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7 Ways You Can Make Money From The Sharing Economy

With the price of groceries, bills and rent increasing to no end, your current stream of income just might not be sufficient to cover all your daily ongoing costs. Now – here’s the opportunity. Start-up companies are progressively establishing new ways to enhance people’s lives through using a sharing economy model. This involves the activity of local community members acquiring and providing goods and services via online platforms where people can make a side hustle as a result.

We all have financial goals to afford the purchases we need in life. Whether you’re a stay at home parent, student or just want to earn extra pay alongside your 9 to 5 job, providing services is an easy way to boost your income. Some services can be performed without even leaving your home or local neighbourhood! Here are 7 great ways to make money from the sharing economy.

  1. Ride sharing service

Through ride sharing, community members can earn money by driving passengers to their desired destination as an alternative to taxis. As a ride share driver, you have the flexibility to choose which trips to take and work around your own schedule. Although Uber is renowned for its dominance in the ride sharing industry, there are various ride sharing services that are tailored to specific drivers and passengers. The all-women ride share service, Shebah, is exclusive to females where both passengers and drivers must be female. This is a great opportunity for you take make money from driving people with the added safety bonus.

  1. Pet sitting

Are you a big animal lover and have the time to give quality attention to care for lonely furry friends? Through the sharing economy, you can care for pets whilst earning a buck all at the same time! Mad Paws is an online marketplace offering a range of services catering to a variety of furry animals. This service provides you with animal companionship and gives the pets well-needed affection when their owners aren’t available to look after their own pets. You can choose which services to provide and manage your pet sitting job all via the Mad Paws app.

  1. Renting clothes

Do you have a bunch of old designer outfits stored at the back of your wardrobe to have only been worn out once at a one-time event? Make an earning by renting out your dresses through The Volte! The formal dress hire platform allows you to earn cash by lending your designer fashion through the community marketplace. This is a great way to make a continuous earning from an expensive one-off purchase as well as promoting sustainable fashion. A definite win-win!

  1. House renting

If you own numerous empty properties or don’t require your home as you are travelling, take advantage of your available home as a part of your side hustle. House renting through the Airbnb platform is a classic way of making money where people can reside in your home while you are away. You can set the house rules through the online platform as well as directly contact the residents who will be staying in your home.

  1. Rent spaces

Do you have a spare residential parking spot or garage that you don’t currently need?

Use your free space as an opportunity to earn money through online platforms such as Spacer and Parkhound. If your space is located in close proximity to the city, business districts or tourist locations, your parking space in great demand and can be used to rent out. You can set the price of your rented spaces as well as have the control in managing your listings.

  1. Food sharing

Are you highly rated as great cook and have the experience and resources to prepare delicious home-cooked food? FoodByUs allows home bakers and cooks from all cultures to share their food to the local community and make a buck from it. People are seeking healthier alternatives to take-away food where they are opting home-cooked meals provided by the community. As the food is authentic, non-processed and made with love and compassion, there is wider range of healthier options which can meet greater dietary requirements. You can also use RipeNearMe to share your excess produce. This is a great way to boost your income if you grow your own fruits and veggies in your backyard. Food sharing also allows you to take part in eliminating food waste and rising obesity levels from fighting against fast food convenience.

  1. Baby equipment

Kids grow up at accelerating rate, continuously outgrowing their baby equipment. This requires parents to buy numerous equipment and toys to meet the needs of their children. Rather than cashing in on expensive childcare equipment, parents can use Kindershare as an alternative to rent items when they need it. Take this money-earning opportunity to rent out childcare items that are no longer used onto the online marketplace. Not only will you be earning a buck from renting baby equipment, but you also be reducing the number of hoarded items within your home.

The sharing economy is a great opportunity to make extra cash to pay your expenses as well as to help save for your larger purchases such as a car or a well-needed holiday! No matter what your financial goals are, take the initiative and discover ways to boost your income via the sharing economy. What avenue will you use to make money from the sharing economy?

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