties, not charging clients for that feels good, you get to give back to your clients and give that extra little bit of service to them.

And it really doesn't make a big difference. It's only one or two properties. But then once you start to grow to eight or nine or 10 properties, then suddenly those things start to add up. And it's especially painful. If you've already set a precedent with your clients, you're not going to be charging them additional fees for those little small things.

Now, they're going to be expecting that they're going to be expecting not to get charged. And so it becomes really challenging to actually start charging them, it's a lot easier, just do it from the beginning, just like it states in your agreement. So you want to make sure that you really watch that bottom line, because at the end of the day, getting to $10,000 a month is gonna require you to put in the work to make sure your margins are actually strong. You know, it's really easy to do that with 10 properties if you do things properly. But if you don't watch your bottom line, you're not watching your margins, then it's going to take you a lot more properties and a lot more work just to get to the exact same net income goal. So those are my top recommendations for the things that you absolutely need to do.

And you absolutely need to be mindful of when building your business to $10,000 a month that is going to be the most efficient way to do it is by focusing on building your business for how you want to be long term, rather than focusing on just getting that next client and getting it built to three properties really effectively. Because a lot of the strategies that you deploy, when you're trying to get to your first one, two or three properties are not the same strategy, you're going to need to get to 10 or more properties under management.

I hope this has been really helpful for you. If you thought it was helpful, just give me a like just hit that like button. Leave me a comment if you have questions about this or if you want me to talk about anything else or anything else answer any other questions in a future video.

And as always, there's a link down in the description down below to our free training that walks you through step by step by step shows you all of our systems, all of our strategies for exactly how to build this business to a full time income managing other people's properties on Airbnb. We've now worked with hundreds of students all over the world, teaching them how to build this business and get it to six figures and get it to a full time income. So if you want to be one of those students, if you want to learn from us and you want to see exactly how you can build this business for yourself, then just click the link down in the description below. Check out that free training and I wish you all the best. We'll talk again soon.

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