One way to make money as a small business owner and entrepreneur is to purchase real estate and then rent out rooms in the house. Rooms can be rented for a night or two or for months at a time. Sometimes rooms come with services such as laundry, cleaning, and meals. With the advent of online services such as Airbnb and Vrbo, starting a boarding house has become a popular way to pull in some extra cash.
Boarding homes can market to people with a wide variety of housing needs, from vacationers and international students to homeless people in search of permanent housing. Here are three vital things to consider when starting a boarding house:
Check on the zoning regulations for your area as you plan your boarding house. Some areas or neighborhoods restrict how long a short-term renter is allowed to stay on your property and how many days per year you are allowed to book your rental. Some areas might allow homeless boarding houses, while others have zoning restrictions that prohibit it.
Assuming that zoning permits you to operate a boarding home where you are located, check on whether you are required to participate in any of the following licensing, permitting and tax processes:
If you plan to prepare and serve food to your guests, you should also look into earning a food handler's card to prepare you for safe kitchen practices. Another option is to purchase food from a restaurant or certified kitchen instead of making it yourself.
After you secure your property and complete all the necessary inspections and permitting processes, it's time to hone in on what will make your boarding home stand out. The finishing touches that make the biggest difference to your guests vary based on whom you're marketing to. Here are a few things to consider:
Vacation Rentals: Peruse other rentals in your area on Airbnb and Vrbo to see what guests like most. Maybe it's access to a swimming pool, fresh-baked donuts each morning or luxury toiletries in the bathroom. Consider these preferences and then add one or two special things that nobody else is offering.
International Student Housing: International students are likely to stay for a semester at a time. They need space to study, a place to prepare meals, and a laundry area. When possible, consider separate entrances, private bathrooms and locks on the bedroom doors.
Homeless Housing: For formerly homeless guests living in a boarding house, consider nearby access to affordable professional clothing, free bus passes and an abundance of free toiletries. When young children are involved, a few toys or games help to make a trying time a whole lot easier.
Anne Kinsey is an entrepreneur and business pioneer, who has ranked in the top 1% of the direct sales industry, growing a large team and earning the title of Senior Team Manager during her time with Jamberry. She is the nonprofit founder and executive director of Love Powered Life, as well as a Certified Trauma Recovery Coach, certified HRV biofeedback practitioner and freelance writer who has written for publications like Working Mother, the San Francisco Chronicle, the Houston Chronicle and Our Everyday Life. Anne works from her home office in rural North Carolina, where she resides with her husband and three children.
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