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Top 6 Benefits of Using the Sharing Economy to Make Extra Income in 2020

Defined as an economic model fuelled by the activity of providing, sharing and acquiring access to goods and services facilitated by the community, the Sharing Economy has had a significant impact on our economy and society. As a continuous growing phenomenon in our society, many are turning to the Sharing Economy to make extra income, but what exactly are the benefits of utilising the Sharing Economy to make some extra bucks?

Increasing Self-Employment Opportunities

Becoming self-employed is a risk that can pay in many great ways. With the help of the Sharing Economy, more and more people are choosing to turn down this route due to the many benefits self-employment offers. One of the greatest benefits of self-employment is being able to take control and make all business decisions. As a self-employed individual, you have the freedom to make decisions that are going to benefit you and your future. Following this, any results and awards you reap are the direct result of your hard work. Being self-employed allows you to turn your passions and hobbies into a job, meaning you will never hate your job or work everyday wishing it was 5pm already. Whilst being self-employed has its cons, the pros of self-employment are pretty good.

Supporting Local Communities

Using the Sharing Economy to make some extra cash income often involves supporting your local community. Businesses such as Parkhound and Spacer are local businesses aiming to provide local communities around the world with spacing needs and wants. These businesses enable the use of already existing resources and simultaneously building community relationships. An important aspect of the Sharing Economy is building trust amongst community members. Thus, the ability of being able to access your needs through your local community instils a sense of trust amongst your community.

Workforce Flexibility

Working in the Sharing Economy means you don’t have to work your usual 9-5 hours. Rather than being contracted to set hours, you can set your own schedules and start as early or late as you want. This is a great benefit for those juggling multiple jobs or have extremely busy lifestyles. Balancing home life, family, friends and work can often be a huge stress on many but working in the Sharing Economy can relieve that stress. For example, through platforms like Mad Paws, you can pet sit a pet in your neighbourhood in your own home. This means you can earn money from home, while spending time with your family.

Easier Access to Resources

Many businesses within the Sharing Economy offer resources many individuals need that many businesses and companies cannot offer. As a company you also want to look online for additional ways you can grow revenue and save money many guides online exist on the topic. For Example, Spacer is an online marketplace that allows you to rent your unused garage, car and storage space. For those wanting to avoid peak hour traffic or the difficulty of being unable to find a car space, this is the perfect service for you. The beauty of the Sharing Economy is the creativity of businesses in providing access to resources that many individuals needed but couldn’t find.

Higher Savings with the Same Lifestyle

The Sharing Economy has provided the means for many to have their desired lifestyle without burning through their life savings. This is a great opportunity for those wanting to live out their extravagant dreams without spending too much cash. Businesses such as The Volte are a great example. A platform that enables you to rent designer clothes for a fraction of the price, it has proven to be efficient for those needing formal wear but without the price tag. On the flip side, The Volte enables you to rent out your clothes, allowing you to make some money on the side with little to no effort.

Making Money with No Effort

What may be the greatest benefit of making money through the Sharing Economy is the ability for many to make an extra income with little to no effort. The idea of the Sharing Economy is to share resources with those around you. The need to buy new items has decreased, as being frugal and sharing has become a greater priority. From renting your dress online, renting out your car space or storage space, to pet sitting and building furniture, making a second income through the Sharing Economy has never been easier.

The Sharing Economy continues to grow, as more and more creative businesses are established to supply resources for individual needs and wants. This economic phenomenon is a great way to earn extra income as it provides greater flexibility, greater choices in work and entails little to no effort.


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