What is the Sharing Economy?
Also known as the gig economy or collaborative consumption, the Sharing Economy is an economic structure that allows individuals to share resources with other fellow individuals with the help of an on-line platform.
The Sharing Economy has been around for over a decade now and we can find examples in the likes of Airbnb and Uber, to name a couple.
We will delve into where the sharing economy is now and how much it has grown throughout the years. In this article, we will learn how the sharing economy will look moving forward into the future.
The Sharing Economy’s Persecution: Criticism
Before the sharing economy got to where it is now, it had to go through a ton of skepticism and backlash. Airbnb and Uber, for example, both had to experience lawsuit after lawsuit from government sectors not just in the United States but in other countries as well.
For instance, in 2017, Uber was forced to terminate its services in the Philippines over the case of unregistered drivers.
Airbnb also experienced legal struggles of their own, such as in Australia in 2018 when NSW passed two laws against them.
The Sharing Economy’s Contribution: Benefits
A primary advantage that the sharing economy contributes to is that it allows its consumers to share their extra stuff, vehicles, space, time, services, and talents through peer-to-peer renting and outsourcing platforms.
Participants are thus given the opportunity to earn income their own way and on the other end, enjoy more affordable access to products and services with budget-friendly alternatives.
The sharing economy also allows more flexible options for consumers to choose from, no longer are they restricted to big brands and expensive hotels when they can rent products and rent homes overnight.
This system also opens up leverage for job seekers to be able to find work that is in-line with their skills and career choice and likewise, it helps business owners find employees easier than ever before.
More benefits include contributing to the battle against material waste and creating unity and trust in the communities.
One more idea to keep in mind is that the sharing economy has technically been around for centuries, it was when times were simpler and there weren’t yet any big brands that hindered people from trading and selling with one another their personal belongings and self-cultivated goods.
But, with the help of technology, the public is given yet again an ecosystem wherein independent trade is possible.
It Comes in Different Types
The sharing economy consists of an enterprise of two types; non-profit and commercial.
Platforms that offer free online courses and learning materials are examples of the non-profit side of the sharing economy.
The commercial types of platforms are where companies provide certain services and secondary products to consumers for affordable prices.
Here are a few examples of different kinds of commercial-type services and websites:
- Freelance and Outsourcing – These are platforms that offer freelancers easy access to job applications fitting their specific skills. These sites also allow businesses and companies seamless outsourcing. Upwork and LinkedIn are two of the big examples of freelancing and outsourcing websites. They have been around for a while now and have dominated the online job application industry.
- Peer to Peer Lending – Big names such as Uber and Airbnb fall under this category, but there are definitely others more. Peer-to-peer lending refers to platforms that offer rental services to those looking to make use of the belongings they have lying around their house. It’s a great way to make money and save money at the same time.
- Fashion – Rent the Runway, Dress for Less, and The Black Tux are fashion websites that offer clothing for rent. These places are specially made for those hoping to spend less on high priced clothing brands only for a certain duration.
What does The Sharing Economy look like moving forward?
The sharing economy has been growing exponentially over the years, and it doesn’t show any signs of slowing down. According to an article by Brookings India, people in the sharing economy will possibly be spending $335 billion by 2025 in the United States alone.
Whether we like it or not, our economy is evolving, we could be seeing more services and categories emerge in the times ahead, providing the general consumers a more convenient, accessible, and affordable economic system.
Our platform, My Garage Rentals, also falls under the peer-to-peer category; but we prefer the term neighbor-to-neighbor, which boasts of our aim to build a trustworthy rental community, which allows a more secure and faster transaction for both the renter and the lender.
We are a rental platform that allows almost anything you deem useful to rent, such as handy tools, power tools, sports gear, camera gear, appliances, you name it, My Garage Rentals can rent it!
Sign up now at www.MyGarageRentals.com and take advantage of our rental services! Enjoy easy registration, the security of our $1,000 risk-free guarantee, and more unique features.
What is it that most Americans have that can be both an advantage and a disadvantage at the same time?
It’s having too many things in their homes and not know what to do with them.
According to the LA Times, there are 300,000 items in the average American home.
While this is something to be concerned about, it too can be beneficial as we continue to spend more time at home during this season.
After you read this article you will be surprised at how most of the stuff you have lying around your homes can be good sources of income.
