Top 5 Best Sharing Economy Ideas To Build A Profitable Business

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Top 5 Best Sharing Economy Ideas To Build a
Profitable Business
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More Than 20 Of People Using The Sharing Economy
Are In Because Of Socialization Rather Than Money.
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Popular Examples of Sharing Economy
Vacation Rental, Car Rental, Event Venue Sharing,
Equipment Rental And Brewing Of Camp Space
Sharing.
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Vacation Rental

• This promising idea makes a vacation rental as
  the most successful business.
• Booking home or an apartment preferred instead of
  hotel rooms is due to the fact of
  
• Available of many amenities like kitchen, free
  wifi, pet-friendly houses, swimming pool etc.,
• A feeling of staying at home.
• Spacious to accommodate more people.
• Cheaper cost.
• Living among locals.

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Number Of Users Renting Vacation Homes are 297M
in 2019. It is expected to reach 361M users by
the year 2023.
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Revenue Generated

• At present, the revenue generated is US 57
  billion. It would amount to US 74 billion by
  2023.
• According to the report by Statista, the United
  States is the top country for generating the
  highest revenue compared to the market volume
  followed by China, Germany, Japan and France.

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• What does it take?
• When you have an idea of starting a vacation
  rental business, the two most important thing is
  to learn about your users,
  
• Locality
• Platform Representation.
• Do market research and gain insights from it and
  make sure to do this in your targeted region.
  

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• The success of the vacation rental depends upon
  more or less due to these factors such as
  
• Location.
• Regulatory considerations.
• Local taxes.
• Vacation rental competitors.
• Insurance and maintenance policy offered.
• Your platform is as important than anything else,
  as the booking process happens through them.
  Keeping it fast-loading, hassle-free, and
  appealing with user-friendly interface makes it
  successful.

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Car Rental

• This business solely demands upon the supply and
  demand of the geographical area you are
  launching.
• People rely on renting a car during traveling
  outside the city or to a short distance inside
  the city.
• Uber became popular by keeping a business model
  of commuting to a shorter distance.
• Now, lets look at actual statistics!

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Revenue Generated

• In 2019, the revenue of the car rental industry
  amounts to US26 billion.
• By the end of 2023, it would be US30 billion.
• On seeing this number, we can conclude it is a
  profitable business one can start on.

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• What does it take?
• There are two options to start a rental business.
  
• One, if you have your own fleet of automobiles,
  create your own car booking website to book your
  service.
  
• Two, you need to invite people to become a host
  on your site by renting their automobiles and
  earning an income from it.
  

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But, before starting a car rental business,
Do market research on - Competitors pricing
strategy. - Market requirement. Insurance polic
ies given on accidents and property damages.
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Event venue sharing

• Users can now book event spaces in the website
  for a short span of hours or a few days to events
  such as
  
• Baby showers,
• Receptions,
• Office parties,
• Photoshoots,
• Conducting workshops,
• Dinner, etc.

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Who can start this?

• Individuals who owned large spaces or big
  properties, viewed as a way to earn a profit,
  renovated their space to facilitate any event.
  Venue sharing websites like - Venuu, - Hirespa
  ce, - Eventup, - Peerspace

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Revenue Growth
Five-Year Forecast released by the American
Rental Association (ARA), the party and event
rental revenue show a 2 cumulative growth over
the 2016-2020 time period.
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Emergence Of Co-Working Space.

• Coworking space is changing the scenario of
  office working space.
  
• It is mainly attracted to people who are
  freelancers, work from home professionals, and
  budding entrepreneurs who need proper
  infrastructure before they kick off their flight.
  
• In Todays world, millennials demand more
  infrastructure in the sharing economy workspace.
  

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• This coworking concept is being launched in major
  cities of many countries across the globe.
  
• The success of this business model is the ability
  to work independently yet among connecting with
  brilliant minds.
• Some coworking space, to survive in this
  competitive market,
  
• Renting Spaces for office meeting and conference,
  
• Providing Options such as bringing pets to work,
• Renovating the architecture of the building
  suiting the particular profession.

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Revenue Generated The global market value of
coworking workspaces is 26 billion and the
global average of the year to year growth is
15. Occupancy Statistics Currently, the averag
e occupancy is slightly increased to 1.2 members
per desk.
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• Equipment Rental
• Tools and equipment are indispensable for the
  construction and machinery industry.
  
• As the sharing economy started from renting home
  space to cars and bikes,
  
• why not consider equipment rental a profitable
  venture?
  
• Two types of equipment rental
• Small Equipment Rental
• Heavy Equipment rental.

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Small Equipment Rental
Small to middle-sized pieces of equipment such
as Builders tools, - Home maintenance tools li
ke - Lawnmowers, - Party and Banquet Equipment
, - Personal and Household Goods.
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• Heavy Equipment Rental
• Bulldozers,
• Earthmoving equipment,
• Cranes or well-drilling machinery rented for
  heavy construction,
• Off-Highway transportation,
• Mining by big industries as it is not easily
  affordable.

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In 2021, The Equipment Rental Market Would Be
Expected To Reach 59.4 Billion U.S. Dollars In
The United States.
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• What does it take?
• There are two ways one can start this business.
• If you have an idea of starting an equipment
  rental business, you can create a website to rent
  your own equipment.
  
• Starting a multi-vendor website to bring many
  hosts to rent their tools and equipment.
  
• Both would require a proper marketing strategy to
  make it popular to use it.

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• Camp space sharing
• The sharing economy has introduced to rent homes,
  car, bike, venue spaces, and coworking space,
  last but not least it evolved to renting camp
  space in private and public lands.
• In this fast-moving, connected and yet in this
  unconnected world, trekking and camping is a
  journey of self-discovery.

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• Numerous companies in the market launched camp
  sharing service successfully, inviting private
  space owners to host their vineyard, farms,
  private pools, gardens, and ranches.
  The tough job here is finding the location for
  camping and convincing the landlords to become a
  host. That can happen only by making your website
  popular and impressing the host with profits and
  benefits earned in return.

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Entrepreneurs Are Thinking Of Using Sharing
Economy Business Model To Start A Company.

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