Business Ideas: 5 Profitable Sharing Economy Business Ideas

1. 5 Profitable Sharing Economy Business Ideas 1

2. About Us RadicalStart Infolab Software Development Company A technology company that helps entrepreneurs to build successful businesses. @Radicalstart @radicalstartnow 2

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

4. 1 INTRODUCTION 4

5. Sharing Economy The popular and profitable business ideas are 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. Vacation Rental Business • Car Rental Business • Event Venue Sharing Business • • Equipment Rental Business 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 ideas. • Boat Rental Business economy 5

6. Sharing Economy Business Ideas 1.Vacation Rental Business Booking home or an apartment An alternative to a hotel stay is instead of hotel rooms is due to the renting a home or an apartment. fact of: This promising sharing economy ● Available of many amenities like idea makes a vacation rental as the kitchen, free wifi, pet-friendly most successful business. houses, swimming pool etc ● A feeling of staying at home ● Spacious to accommodate more people ● Cheaper cost ● Living among locals ● 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. 7

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 7

8. Sharing Economy Business Ideas 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! 7

9. ● Revenue Generated In 2019, the revenue of the car rental industry amounts to US$26 billion. By the end of 2023, it would be US$30 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 7

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

11. ● 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. 7

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

13. Sharing Economy Business Ideas 4. Equipment rental Business 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. 7

14. ● 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. 7

15. Sharing Economy Business Ideas 5. Boat rental Business 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. 7

16. ● 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. 7

17. RentALL What is RentALL? 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. LEARN MORE www.rentallscript.com 9 Image Source: Pexels.com