Sharing economy connects individuals who need a particular service or product with other individuals who are willing to render or share that particular service or product.
A huge number of startups have emerged from the concept of sharing economy, and 17 of them are worth a billion dollars each. Needless to say, the sharing economy will continue to grow, which will offer a fantastic opportunity to the entrepreneurs who are willing to cash on it. The benefit of growth in sharing economy is a win-win situation for users, and aspiring entrepreneurs too.
- Existing Businesses will Grow
In a sharing economy, everybody gets a benefit. The customer will get the product or a service quicker, and cheaper, while the provider or the seller makes good money. If you are a regular Uber user, you’ll see many retirees as drivers, and many people are renting out rooms for Airbnb. Not to forget, Airbnb and Uber are just the beginning, and there’s more to the sharing economy.
- Minimal Startup Costs
The shared economy has produced millions of micro-entrepreneurs. Most of these entrepreneurs started their businesses with a few hundred dollars, or less in capital. Later, they can build on the very fact that Governments and regulatory authorities have little sight of these startups, and therefore they usually get tax holidays or exemptions.
- Millions of People are Buying into Shared Economy- take chances
Millennials are currently the largest workforce in the US, and they are ones who are running the sharing economy movement. As James O’Connell, CEO of JDP, explains, “Millennials believe in making a difference with their spending habits… Companies like Uber and Airbnb are doing so well because their business plan taps into that mindset so completely.”
It is clear that the sharing economy is the way to the future, and it’s the high time to take your chances. Whether it’s a ride, a bed or a meal, your potential customers are finding it more reliable, convenient and cheaper to buy from the local individual than a company. As a millennial, if you can find a need, and the individuals are willing to help, your start up could be the next billion-dollar idea in the sharing economy. Like mentioned above, there’s a little to the financial matter of startups because the costs are minimal, and it is about time to take your chances.