5 Profitable Sharing Economy Business Ideas - E Book

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The sharing economy has disrupted the traditional ways of goods and services. People prefer sharing or renting of goods instead of buying them. This has led to the majestic growth of entrepreneurs and small business owners wanting to adapt to new peer-to-peer sharing economy ideas. Visit: https://www.rentallscript.com/5-sharing-economy-ideas/

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1 5 Profitable Sharing Economy Business Ideas

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2 A technology company that helps entrepreneurs to build successful businesses. About Us RadicalStart Infolab Software Development Company r adicalstar tnow Radicalstar t

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3 Introduction 01 02 03 04 05 06 07 Table of Contents Vacation Rental Business Car Rental Business Event Venue Sharing Business Equipment Rental Business Boat Rental Business Conclusion Page 2 Page 3 Page 5 Page 7 Page 10 Page 12 Page 14

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4 INTRODUCTION 1

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5 Sharing Economy What is sharing economy The sharing economy is a concept of sharing the products or services within the individuals. Peer to Peer car sharing is a part of the sharing economy which is growing at an enormous rate. People prefer sharing or renting of goods instead of buying them. This has led to the majestic growth of entrepreneurs and small business owners wanting to adapt to new peer-to-peer sharing economy ideas. The popular and profitable business ideas are • Vacation Rental Business • Car Rental Business • Event Venue Sharing Business • Equipment Rental Business • Boat Rental Business

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7 1. Vacation Rental Business An alternative to a hotel stay is renting a home or an apartment. This promising sharing economy idea makes a vacation rental as the most successful business. Booking home or an apartment instead of hotel rooms is due to the fact of: ● Available of many amenities like kitchen free wifi pet-friendly houses swimming pool etc ● A feeling of staying at home ● Spacious to accommodate more people ● Cheaper cost ● Living among locals Sharing Economy Business Ideas ● User Preference According to Statista the number of users renting vacation homes are 297M in 2019. It is expected to reach 361M users by the year 2023 concluding insights of people’s preference. People who usually rent homes are the tourists and travellers of the age group 18 to 60.

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7 ● Revenue Generated At present the revenue generated is US 57 billion. It would amount to US 74 billion by 2023. According to the report by Statista the United States is the top country for generating the highest revenue compared to the market volume followed by China Germany Japan and France. ● What does it take When you have an idea of starting a vacation rental business the two most important thing is to learn about your users locality and platform representation. Do market research and gain insights from it and make sure to do this in your targeted region. The success of the vacation rental depends upon more or less due to these factors such as: ● Location ● Regulatory considerations ● Local taxes ● Vacation rental competitors ● Insurance and maintenance policy offered

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7 2. Car Rental Business The car rental business solely demands upon the supply and demand of the geographical area you are launching. People rely on renting a car during traveling outside the city or to a short distance inside the city. Other promising car rental business ideas are corporate rental weddings tourism etc. Find these ideas in detail in this blog here. Uber became popular by keeping a business model of commuting to a shorter distance. Now let’s look at actual statistics Sharing Economy Business Ideas

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7 ● Revenue Generated In 2019 the revenue of the car rental industry amounts to US26 billion. By the end of 2023 it would be US30 billion. On seeing this number we can conclude it is a profitable sharing economy idea one can start on. ● What does it take There are two options to start a rental business. One if you have your own fleet of automobiles create your own car booking website to book your service Two you need to invite people to become a host on your site by renting their automobiles and earning an income from it But before starting a car rental business do market research on: ● Competitors pricing strategy ● Market requirement ● Insurance policies given on accidents and property damages

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7 The boom of sharing economy has impacted the way to book venue spaces. Users can now book event spaces in the website for a short span of hours or a few days to events such as baby showers receptions office parties photoshoots conducting workshops dinner etc. In this article we have already discussed the common misconceptions about event venue sharing. ● Who can start this Individuals who owned large spaces or big properties viewed as a way to earn a profit renovated their space to facilitate any event. Venue sharing websites like Venuu Hirespace Eventup Peerspace are the top players in this game. Sharing Economy Business Ideas 3. Event Venue Sharing Business

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7 ● Revenue Growth When you look at the five-year forecast released by the American Rental Association ARA the party and event rental revenue show a 2 cumulative growth over the 2016-2020 time period. Coworking space is changing the scenario of office working space. It is mainly attracted to people who are freelancers work from home professionals and budding entrepreneurs who need proper infrastructure before they kick off their flight. This coworking concept is being launched in major cities of many countries. The success of this business model is the ability to work independently yet among connecting with brilliant minds. Some coworking space to survive in this competitive market began renting spaces for office meeting and conference providing options such as bringing pets to work renovating the architecture of the building suiting the particular profession.

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7 ● Revenue Generated The global market value of coworking workspaces is 26 billion and the global average of the year to year growth is 15. ● Occupancy statistics Currently the average occupancy is slightly increased to 1.2 members per desk.

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7 Tools and equipment are indispensable for the construction and machinery industry. As the sharing economy started from renting home space to cars and bikes why not consider equipment rental as fresh sharing economy idea Small to middle-sized pieces of equipment such as builders tools home maintenance tools like lawnmowers party and banquet equipment personal and household goods rented periodically. Heavy equipment such as bulldozers earthmoving equipment cranes or well-drilling machinery rented for heavy construction off-highway transportation or mining by big industries as it is not easily affordable. Sharing Economy Business Ideas 4. Equipment rental Business

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7 ● Revenue Generated The stats reported by Statista in 2021 the equipment rental market would be expected to reach 59.4 billion U.S. dollars in the United States. This suggests positive growth. ● What does it take There are two ways one can start this business. 1. If you have an idea of starting an equipment rental business you can create a website or an app to rent your own equipment. 2. Starting a multi-vendor website to bring many hosts to rent their tools and equipment. Both would require a proper marketing strategy to make it popular to use it.

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7 In old times to rent a boat we approach the owner or the captain of the ship hanging near the dock to rent it for fishing or parties. Or you approach an agency that has a fleet of boats at business. You approach them talk to them about your needs and sort out the price. You pay the concerned party and start your sail into the sea. In today’s world with the increase in usage of mobile phones and the availability of the internet people prefer booking a boat yacht or any type of service online with minimal efforts. The agencies which are there for generations are adapting to the new way of conducting the business i.e through online. Sharing Economy Business Ideas 5. Boat rental Business

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7 ● Revenue Statistics According to the Statista in 2018 there were about 11.85 million registered vessels in the United States. To add over 87M U.S. adults enjoy recreational activities like boating fishing and water skiing and/or to travel. As there is an increase in revenue and boat manufacturing we can gather there is an increase in renting boats for fun activities. Aim of the marketplace platform: Bring closer boat owners to their customers and vice-versa and ease the booking process to both parties.

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9 Your platform is as important than anything else as the booking process happens through them. Keeping it fast hassle-free and appealing with user-friendly interface makes it successful. RentALL - A fully customizable Airbnb clone script which helps entrepreneurs to start their own rental business instantly. RentALL is the best solution to manage any of the rental businesses you are in. www.rentallscript.com LEARN MORE What is RentALL RentALL Image Source: Pexels.com

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