Everyone is thinking about a shared economy, but most have no idea what the sharing economy is or how to launch one.
I mean, as of 2015, according to a Pew Research Center survey, only 27% of Americans had heard of the term “sharing economy”. That’s not so wild, considering more people in my neighbourhood have heard of Uber but not the business model that inspired it. Basically, the survey checks out even in 2021.
We can’t ignore the economic situation around us, and it is necessary to design suitable business models.
Contents
Real Talk
Have you ever caught yourself looking at an array of dishes on a menu and secretly wishing you can try a bit of everything although you have just enough cash for one meal and the bus ride back to your tiny apartment? So you stare around the quaint restaurant wondering if anyone has a similar thought, and then you wonder if you both could go halfsies on the meals.
Okay, maybe I’m the only one that is too broke to afford my appetence.
Stick with me on this. I promise you I’m going somewhere. We could be Brian Chesky and Joe Gebbia all over again.
Let’s role play.
Me: The economy in Nigeria is so bad.
You: How bad is it?
Me: Drops a screenshot from Twitter.
What is a Sharing Economy?
It’s a socio-economic system aided by technology that enables people to share their resources and less cost than traditional marketing.
Emphasis on “aided by technology”.
It’s a trading platform that links clients to customers. So let’s say you found yourself in a quaint restaurant and you were wondering if someone would go halfsies on a meal with you. If there was an App or website where you could find other gluttons on some sort of waiting list to share a meal, such a platform falls under the business model of a sharing economy.
Do you catch my drift?
A Bit of History
It all started around the time of the great recession. There were growing concerns about the world’s population and depleting resources.
It’s no different from the times we live here in Nigeria. Every day I go to the market, and I’m surprised at how prices keep skyrocketing.
We can hope things do not get worse. However, if things worsen, entrepreneurs must rethink the economic fundamentals.
Sharing Economy Business Ideas
A business idea doesn’t have to be grand. If it’s a major need, it’s a significant market. Half the time, people don’t know they want something until you show it to them. So you have a good chance at building something great.
AirB&B
You won’t believe it, but somewhere in California in 2008, two broke flatmates – Brian Chesky and Joe Gebbia had trouble paying rent. They decided to create a website advertising three air mattresses and a promised breakfast, and three people showed up. Today we have AirB&B, the world’s largest accommodation provider that doesn’t own a property.
It’s incredible the things we can think of when we are hungry and can’t afford rent.
Upwork
Before the pandemic, people were already starting to embrace the idea of working from anywhere. The pandemic opened people to a different approach to work. Companies like Fiverr and Upwork already had a head start on that front.
Many startups can’t afford the luxury of retaining staff but have just enough money to pay to get a job done. Upwork is one leading platform that connects clients to employers. It empowers employees to negotiate, build and their profile.
Uber
Uber said if you have spare time and a car, why let it sit in your garage when you can earn a few bucks helping people move around your city.
Oh, the number of services one could provide at less cost to traditional marketing if more people embrace the sharing economy. Sadly people would rather choke up one channel of business rather than come up with fresh ideas.
Thanks to Uber, transport apps spring up now and then, but I say there are more business ideas to offer in sharing economy.
Good grief, let’s not share yams, please.
If this isn’t exactly the kind of business ideas, you were scouring the internet to find, I Go you with this post on Top 500 Small Business Ideas.
Random Thoughts
We hired a bus to travel for a function scheduled to last three days, and we agreed to split the fare amongst ourselves. Last-minute cancellations and we came short by a few seats, so we decided we’d pick passengers along the road.
On our way back, there was a small argument as the driver had concerns about how we hoped to cover the balance since we didn’t find any passenger to cover the cost of the empty seats.
As we rallied round to raise the money, some contributed as much as two thousand nairas and some as low as five hundred bucks, while others were too broke to spare a dime. I thought to myself how great it would be to have an app that could pair our bus to passengers travelling long distances across Nigeria.
Every day, dozens of people get married in different cities and often need travel assistance for their guests coming in from different states. People hire buses for other social functions too and sometimes regular transport systems can get expensive. If only there was a platform that can link riders and, of course, guarantees safety and security.
Something to Inspire you
Starting a business can be challenging. While researching on economy sharing business Ideas, I was pleased to see that these ideas were already a reality in some countries.
So here is a list of existing business models on the sharing economy that could inspire you to start the next multi-billion business brand.
Don’t forget to call when that dream becomes a reality. Goodluck.
The difference with traditional business models like cabs and hotels is that it was challenging to link service providers to ready clients. It also provided a cheaper alternative and empowered individuals to earn extra income.
People have tasted the good life working from home or WFA, and frankly, they’d prefer not to go back to a boring office. However, internet access is an issue.
Yes, workstations provide short time offices and internet service, but sometimes I don’t want to get in midday traffic or be out in the sun just to get a job done. Feels good to say that out loud, but this article isn’t about me.
Where was I? Regular internet subscription can be too expensive for some, while some always have data spillovers. If only there were platforms that allowed clients to find people willing to share their internet for a cheaper cost within a period. Oh right, someone did that. It’s called Fon.
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