Skip to main content
Ratehub logo
Ratehub logo

How to make money in the sharing economy

In the current unprecedented world, people are facing financial instability across North America. Many people struggle with the already high cost of living, and health concerns continue to prevail, further disrupting our economy.

With little money to invest and even less time, people need a solution. Or, at the very least, an outlet to generate income without the fear of job loss or wasted investment. There is the idea of the classic side-hustle to cover additional expenses or provide financial security down the road, but how do you start? Many look at how to make money in the sharing economy. 

As a long-awaited boom in the market, the sharing economy, also referred to as the peer-to-peer economy, provides the average person with the opportunity for success. As Forbes said in the articleWhy Your Blender Is A Cash Cow, the sharing economy is a way to source things at a lower cost, make money from stuff you already own and access new experiences across the globe.

The sharing economy is a goldmine for those who want to save money, make money, and create new life experiences along the way.” — Forbes 2017

Making money in the sharing economy

There are so many options available. All you need is a car for deliveries to start with Skip the Dishes or UberEats. You can begin ride-sharing with Lyft or Uber. You can Airbnb or HomeAway your home. Use Neighbor to rent your basement for storage. You can try Rover to rent out your parking spot. But what if you don’t want to use your car, home, or don’t have either to use?

There are many other options available outside of the sharing economy pioneers, like Airbnb and Uber, and that are accessible for everyone. Take Ruckify for example, a concept that lets you rent anything you own.

This type of option gives you much more flexibility and doesn’t eat away at your free time. Instead of requiring expensive assets to rent out for long periods, you can find value in the small, inexpensive things lying around your home. Best of all, you don’t need one specific asset to leverage. You can start with the items in your garage you forgot existed and then work your way to small appliances, book collections, photography or hiking gear, and specialty tools.

With all these concepts that facilitate niche sharing, it’s no wonder why people are generating so much cash from renting out items that they already own. These side-hustle opportunities require no monetary investment or up-front costs, and some people have made around $1,000 a month.

You can earn some extra pocket money, or make enough to cover your bills. You might even make it a full-time gig and add more (used) inventory to your rentable items. Best of all, you can operate it all from your smartphone, and promote it on your own social media, your only cost is time, and a small percent of your transactions in these marketplaces.

How to get started in the sharing economy

So, how can you make money with the sharing economy today? Consider what options are available to you, do your research, and look at what’s going to work best based on your lifestyle.

It’s important to think about the time you have to invest. Maybe you work full-time, have kids, or other responsibilities that demand your focus.

Start looking at the things you own a little differently, where you once saw a TV, now you’ll see $30 in your pocket a day (with the right promotion). Maybe you have a spare bike you could jazz up and post to make a few extra bucks. We know bike shops across Canada are having a hard time keeping any inventory. There is no limit to how much you can rent or how much money you can make.

For more information on the sharing economy and how you can make money, check out Ruckify’s live webinars and learn precisely how to master the art of the sharing economy.