13 Profitable Sharing Economy Business Ideas
Would you like to start your own sharing economy business or earn money on the side, but still need to find the right business idea?
There will be countless exciting business ideas again in 2021. While it sounds exciting to start your own business, it's important that you run with the right idea.
Your goal should be to build a business in a niche that is not only profitable but can also ensure your long-term success.
Hopefully, all of the sharing economy business ideas listed here will give you inspiration and a head start for the 2021 year.
Here they are:
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1. Start an office equipment rental
Purchasing office furniture, PABX pr IP telephones, photocopy machines, laptops, and conference room equipment will break the bank, especially for new startups. Renting office equipment has become more cost-effective for startups and businesses expanding to new locations.
Therefore, if you are planning to start a rental business but are unsure, consider office equipment rental. Business projects, conventions, Trade shows, business conferences, and corporate events require rental office equipment.
How much you can make: $15,000/month
How long does it take to build: 1095 days (?)
Founder Alan Crowe launched Room2work, a niche coworking space for small businesses in 2020, generating $14K a month with plans to reach $100K in gross profit, by combining the coworking model with the self-storage model to offer a flexible office space optimized for local SEO, virtual offices, and meeting rooms designed for virtual teams.
2. Start a jewelry rental business
3. Start a car rental business
Starting a car rental business can be a profitable venture for those interested in the auto industry.
Retail and corporate are the main segments within the car rental industry. Retail car rentals focus on individuals who rent cars for shorter periods, while corporate car rental targets companies that want to transport clients or employees.
If you are starting a car rental business , target airports, hotels, railway stations, commercial offices, and other high-traffic areas.
Market your business, hire employees who will manage the operations and keep records, and purchase business insurance for both cars and employees.
How much you can make: Unlock this data
How long does it take to build: Unlock this data
ROAMERICA, a campervan rental company founded by Taylor Hood and Gretchen Bayless who quit their full-time jobs to focus on their business and have expanded their fleet quickly to meet the demand of adventure-seeking customers, with most of their web traffic coming from organic Google searches and a focus on social media and brand awareness.
4. Start an apartment rental business
An apartment is a private residence divided into several separate dwellings. If you are interested in starting an accommodation and housing-related business, apartment rental can be a good fit. Your target customers can be business executives, dignitaries, travelers, etc.
To start your business, look for a strategic location and build or buy a ready property. When purchasing an apartment, you may need to renovate the property to be suitable for rental.
How long does it take to build: Unlock this data
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5. Start a vacation rentals business
Vacation rentals host travelers for a short period. Often located in top vacation destinations, vacation rentals feature spacious rooms and a cozy lifestyle and are cheaper than booking a hotel.
Building or buying a vacation rental is a smart way of creating a passive income without much involvement in the business.
To make money through the vacation rental business, ensure a strategic location, often nearby attractions. Choose an area that is easily accessible and desirable all year round and create a beautiful space for your guests.
Stand out by optimizing the vacation rental listing online and featuring all available amenities.
How much you can make: Unlock this data
How long does it take to build: Unlock this data
This case study explores how a couple turned their childhood homes into vacation rentals, welcoming around 3k guests annually and generating an average revenue of $50k per year and property by focusing on a strong online presence and organic traffic.
6. Start a camp space sharing business
7. Start an event venue sharing business
Struggling to find a unique and profitable business idea? Consider an event venue sharing business. This concept is straightforward: provide a platform where owners of various event spaces—from lofts to vineyards—can list and rent out their venues to those planning events.
Unlike buying or long-term leasing, this model offers flexibility for both venue owners and event planners. Venue owners can earn extra income during idle times, while planners get access to diverse locations. It’s about connecting the right people at the right time.
If you're intrigued by real estate or enjoy making connections, this might be the perfect venture. Not only do you help create memorable experiences by providing the ideal spaces, but you also leverage your skills in managing logistics and relationships. This avenue offers a scalable and versatile way to start a business with relatively low initial investment.
How much you can make: Unlock this data
How long does it take to build: Unlock this data
Spacehuntr achieved a +700% growth in 2019 with revenues, despite the global pandemic, on track to match that growth in 2020, by launching a 360° platform for businesses to book and manage unique Work, Play & Stay spaces, catering to international corporations such as Airbnb, Netflix, and Uber.
8. Start a co-working space rental business
The co-working spaces are becoming essential in the post-pandemic world. Experts estimate five million people will occupy coworking spaces in the next few years. The projections are based not only on the growth the coworking industry has experienced over the past few years but also on the sharp increase in the number of startups coming up each year.
Therefore, creating your coworking space business will become a lucrative opportunity. To create a coworking space, do proper market research to ensure you have the demand for a co-work space in your target area.
Then, focus on finding an ideal location to attract the maximum number of customers.
How much you can make: Unlock this data
How long does it take to build: Unlock this data
Chicago based Ignite Technology and Innovation-owned Momentum Coffee & Coworking, which focuses on coffee, coworking, community, and event space, rakes in about $17-20k a month in revenue, mostly from online and offline advertising, and just celebrated their first anniversary, with plans to open 2 more locations in Chicago in under-resourced communities.
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9. Start a car sharing service
Globally, people are looking for the most cost-effective way to move about. The increasing cost of car ownership has forced people to car sharing services.
Car sharing is where vehicle owners offer their vehicles for others to rent for a short period. The arrangement saves gasoline, parking fees, maintenance costs, taxes, and other expenses. Also, car sharing is a practical alternative for those on a budget who do not necessarily need full-time access to a vehicle.
According to experts, the global car-sharing market has exceeded 2 billion and will keep growing at a CAGR of over 20% for the next decade. In that regard, starting a car-sharing service presents a lucrative business opportunity.
With enough capital, you can purchase multiple vehicles and launch your car-sharing service.
10. Start a crowdfunding platform
Raising money for your project can be difficult. Crowdfunding is one way to get funding through a large number of smaller investments. If you have some expertise in a particular area that may be useful to other people, there's no better time to take action. The crowdfunding revolution is happening right at your fingertips.
Crowdfunding has exploded over the past year, and you need to be a part of it. The Worldwide crowdfunding market share is expected to increase by $240B from 2021 to 2026. Crowdfunding is one of the quickest ways to get funding and build your brand.
How much you can make: Unlock this data
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DistantJob is a unique recruitment agency that specializes in finding full-time remote employees, and with $3 million in annual revenue, they offer small to medium-sized tech companies an edge over big competitors who are not willing to hire remotely.
11. Start a storage rental business
Are you planning to start a passive income business? Storage unit business is an excellent choice for passive income.
Storage spaces offer a solution for people and businesses with too many things but lack enough space to store the items. Besides, the demand for storage space has increased and is expected to reach over $64 billion in the next few years.
Therefore, if you have some idle land, you can construct storage spaces for rental, ideal for industrial, commercial, and residential clients. If starting a storage business, remember location is a critical factor, and do market research to find out the market rates.
12. Start a sporting goods rental
With the latest outdoor activities and wellness trends, sportswear rental could be the next big business opportunity.
For the people who only participate in sports activities infrequently, renting sporting goods is the best option. Successful sporting goods rental businesses can profit from this growing trend.
If you are starting a sporting goods rental business, research the market and find out who potential customers shall be. Understand their requirements before investing in sporting goods.
How much you can make: Unlock this data
How long does it take to build: Unlock this data
Esports management software company ggCircuit has doubled its revenue every year since inception and amassed $4 million in revenue in the past year alone, while offering services to over 700 customers globally and projecting double that in revenue over the next 12 months.
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