What is the Sharing Economy and How Can It Benefit You?

The continuous growth and complexity of the internet has allowed for the creation of innovative business models. One of the major business ideas that stemmed from the age of the internet is the sharing economy.

A share economy simply put is the sharing of personal assets or services for a fee, that is usually coordinated through means of the internet. This share economy has created a number of businesses that individuals can contribute to easily and use certain assets/services for cheaper rates.

Below are descriptions of some share economy businesses and how they operate. For all of you side hustlers out there, it’s time to take some notes.

Most of these businesses have low barriers of entry and offer very flexible schedules. If you are searching for side hustle ideas look no further, you’re in the right spot.

*This is a guest post. You can read more about the authors at the end of the article.

Airbnb

I’d be surprised if you haven’t heard of Airbnb. However, if you haven’t heard then in short, Airbnb is an online marketplace where individuals can list their homes for rent.

This includes entire homes, certain areas of a home such as a spare bedroom, empty apartment, tent in your backyard, camper or RV, and pretty much any space you think people would pay to stay.

One time I stayed on someone’s sail boat in Key West, talk about a unique experience!

Over the years Airbnb has gained a lot of popularity. Users tend to choose staying in an Airbnb instead of a hotel because:

  • Airbnb is typically cheaper.
  • You can rent an entire house at an affordable rate (more people can stay together).
  • Living like a local can increase the cultural experience.
  • Airbnb’s typically have amenities such as kitchen appliances and washer & dryer.
  • Certain listings offer amenities such as pools, hot tubs, and saunas. 

Airbnb is a really fun & affordable way to travel. It also allows homeowners to make some side income for spare rooms they don’t use or vacation homes that aren’t being used. 

If you’re looking for a side hustle, consider renting out space in your home on Airbnb. If you really want to hustle you can try Airbnb Arbitrage. Tap here to learn What Airbnb Rental Arbitrage is.

Turo

With Airbnb, you can share your home with the world, and with Turo, you can share your car!

Yup, you read that right! Say goodbye to enterprise and other car rentals agencies because the sharing economy is taking over!

With Turo you can rent your personal vehicle to individuals who are in need of a car. I know it sounds a little crazy, but it’s legit.

Turo has been around since 2010 and has over 170, 000 privately owned cars listed for rent on their site. Turo insures your car for up to $1 million in liability insurance and provides 24/7 roadside assistance to the drivers (renters).

If you have a vehicle and don’t drive it often then this could be the perfect side hustle for you. Simply go to Turo.com, select list my car, and follow the instructions. It’s really that simple 😊

Uber

Uber is another service that you’ve probably heard of and it’s having a huge impact on the taxi industry.

For those of you who don’t know, Uber is a ridesharing platform that allows individuals to taxi people around by means of their personal vehicles. Basically, you turn your personal car into a taxi.

If you own a car then this can be a solid side hustle. On average you can make between $15-$25 per hour driving for Uber.

TaskRabbit

Do you have projects around the house that need to get done but you don’t have the time? TaskRabbit will connect you with individuals who can help you with whatever task you may have.

Examples of some tasks include cleaning, heavy lifting, general handyman, mounting/installation, and furniture assembly.

With TaskRabbit you simply describe the job and then select the right person for the job. You’ll be able to see the reviews of the potential ‘tasker’ as well as their areas of expertise.

If you are looking for a great side hustle, TaskRabbit might be the perfect fit for you. 

Check out these other side hustles:

Rover

Rover is one of my favorite share economy businesses because I love dogs.

Rover is an online platform that connects pet owners with caregivers. Caregivers can offer services such as dog walking, dog boarding, dog sitting, and walk-in visits. 

If you’re a side hustler that loves dogs then definitely check out Rover.

One of the best parts about Rover is that you set your own rates and choose what services you want to offer. After you’ve done a few gigs you will start receiving reviews which in turn will lead to more bookings.

I personally do some side hustling on Rover and have been able to earn $150/ month for about 4 hours of work. For me, it has been one of the more enjoyable side hustles.

DoorDash

With DoorDash you can now order food for delivery from some of your favorite places that don’t normally deliver.

DoorDash hires delivery drivers who pick up and deliver your food orders.

I don’t know about you but when I discovered DoorDash I was really excited. I was able to get my favorite Gyro’s delivered right to my home. This completely took away the hassle of having to drive to the restaurant myself. 

Signing up to be a ‘dasher’ is fairly easy. Simply go to doordash.com, fill out the application, and wait to hear back. Once you’ve been approved DoorDash will send you a hot/cold bag in the mail that you will use to conduct deliveries.

If you live in a populated area than DoorDash can be a great side hustle. Unfortunately less populated areas tend to not have enough activity.

Sharing Economy is the future

The internet is an extremely powerful tool that has turned these 6 business ideas into a reality. The sharing economy has created so many new jobs and is continuously creating ways to earn income on the side.

With human creativity and the power of the internet there is no telling what new businesses are to come in the future.

We hope you enjoyed this article if you’d like to learn more about us you can check us out at thewickedwallet.com.

About the Authors: “Jake & Gina are the founders of thewickedwallet.com a personal finance blog for all. They both hold degrees in Finance and have worked in the financial industry for several years. Their goal is to make personal finance more accessible to the masses by sharing knowledge and insight on this topic.”

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Maybe you've heard of it, but what exactly is the sharing economy? What are some examples and how can you use this booming industry to your advantage?