Sharing is caring: The benefits of the sharing economy

The sharing economy was expected to be a quick fad that would soon simmer out.

With the likes of Hillary Clinton publicly pointing out the disadvantages of the sharing economy, it wasn’t expected to grow quite as quickly as it has.

And yet, millennials are proving to have fallen in love with the concept of sharing and it has shown to have many benefits for business, personal and finance aspects of life. Here’s what you can get out of the sharing economy.

Opportunities for new services

As people come to realize that the sharing economy has benefits for everyone, the scope for businesses to offer new services becomes wider and wider. Companies like Uber and Lyft are great examples of how to be successful in a sharing economy.

For the business, the financial implications are far less than they would be if Uber decided to invest in a fleet of cars and hire drivers.

For the riders, being able to call on an Uber or Lyft car whenever they need is highly convenient and often costs less compared to using multiple forms of transport.

Even if there’s an issue, contacting Lyft support is really easy. So, this notion of sharing in the economy creates more opportunities for existing businesses or potential business ideas than ever before.

Creates more freelance work

Freelance work is the work of the future. Millennials are more focused than ever on job flexibility. People want to be able to work around other commitments, like family, without feeling constantly stressed because they’re always under pressure.

Being a freelancer allows you to decide when and where you take on work without having to worry about other commitments.

Businesses in the sharing economy, like Airbnb, offer the advantage of working as and when you want to. It’s also an ideal option for people without many qualifications to their name. From a financial aspect, the sharing economy gives you total freedom. You make the money you’re willing to work for.

Great wages

Being a freelancer doesn’t always mean you get to set your own rate per hour, especially if you work for companies like Uber or Lyft who have their own rules regarding wages.

But, it certainly doesn’t mean you won’t get paid as much as a regular full-time job if you choose to work in the sharing economy. In fact, there are many opportunities where you can make more than the average full-time job.

For example, some of the top Uber drivers earn the equivalent of full-time job wages at $15 per hour. Of course, you have to remember that you won’t be entitled to employment benefits, like healthcare or dental care, but many time people find themselves paying the majority of the bill because employers only pay a percentage anyway.

Whether you’re considering business opportunities, personal freedom or your finances, working in the sharing economy seems to have many advantages. And, with the popularity of sharing economy businesses rising, you’d be a fool not to jump on board.

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