Sharing Economy

The following is a guest post from Lexi Carr. Lexi Carr is a freelance writer with a passion for research, financial advice, and helping others.

The sharing economy is changing rapidly. Sharing information has become quicker and easier than ever imagined, and the tools used to do so are improving every day. The market for sharing services has expanded vastly in recent years, thanks to new apps and business models.

Staying ahead of the curb can be hard, due to the fleeting relevancy of different tools within such an ongoing evolution of technology. Luckily, here is a brief selection of the most popular and most useful tools in use at the moment.

Hospitality: AirBnB

Traditional hotels offer only one thing – a room. Nowadays, travelers are looking for a more affordable, friendly place to stay while out in the world. AirBnB is part of this change, thanks to their use of hospitality sharing.

If you’re renting one of your extra rooms, guest houses, or entire home through AirBnB, there are a number of apps you can use that make renting your space a breeze. The most vital for financial needs are Evernote and Dropbox. These apps work together to help scan all paper information and help you organize them into neat Excel sheets to keep on file. No more paper nightmares.

Transportation: Uber

It is difficult to avoid hearing about the services that Uber offers. Almost every major city has been using Uber as an alternative transportation service or those of their competitors. Since coming on strong onto the scene, Uber has made ridesharing big business and has introduced competitive prices into a monopoly that was previously controlled by taxi services.

If you’re driving for Uber, you’ll need a few items before you get started. A car with room for passengers is the most obvious, but you also need a phone. As an independent contractor, there are a number of tax deductions you can file at the end of the year.

Odd Jobs: TaskRabbit

If you simply need a bit of extra help around the house, or you have some extra free time and wish to provide a service for something you are particularly talented at – TaskRabbit makes it very easy to do. You can easily connect with people willing to pay or barter for services. To become a Tasker, you’ll need to undergo a background check, and be able to perform whatever task you sign on for with efficiency and quality.

Before you jump into taking on these odd jobs, you also have to be prepared for the work you may accept. TaskRabbit Taskers help with a variety of tasks, including cleaning, personal assistance, moving, and delivery. If you’re accepting a job that requires you to take notes and help people with their jobs, a proper filing system like GSuite or Evernote mentioned above can help enormously. And, if you’re looking to help someone out who lives far from you, or requires you to delivery items, you should be prepared with the proper transportation.

Wrapping Up

Sharing services are bringing everyone closer together. They create an economy that relies on people helping each other as well as making the market competitive enough to keep prices relatively low. Sharing services have made many day to day processes more comfortable. Explore the many companies and apps that provide all of these services and more in your area, and start saving time, money, and peace of mind today!

Startups like AirBNB, Uber and Lyft have become common household names. Just a few years ago most people had never heard of these business names. These businesses represent  just a small portion of what is now known as the Sharing Economy.  

So what exactly is the Sharing Economy?

Sharing Economy 101

The sharing economy is an economic model in which individuals are able to borrow or rent assets owned by someone else who is not connected directly with a traditional brick-and-mortar storefront. The sharing economy is particularly effective when the price of a needed asset is high and sits idly allowing the owner to put that asset to use while at the same time giving the buyer the option to use the asset at a reduced cost.

The sharing economy has created a way of monetizing a practice we are taught as children – to share. As adults, we can share our assets while getting the benefit of earning an income from what we already own with others who wish to use them at a lower cost than what they might have historically spent within a brick-and-mortar business.

Sharing our goods and services with complete strangers has boomed since 2009 with the launch of AirBNB.

The peer to peer rental market alone is worth $26 billion. It is projected, to see growth upwards of $335 billion by 2025 due to its overwhelming popularity.

What Does The Sharing Economy Mean For Me?

The sharing economy means you have the opportunity to make money on assets you have but aren’t fully using.

Do you have a guest room that isn’t always occupied? Rent it out through AirBNB. AirBNB reports that hosts in San Francisco who rent out their homes do so for an average of 58 nights a year making an additional $9,300.

Do you have a car you aren’t using this weekend? Rent it out to someone who needs it through Turo. People who rent out their cars make an average of $250 to upwards of $1,000 a month.

‘Faces’ of the Sharing Economy

You are probably familiar with a few of these top performers, but here are just a few of the sharing economy companies you can learn more about:

• DogVacay – dog owners can leave their dog with a host who will care for them with more comfortable accommodations than a traditional kennel stay.
• TaskRabbit – need dog food but the baby JUST went down for a nap? Hire a person through TaskRabbit to make the grocery store run for you. From delivery to handyman to office help – TaskRabbit is an easy way to make a little extra money.
• Spinlister – rent out your bike for the afternoon

Items you own have value and the sharing economy gives you an opportunity to make extra money with the items you already own.

What’s stopping you? Before paying full price check out the sharing economy and while you’re at it put some extra money in your pocket with what you already have just laying around.