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How to Choose a Great Name For Your Airbnb

You’ve completed setting up your Airbnb and now you are about to list your property…what do you name it?

Some may opt not to give it a name and just say something generic like “2bd/2bth close to downtown”, but if you have a long-term goal in mind, branding starts from day one!

You see giving your property a name gives it an identity. It’s no longer just a structure where people sleep but its a business that provides you with a source of income and you should treat it as such.

So, how do you choose a great name for your Airbnb?

Here are five must haves in a name:

1. Easy to pronounce – the name should be no more than two to three syllables and easy to spell. Avoid any sorts of characters. 

2. Must be scalabe – the name you select must be able to grow with your business.

3. Unique and relatable to the brand – if you think about the biggest brands out there Google, Amazon, Apple, these are all unique names. 

Selecting the wrong name could be detrimental to your Airbnb. Choosing a great name lays the foundation for branding your business. To put it into context, your logo, marketing material, everything you put out to the public will all be inspired or related to this name. So, be sure you choose the right name!

Create Your Own Logo

If you look at the picture above most likely you know every company the logos above represent.

Not only do you know it but they give you a feeling of trust.

After you have named your business. The next step should be creating your logo. 

Where do you start?

1.Find a few logos that you find interesting.

2.Think about your business name and find what image can relay or best represent your name and brand. Think about what colors best reflect your name or the area or climate your Airbnb is located.

3. Put these ideas on a board and start to play around with them using a logo design website. One of the most popular FREE and easy to use website is Canva.

You will most likely come out if this creative process with a few possibilities. Show them to friends, family members or even strangers on the street. It’s always best to get feedback. Let this assist in determining your final logo design but don’t let them make the final decision for you. Take that input coupled with what you want your rental’s identity to be and make that final decision yourself.

 Doing this process as the owner has a two fold effect. It makes you a lot more intimate with your brand and it unleashes a creative side you might have been unaware you had!

Remember branding your business starts at day one!

 

 

What’s Your Plan?

Before you start you must know where you’re going! 

If you’re just starting your Airbnb, your business plan does not have to be complex at day 1. It is something you work on through out the life of your rental business. The key is to just start. Create and write a general idea of where you see your rental business in the future.  So, whats you’re plan?

Here are three easy steps to make a beginners business plan:

1.Create a vision/mission – This should be the overarching goal of the company that encompasses the companies purpose and values. This sets the tone of the business.

2.Create a marketing plan – Figure out who your target market is and how you plan to attract them to your Airbnb. In this age of social media and email ensuring you reach you’re target market has become a lot easier. You see with each guest you have ensure they add you as a friend or follower to one of the following or even better all of the following; 1.Instagram, 2.Facebook, 3.Twitter.

Most likely their friends are your target group as well. The key to this is post frequently! This increases the chance for one of your posts to be shared. At minimum post once per day!

Another great marketing strategy is to send newsletters. Create an email list by retrieving each guests email address. Send out newsletters informing past guests of discounts, festivals or tournaments that will be held in your area, upgrades you have made to your property or additional property added to your portfolio. You’re email list is going to take time to grow. This requires the most time.

3.Create a budget – Figure out how much income you want to be making in years 1-5. Then figure out what will be the costs incurred. This will give you an idea of what you’re break even nightly rate would be, which is the minimum amount you can charge when starting your Airbnb. Depending how saturated you’re market is, you will find low pricing the first couple months of your business is what gets you your  first few bookings and in turn those needed reviews.

4.Service differentiation – This is what will set you’re rental apart from the others. Write a few things that you can do to make the customer experience an even better one. Whether its providing discounts for businesses in the area, putting blue tooth speakers in the rental etc. Figure out what you think your target group would appreciate the most.

You see you’re business plan does not have to be complex. The objective of a business plan is to connect your goals with how you plan to achieve them. Don’t over complicate it! In fact, here are two things you’re business plan does not have to be: 

1.More than one page- You’re business plan does not have to be formal and it doesn’t have to be 50 pages. In fact all you need is one sheet of paper and a pencil/pen.

2.Fixed – A business plan does not have to be fixed. In fact, it is meant to change as you grow in knowledge and experience. 

Never start a business with out knowing where you’re going. Always keep your plan short and simple. As you grow your business, your business plan can become all encompassing but for a beginner these four items are essential.