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The sharing economy, also known as the Peer-2-Peer Economy, Collaborative Economy and Trust Economy is upon us. Technology impacts, income generation, economic implications and opportunities for business, governments  and consumers will be far ranging and far reaching.

Everyone can benefit. The sharing economy is another technology driven, seismic shift that will upend major business systems and redefine the way we live.

Economically – everyone has the opportunity turn their dormant assets into income streams. Airbnb generates approximately $56 million (USD) in local spending and supports 430 jobs in San Francisco. Of the total guest spending, $12.7 (USD) million goes directly to local host households. More recently in 2014, Airbnb raised $175 million in economic activity in Barcelona in one year alone and supported more than 4,000 jobs. Like Airbnb, other sharing economy companies such as UBER, Lyft, Gumtree, Etsy, Airtasker and Spotify all provide opportunities to generate income.

Image source: UBER

Simple Tips to earn a better Sharing Economy income:

  1. Don’t put all of your income eggs in one basket.
    If you are an Airbnb Host then you can join Airtasker and other services and use your hospitality skills to increase your earnings. If you are an UBER driver then there is no reason why you can’t use the funds earned to set up a group of drivers that work for you… there are loads of variations and thinking outside the box is key.
  2. Technology is not your enemy.
    Sharing economy companies have invested billions of dollars into making the user experience seamlessly easy for their users, both for the customer and you. There are numerous tips, FAQ’s, and real-time support on their digital platforms so best to use it to your advantage.
  3. Connect to a Sharing Economy Peer.
    Working in the sharing economy has loads of benefits but loneliness is not one of them. By creating your own network of peers, whether you are an UBER driver or Airbnb Host, sharing your common problems, getting insight and growing your network is just like working with colleagues in a workplace.
  4. Driving mobile and digital traffic to your profile.
    Now that you are working in a digital and mobile world, just relying on your parent companies exposure to your brand is not enough. You have to build your own social brand and engage with your customers heavily. Getting reviews out of them is a must. Sharing these reviews online is even more reason to increase the traffic to your profile and gain more business and trust among customers.
  5. Stepping stone.
    Working in the sharing economy has big ups. Think of it more as an opportunity to meet people and grow your network opportunities. Just like LinkedIn, you get first hand connectivity to people from a broad range of economies, trades, career disciplines and society class. Your sharing asset is your boardroom and by displaying entrepreneurial skills, first-class customer service and engaging your audience in feedback, you are likely to display characteristics that people want to invest in – ‘YOU’. So go for it. You are your biggest investment.

Image source: Austin Chronicle

Shop the latest Future Hub Sharing Economy Trend Report now.