Here are 10 ways you can earn from what you have lying around your house:
1. Sell and Deliver Food
Is your refrigerator running? Well, you better catch it because food is number one on our list.
Selling food has never been made simpler thanks to e-commerce marketplaces like Shopify, Ecwid, and Facebook Marketplace. People have taken to these websites to sell their fresh, frozen, and baked goods.
You will have to look for a meat supplier first if you’re planning on selling either frozen meat or packed cooked meals. But the internet cannot make that step any easier than it already is with just a Google search.
If it’s vegetables you’re choosing to sell, various articles and videos online provide a step-by-step guide on how to grow leafy greens and root crops in your backyard. For instance, Thompson & Morgan have a whole article on the Top 10 Easy to Grow Veg, Fruit & Salad.
2. Sell Stored Photos and Videos
If you’re a photographer, videographer, or a graphic artist, you may still have some unused media all stocked up in your hard drive.
Why not put them to good use instead of just leaving them there, taking up storage?
Phillips accepts photos, paintings, graphics, and artworks of any kind, which they will be posting up for auction online.
3. Sell Original Music
Musicians are at a leveled advantage during these times. If you have your instrument with you, which I’m sure you do because you are a musician. And once you have your recording equipment ready, with just a bit of hard work you will be making money in no time.
Soundtradr helps musicians publish their original work online and allows them a platform to sell.
TuneCore, on the other hand, can help you spread your music through the vast majority of social media and music platforms like Spotify, Apple Music, Youtube Music, TikTok, and oodles more.
The best part is, TuneCore promises that 100% of the revenue you earn from your music goes solely to you. In other words, they do not get a single cut from your work, zilch.
4. Sell Arts and Crafts, Sculpters and DIY Projects
If you’re into arts and crafts, DIY, clay sculpting, or woodworking; surely, you’ve got your chisel set and crafting tools with you at home.
Marketing platforms such as Facebook Marketplace, Shopify, and Ecwid can help you sell your handmade projects online. All you have to do is go through an easy signup and listing your items up for sale should be a piece of cake from there!
Not to mention there’s Etsy, another e-shop website made especially for original and unique handcrafted items.
5. Rent Your Dogs
This might come out as strange to you, but hear us out! Renting your dog to others could actually do you some use.
This allows you to finally be able to clean up the house, finish a project you never thought you could finish, or just lay back on your couch to watch Netflix without worrying about walking the dog, feeding him, or cleaning up his poops for a certain amount of days.
Additionally, Borrow My Doggy provides its lenders with user feedback from other dog renters which you can review. This gives you the peace of mind knowing that your dog is in good hands.
6. Blog or Sell Your Writing
Everyone’s a writer nowadays, even those who never really studied writing attest they are writers. In that case, let me tell you that you can earn in the security of your own home by writing!
An article by Vanessa Gowora states that the highest-paid blogger of 2019, Gina Horkey, founder of the Horkey Handbook blog, earns roughly $25,000. Although you won’t instantly be making that sum of money writing blogs at the beginning, writing as early as now can give you a head start toward there.
You can also have your work published as an e-book over at Amazon if you’re confident your writing deserves to get out there.
7. Sell Your Old Toys
Toys are another addition to our list of items to earn from! Whether you’re a collector, a father, or mother, or just have that old toy from when you were younger, you can always choose to sell those old toys or figurines online.
Neat Stuff Collectibles is a website made especially for hobbyists and toy owners to sell their toys online. Or you can always just post your toys up for sale on Facebook Marketplace or on Facebook “Buy and Sell” Groups, like The LEGO® Group.
8. Sell Your Old Books
Do you have way too many used books? Do you need to make more room on your shelf for newer ones? You may want to consider finally letting go of some of the older ones.
Amazingly, you don’t have to feel the bitterness or guilt when you choose to de-clutter away. Thanks to a few websites we found online, throwing your books away doesn’t have to be an option!
Decluttr is a great way to sell your used hardbound books online! They even allow you to sell other things of other categories too, i.e. LEGO toys and old DVD’s.
Bookscouter, on the other hand, focuses more on the buying and selling of textbooks; although, in some cases, they’d still allow you to sell hardbound books.
Now, if you’re the kind-hearted sort of fellow and wish to have your books donated instead, you can do so at BetterWorldBooks. But in case you happen to change your mind, you can also choose to sell your books there as well.
