How To Turn The Sharing Economy Into Your Next Business Venture

It’s hard to start a business without the necessary resources. Perhaps you need capital to rent a space for your big idea. Or maybe you need time, something you don’t have right now because of a full time job or other responsibilities.

Nowadays, it’s easier than ever to earn money by using resources you already have without having to spend a lot of time. The sharing economy is a phenomenon that almost everyone has experienced these days.

People are realizing that they can acquire goods and resources from other individuals rather than from large businesses.

The sharing economy has allowed people to have experiences they couldn’t otherwise have.

This has made life easier for a lot of people, including, most likely, yourself. For instance, travel takes much less time now that hotels aren’t the only option. You can stay in some of the best neighbourhoods in the world and live like a local.

And in cities with expensive taxi fares, ride sharing apps are a welcome alternative for people who can’t afford pricey transport.

It’s not just restricted to transport and accommodation. The sharing economy is diversifying by the day. Nowadays, you can rent a tool from individuals, or even your local library. You no longer have to stress over the cost of buying a sophisticated drill that you’ll only use once.

If you’re downtown for an event, you don’t have to sweat over finding a parking space. There’s a sharing app for that.

It’s not unusual to find people whose full-time income comes from one of these sharing businesses. And if you’re determined to, it’s rather easy to make this your new business.

Have you ever caught an uber? Rented a tool? Stayed in an airbnb?

That’s you contributing to the experience economy. And there’s no reason why you can’t make this your next big business idea.

What’s your Offer?

You should first consider which resources you have that you can potentially rent out.. Depending on your location in the US, it’s very possible you can make money by lending out everything from your car to your cash.

If you want to make this lending a reliable source of income, you’ll have to consider some initial investments in your resources. For instance, nowadays it’s easier than ever to rent out a room in your home or your entire apartment. But while there are millions of homes on Airbnb, some of them are immensely popular, with people competing to rent out these spaces even when other homes are available nearby.

Simply providing a clean space with a bed and fresh sheets isn’t enough anymore. Like a regular business, people want to know that they’re getting something exclusive that they can’t find anywhere else.

This doesn’t just apply to your home. Consider this when renting out other items.

Factors to Consider

And as always, be considerate of competing costs. Unless your items are incredibly luxurious or your home is in an incredible location, high costs could scare off people. The great thing about the sharing economy is that due to the lack of business maintenance costs, you can easily make a profit even if your rates are low.

It’s incredibly difficult to tap into the sharing economy on your own. Thankfully, there’s an app for renting nearly all of these resources. Be sure to do your research properly and don’t try to rent out your items on your own. Sharing economy businesses like Airbnb and Uber are the safest method, as these companies understand and deal with the relevant regulations to avoid you breaking any laws.

A Safe Way to Learn How to Run a Business

For budding entrepreneurs, the sharing economy is a great way to practice their management of resources without the threat of financial losses.

With more and more people using sharing economy apps, there’s no reason why you shouldn’t try your hand at renting out your personal items. You have nothing to lose.

If you have a large enough network, you might be able to start your own sharing business. With our society becoming more connected, it’s easier than ever for an idea like this to succeed. If you’re trying to keep down costs while doing business with your resources, you’d be wise to stay away from banks.

Bank wires transfer cost a chunk of potential profits of a small business owner like yourself.

Instead, use Veem.

Veem sends payments at a fraction of the time and cost of your average bank.Additionally, you’re also provided with a personal dashboard so you can accurately track your payments.

Sign up for an account with Veem today and get started on your business journey.

This content was originally published on the Veem blog. Check it out for more information and exclusive articles.