What Is The Sharing Economy & How Can You Profit?

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The sharing economy has been growing by leaps and bounds over these past few years. You may not have heard the term ‘sharing economy’ before, but you might be a part of it and not even know.

So what exactly is it? To start, its name is a pretty good indicator.

The sharing economy is built around exactly what it’s named after, sharing. In this economy, any person can rent or use resources from someone else, both physical and in the form of services. Think of it this way – you rent or borrow something of someone else’s and in turn, pay them for this service. For instance, have you ever borrowed someone’s car for a day and paid them a fixed amount for it? You were part of the sharing economy. The difference between this and just buying something from a store is that you’re working with an individual. That person in turns profits and maybe even participates himself in the sharing economy as a consumer.

Who is part of the sharing economy?

These days, there seems to be a new ‘Uber’ popping up everywhere you go, which goes to show that the sharing economy isn’t slowing down. Technology has made it easy to share and rent and there are numerous apps and companies trying to reap the benefits. Have you ever been part of the sharing economy? Probably. Here are a few of the biggest names driving this economy:

• Uber – Uber is arguably one of the pioneers in this space. Anyone in need of a ride can simply go on their app and request a ride. On the other end, a nearby driver will head over and take you where you need to go.
• AirBnB – Hotels can be ridiculously expensive. Airbnb provides a cheaper alternative. Anyone can go on there and rent out a apartment or home from someone else.
• TaskRabbit – TaskRabbit is a service marketplace for random tasks you might need done. Need someone to pick up your groceries? Post it on TaskRabbit.
• DogVacay – Pets owners need vacations too. If you’re going to be away from home and can’t take your dog with you, find someone who can give your dog a home for a few days on DogVacay.

These are only a few. More and more companies are popping up on the sharing economy daily.

How can I join and profit?
Now that we know exactly what the sharing economy is, the question is: how do you, as an individual, profit? One great thing about the sharing economy is that it gives anyone the opportunity to make extra income as needed. Need more cash this month? Pick up a few extra rides on Uber. Going to be away for a few days? List your home on AirBnB. These companies and marketplaces give you the flexibility to work as you need. Many people now also string together various gigs like these to make a full income. The possibilities are endless.

Have you ever made income using the sharing economy? Tell us your experience!