9. Rent Anything Useful
You read that right! Anything in your house that you deem useful, can most probably generate some income.
How you ask? With the help of My Garage Rentals, you can post your tools, bicycle, toys, your guitar, DSLR camera, and many more up for rent for people to use and for you to benefit from.
My Garage Rentals consists of a community of trustworthy lenders and provides its users with safe and secure transactions.
You can always review a lender or renter’s profile for feedbacks and comments, this helps steer you toward verified and careful borrowers.
10. Rent Your Home
If you’ve checked your entire house and have not seen a single thing you can use to benefit from, even with the help of the websites we’ve shared with you here; then we’re left to say, use your house!
Just make sure you have the place sanitized afterward or at least check if your renters are healthy, just to be on the safe end.
These are just some of the many ways you can take advantage of your stuff, we’re sure there are countless more out there.
What do you think of our list? Let us know if there’s something we’ve missed that you think should be on this list. But we sure hope this helps you get-by during this time of crisis.
For anything rental-related, message us on our Facebook page or visit us at My Garage Rentals.
Number 9 is going to shock you!
We’ve entered into an era where the global economy is standing on a thin foundation, swaying back and forth. Not a single soul knows when all of this will end; if we take a look at the previous SARS pandemic, we see that a pandemic can last for more than a year.
Until then, we ought to keep in mind that we may be facing this economic crisis for a little while longer than we think; therefore, we should consider cutting down on unnecessary expenses to save more money in preparing us for this long uncertainty.
Renting instead of buying stuff is a great way to save especially since most of what we buy ends up collecting dust in our garages anyway. Here are 11 things to consider renting over buying. Oh and watch out for number 9, you will surely be surprised!
A growing number of users have gone to My Garage Rentals to rent out tools for their home projects.
Gardening and DIY tools are on the top of our list of things you can rent out instead of buying brand new. Have you ever had a project at home where you ended up needing a certain type of tool, later realizing that you only really need it for that one time?
It wouldn’t just be a waste of your money, it would also be a waste of space around your home. The good news is, you don’t have to buy your tools brand new. My Garage Rentals offers peer-to-peer rental services, allowing you to borrow and lend out DIY and gardening tools you think won’t be needed for more than once.
2. Home and Spaces
You can rent an office space for your emergency conference meetings over at Liquidspace.
You might be planning to move to a new town but aren’t exactly particularly sure yet whether you will stay or not, we suggest that you rent a place first before buying just to see if that town suits you.
Websites like Airbnb, VRBO, and Home Away allow you to take advantage of services like this. Their system gives you the ease of mind knowing that the place you’re renting is secured and owned by good quality folks.
Homes aren’t the only spaces you can rent. Some of us might even need just a small portion of space, maybe for a conference meeting; rent out an office space, or a photoshoot studio with LiquidSpace. Can’t find a place to park? Why not rent a parking space with Just Park.
3. Photography Equipment
Lens Rentals exist for the main purpose of supporting photographers financially, especially beginners.
Entering into photography can be expensive, especially for students with a limited budget. Buying a brand-new camera body alone will cost you about $700, depending on the model and brand; on the other hand, a separate camera lens will cost you about the same price, depending as well on the brand and type of lens you choose.
I haven’t even included yet the rest of the basic gear like a tripod, reflector, flash, stabilizer, and so on. These will cost you a fortune should you choose to buy them brand new.
Fortunately, you don’t have to buy brand new equipment to start your way up to the photography business. Peer-to-peer platforms for camera gear do exist such as Borrow Lenses and Lens Rentals. My Garage Rentals also allows you to rent camera gear of all kinds.
Rent a book instead of buying one. Take to Book Renter for all your book rental needs.
Let’s be honest, the majority of people after they’ve done reading their books, most likely end up stacking them on top of their shelves, never again to be read; or dump them in the trash, to be later destroyed forever.
A research study on textbook recycling in America by the National Wildlife Federation shows that about 320 million books are sent to the landfill each year; that’s a pretty large sum to be wasted.
But there is a silver lining to this situation; websites like My Garage Rentals, Campus Books, and Book Renter are some of the many platforms that allow you to rent out a book instead of buying one brand new. You can also post your old books up for rent to earn a little extra income.
5. Professional Audio
Professional Audio can be a really expensive investment, but we can always rent through rentals like Capital Audio Rental.
