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How To Earn A Side Income With The Sharing Economy?

Sharing is caring. So said every parent, teacher and devious sibling (with one eye on your shiniest new toy). But what did you ever stand to gain from that? The warm, fuzzy feeling of benevolent goodness is rather abstract to a child. And concerns about an item’s safe return only increase as more valuable assets fall into our possession as we grow older.

One question remains on your mind when it comes to sharing.

What’s in it for me?

Cold, hard cash. Really. The ‘sharing economy’ is a model of economic behaviour in which individuals are able to borrow or rent assets that belong to someone else. Over the past few years, countless websites and apps have sprung forth advertising their ability to harness an untapped source of extra income from things you already own. Peer-to-peer rentals have the greatest earning potential for owners of items which are high in value and not in daily use.

Want to explore the sharing economy to earn your own side income? Try one of these:

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#1 UberEats

A car, scooter or bicycle and a little spare time can go a long way to topping up your income with UberEats. The idea is to use your favoured mode of transport to make takeaway deliveries in your spare time. You can set your own working hours, delivering as many meals as you want, as often as you please. This one offers a fast payout, too – setting up Flex Pay means that you can receive earnings within 48 hours. Navigation information is provided in the app. Added bonus: you’ll get acquainted with all the best restaurants in town.

#2 Rover

This petsitting and dog walking platform matches time-poor owners with local dog-lovers. It’s ideal for someone with a reasonably spacious property who often works at home, or someone who enjoys a regular stroll in the park – you earn money by simply coexisting with your neighbour’s mutt for a few hours. It’s like babysitting, but awesome.

#3 YourParkingSpace

A vacant parking space, driveway or lock-up garage could drive thousands of dollars or pounds directly to your bank account. Space owners list their facilities, set their rental rates and sit back while YourParkingSpace secures a steady stream of drivers and provides them with the necessary access information. The average landlord earns £1020 per year, but that figure rises spectacularly for homeowners near a city centre or beside a popular venue.

#4 Adam Helps

Founded in Toronto in 2017, Adam Helps connects neighbours so that they can get chores done together. Most odd jobs posted are errands and housework, but you stand to earn a premium if you have access to gardening tools or a vehicle. Payment is delivered in person as cash or a cheque, and the eponymous Adam doesn’t apply commission, meaning everything you earn for your help pays will go straight into your back pocket.

#5 Airbnb

Airbnb has been a sharing economy stalwart since throwing open its hosts’ doors to the public in 2008. The premise is simple: rent out your spare room to provide travellers with hotel-beating value and a homely touch. The fact that some landlords have become full-time Airbnb power players, earning over $1m per year from multiple luxury properties, stands testament to the earning potential of the sharing economy.

#6 Drivy / Hiyacar

Peer-to-peer car hire platforms are powerful earners: even a small vehicle will net its owner upwards of $25 per day. Comprehensive insurance fortunately nulls the risks you once faced lending Batman to your baby brother. Both of these apps also offer keyless mobile technology which permits renters to access the car using just their smartphone app, negating the need to meet with the owner to pick up and drop off keys.

#7 Fat Llama

From hi-tech camera equipment to lifelike Gandalf costumes, Fat Llama’s encyclopaedic inventory of rentables proves that the sharing economy is limitless in application. The Fat Llama team have found that seasonal sporting equipment and high-value digital gadgets (such as projectors and cameras) generate most rental requests. Interestingly, a lot of renters represent small businesses, who have substantially more spending power than individuals.

#8 Vrumi

Like Airbnb minus the sleepover, Vrumi allows you to rent out home office space by the day. If you can see potential in your property to host a meeting, transform into a hip coworking hub or inspire artistic creativity, you could make between $25 and $600 per day without doing any of the work yourself.

#9 Storemates

Like Airbnb for inanimate objects, Storemates matches owners of spacious homes with individuals who need their storage space. It’s the perfect back-up option if your flair for interior design isn’t quite on par with the Vrumi community. A space as small as 8 square feet can bring in an extra $30 per month; garages and lofts push closer to $200.

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Written by Lydia Woodward

Lydia graduated from Cambridge with a degree in Anthropology. When she’s not intellectualising parking spaces for the property management community, she writes with spook and humour. The perfect Bluetooth travel keyboard distressingly eludes her.

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