“Innovation by its nature, does not always fit within existing structures.”
– Andre Haddad (CEO of RelayRides.com)
The share economy is here, and growing like Gremlins in a bathtub. It’s also perhaps the quickest way to make extra money for travel quickly, and kickstart your freewheelin’ wandering ways.
What is the share economy?
Also known as Peer-To-Peer or Collaborative Consumption, the share economy is the exchange of goods, products or services amongst people.
Traditionally we the people (consumers), purchase goods or services from companies or organizations.
Now, thanks to technology we can get many of the same things for cheaper from neighbors, friends and trusted strangers.
The best part is that you can participate and begin earning extra money for travel immediately. This new economy allows anybody with a few assets to become their own business.
Laws are ever-changing, as the government and big business works to do everything they can to stop this billion dollar industry.
Why?
Because they can’t make money off of it (I love that!).
The exchange of these assets takes place between people, cutting out organizations. It’s breaking traditional business and consumer culture into thousands of pieces.
Read on, and consider these options as potential extra streams on income to support your travel ambitions.
The Business of Your Stuff
Do you own stuff?
If you answered yes, you’re in business.
Welcome to the share economy.
How can you make money?
If you own a car, rent it out for extra cash and make extra money for travel.
Own a home, rent it.
Own an X-Box 360, rent it out.
Willing to dog sit, open up your home for cash.
Rent out your driveway for parking.
Rent your bicycle for cash. BOOM! More money for travel in your pocket.
These are just a few examples of this exciting new economy.
How can you save money?
Rent stuff you need only for a few days instead of buying it.
Rent a car for cheap.
Trade things with others.
Again, the possibilities are endless.
What do you need to get started?
The most important thing you’ll need is trust.
After all, if you’ll be letting a perfect stranger live in your home, rent your car or watch your dog then you will have to have some faith that things will work out ok, and that people are decent.
If you can detach from your things and treat them as part of the business of you, then you’ll discover a world of potential to generate extra cash for travel.
If you take it to the extreme, it is even possible to earn your entire living solely by peer to peer exchange.
Don’t get overwhelmed with options. Just take a look at the following list, decide what is comfortable for you, and give it a try if you are intrigued.
Please make sure you thoroughly research policies for any website before you sign up. You’ll want to be fully covered in case anything goes wrong.
Make Money On Your Home
Note: If you are renting, don’t assume you can’t do this. Maybe you can talk with your landlord and give them a share of the profits. Perhaps you can work with a friend who owns a home and handle all of the logistics for them? Maybe you have some other ideas on how you can pull this off? Take an hour or two and look into some options.
Rent and mortgages are HUGE expense. Often, they are cited as the reason people can’t afford to travel. Imagine being able to pocket your rent or mortgage each month? It’s one of the fastest ways to save cash money baby.
Listing your home for rent is a great way to generate money for travel. Recently, I met a couple who were financing their first film this way. Anytime their home gets rented they pack up and go camping for free or minimal cost. They are able to live for free and even earn extra money for their film.
Where to share:
homeaway.com
vrbo.com
airbnb.com
housetrip.com
9flats.com
Wimdu
Make Money On Your Car
Got a ride? Rent those wheels to somebody else and generate income. Easy. If you don’t have a car, get rides for cheap or even free on some of these sites. You can also rent a car cheaply when needed and save on payments.
Where to Share:
relayrides.com
uber.com
rent your empty car seats at gocarshare.com
getaround.com
lyft
Make Money On Your Bike
Let somebody else spin your pedals while you relax and rake in some dough,
Where to Share:
Make Money On Your Stuff
Got a power drill, X-Box and Lord of the Rings Trilogy laying about? Rent it to somebody else while you not using it.
Where to Share:
rentoid.com
snapgoods
zilok
rentneighbor
Make Money With Odd Jobs
Share your time, money or skills to make extra cash.
Do you or a friend have some prime blacktop where people would pay to park?
List it on parkingpanda.com
Want to get some quick cash doing small jobs? Head over to taskrabbit.com
Become a dogsitter at dogvacay.com
Share knowledge of your hometown and become tour guide at vayable.com
Of course you can also list services you provide or things you want to sell on craigslist to test the market or run the business of you without any support websites.
These are just a few examples, and I’m sure plenty of other new services will be on the way.
What Are You Waiting For?
Don’t sit on the sidelines of the share economy.
Detach from the emotional side of your possessions and begin looking at them as assets that can generate cash to support your travel goals.
Don’t let your stuff own you. Remember that you own it.
If participating in this exciting new economy sounds like a great idea to you, then jump right in and don’t wait. Leverage the things you have for cash and stick it in that travel fund. You’ll be going from Zero To Travel in no time.
What do you think about the share economy? Any other suggestions? Dare I say to please ‘share’ them below in the comments:)
You're almost there!
Drop your email below so we can send your FREE course!
What a great article. I actually just finished listening to a session on NPR about the Share Economy, so this was a perfect follow up. Thanks for all the resources/urls too!
Really? Oh man, I need to download that one asap, thanks for the heads up. Glad these resources were useful..I’ll add onto the list if I hear of any more.
Hi! I’m at work browsing your blog from my new iphone!
Just wanted to say I love reading through your blog and look forward to all your posts!
Keep up the fantastic work!
The shared economy is a market based one too. Simp!e supply and demand. For example if demand is high for goods and services in your area it will increase the price people are willimg to pay. This tends to spike during certain times of the year.
For example, I live in Austin, Texas and know of people who rented their homes out during SXSW and were able to charge in some cases hundreds or even thousands of dollars per night. Why? Huge demand for places to stay, not enough inventory and visitors able and willing to pay (many traveling there for business.)
Think about times of the year when you have conditions like this, and look into the ways you can benefit. Visit sites like HomeAway during those times to see what properties rent for to see what you could potentially earn.
Great idea Marc! By working backwards and determining the value you can make a smart decision and when to list and for how much. As a newbie this is really helpful, thank you!