Another thing to consider renting instead of buying is professional audio equipment. Trust me when I say that professional audio gear is tremendously expensive to own. I used to work at a music store that sold professional audio and the cheapest but least recommended speaker you could find will cost you about $800 and that’s just the left speaker.
There are a bunch of trustworthy audio rental services out there including Capital Audio Rental, Hollywood Sound, and soon enough My Garage Rentals. If you’re already a proud owner of a professional audio set, you can even start-up your audio rental by utilizing My Garage Rentals‘ peer-to-peer services which allows you to post your gear online for rent.
6. Sports and Outdoor Gear
Benefit from renting sports and camping gear instead of buying costly equipment.
Sports and other outdoor gear can be pretty pricey. The Pinarello Gan Disk 105 Road Bike, for example, will cost you $2,850; instead, you can rent a Leader 721 Road Bike over at My Garage Rentals for only $30 a day, which will surely save you a ton of money if you will only be using it for a couple of days.
Camping can get pretty expensive too since you will be needing a full set of gear before you’re well-prepared for the woods. Fortunately, there are shops like REI that allow you to rent camping gear such as camping bags, tents, shoes, and other camping and outdoor needs.
Let’s not forget the ride you and your family will be using to get to said camping destination; RVshare connects you with local RV owners who are willing to lend you their RV’s for your long trips, so you wouldn’t have to buy one brand new.
My Garage Rentals also offers rental for both camping gear and other outdoor and sports equipment.
You don’t have to live luxuriously in-order to use a yacht, you can rent one and save yourself from throwing away your money.
This saves you a lot of those expenses that come with buying a brand-new boat. Let’s be real here, do you really need a boat of your own?
Everybody knows that cars are expensive. Luckily there are multiple car rental services across the states and across the web.
The earth can truly benefit from you the moment you decide to rent a car rather than buy one brand-new. Don’t get me wrong, it’s convenient to own a car of your own.
If you live in a high-density city like New York or you’re just heading out of town for a two-day retreat or vacation, it’ll benefit your wallet more if you rent a car instead. Not only do you lessen your carbon footprint, but you also save a ton of money altogether.
Dogs are great companions, we could all use a companion when things get a little too lonely or stressful.
Bet you didn’t think it was possible, did you? Indeed, you can rent your very own canine. This can prove to be beneficial for those who need a furry companion just to get through the blues.
Another reason one would exploit these services would be to treat it as a trial to dog-owning, to see whether or not they can handle owning a dog. Whatever the reason may be, it’s a great way to save yourself from spending big bucks for a canine companion you probably wouldn’t need for more than a couple of days or so.
You can check out Borrow My Doggy if you’re interested.
Fortunately, in this day and age, we can stream and rent our entertainment online.
Gone are the days of Blockbuster where you rent out movies, music, and video games physically. Because of the advancement of the internet, services like Netflix, Hulu, Amazon Prime, and Roku have proven to be the much more dominant alternative to renting movies.
The best part is, you wouldn’t even have to leave your home to take advantage of their services, just register your method of payment and you can watch a movie with just a push of a button or two.
But if it’s music you want, I’m sure you’ve heard of Spotify, I mean, who hasn’t? Video games are no exemption to renting too, all thanks to GameFly we can now rent video games online for however long we wish to use it.
Rent a dress or a coat for that upcoming special occasion of yours, it’ll save you a ton of money as compared to buying.
Ever thought of renting out a dress or a coat for that upcoming prestigious double date with the boss and his wife? Or maybe for your son or your daughter’s senior prom?
Dress for Less, Rent the Runway, and The Black Tux makes it possible to rent out dresses and coats. You can now wear that Elizabeth & James dress you’ve always dreamed of without having to spend your entire savings!
If you’re looking for something for the little ones, look no further than Borrowed Boutique, a clothing rental steered towards kids.
Finally, you can rent almost anything. My Garage Rentals is a peer-to-peer rentals website that allows you to rent out almost anything, from power tools like an electric drill or an orbital saw to home appliances like a washing machine or an air conditioner.
Did I forget to mention you could rent out your items as well and make a few extra bucks while you’re at it?
The internet has privileged us with many convenient ways to buy and shop; but more importantly, it has also given us convenient ways to rent and sell almost whatever we want, and to choose the latter and save more money is completely up to us. You choose, would you still rather buy than rent?