How Homestay is a Lucrative Startup Idea and Good Option for Making Money
Homestays, by literal means, is a way you can use your spare rooms for tourist lodging. The extra space is rented to visitors against a monetary charge. The family to whom the house belongs is called the host. This practice is nowadays quite popular in many tourist spots. Therefore if you are looking for a new business idea, it is for you. Firecamp homestay Coorg, near Bangalore, is highly practiced among the youngsters.
Why is this business idea worth a shot?
Starting a business providing service does not require much investment. Acquiring registration and several other permissions are also very easy. Following are the reasons that make this business plan a lucrative one.
- The investment required to start a homestay is meager compared to a hotel. This does not require taking any land on lease or erecting a new building. You can directly set the business in your existing house. Only you have to renovate the portion of your home you are involved in the industry. On the other hand, the return generated from this expenditure is relatively high and profitable.
- You will involve limited rooms available in your house for homestay. Therefore you will receive only a few guests at a time. To provide services to fewer guests, you will not require much hired helping hand. This saves monthly expenses for running the business big time. All you need is people doing the laundry and cooking chores.
- Another significant advantage of having this business is no partner. You can start and run the business in your own house. There is no need to employ investment from outside; therefore, the profit is not shared. The owner of the house can enjoy the full profit earned.
- The maintenance charges incurred in a homestay business are meager. The electricity and water bills are highly reasonable. Therefore the cost of accommodation in a homestay is very pocket friendly. Eventually, the demands for homestays are also very high for their budget-friendly reception.
- Tourists who prefer homestays over hotels want a natural touch in services. They enjoy the unfabricated and natural ambiance that gives a nostalgic feeling. Hence the visitors do not expect bougies touch in the rooms. Therefore you do not have to bear bougies expenditure.
- The process of registration for a homestay is less expensive and relatively easy. However, the registration process might differ among the states in a country or different countries.
Homestay business is a lucrative startup and easy to set up and run. You can hire a local guide for your visitors for an added advantage. The guide can enroute your guests to different offbeat paths. You can have a highly profitable business with a homestay with all these factors.