If you want to launch a successful business, but you don’t know where to start, might I suggest the sharing economy? It’s an area that’s growing significantly and in which there is still significant room for new businesses and ideas to take root and become successful. Companies like Uber and Airbnb are just the start for this burgeoning sector, and now is the time to act if you want to get in on the action
Here are some things to think about if you’re interested in becoming a successful share economy business owner:
Utilize Your Skills
It’ll be a lot easier to set up a successful sharing economy business if you build it around your skills and passions. If you like dogs, set up a dog sharing company, or if you like fashion, create a clothes swapping app or designer brand rental company to make your living. You’ll enjoy your work more, have a better insight into the industry and be more driven to keep going when times are tough.
Think About Supply
In order to be successful in business, you need for there to be a demand for your products or services, but you also need to be able to supply that demand, so if you’re starting out in the sharing economy, it makes sense to assemble a good team of freelancers or ‘taskers’ who are on hand to fulfil jobs as and when they come in. Think about it Uber wouldn’t have gotten anywhere if it didn’t have drivers ready and waiting to take up those first few jobs from early adopters, and you won’t get anywhere if you don’t have enough employees to supply your customers.
Be Sure to Screen
When you’re hiring employees, it is very important that you screen them carefully. Ideally, you should use ID verification software to check out applicants are who they say they are, especially if you’re running a service like Uber or Airbnb, where they will come into contact with your clients and could pose a risk if they’re the wrong sort. You should also make a real effort to obtain recent references and conduct background checks on everyone you employ, even on a freelance basis, for the very same reason. It only takes one incident to bring your business crashing down!
Focus on Trust
Trust is important in the sharing economy, but it isn’t always easy to build it via an online platform, so you will have to work extra hard to show that your company is a solid one. For example, if you run a dog borrowing company, offer a high level of insurance, so that your dog owners know their pets will be well looked after, or if you run a car share app, provide proof that your drivers are background checked. If you are honest and upfront with people, they will feel a lot more confident about using your services.
Automated Payments
Cash, checks, paperwork – they’re all things of the past, and they’re all things that can make your sharing economy company too time-consuming to be worthwhile. They also make a lot of customers nervous. That’s why, right from the off, you should make automated online payments or payments via app possible. You’ll get a lot more bites in those tough early days when you’re trying to establish yourself if you do this because more people will be willing to take a chance and try you out if they can use Paypal or a credit card to do so.
Build Your Brand
Once you’ve got all of the above in place, you should place your main focus on building your brand. All of the best peer-to peer companies have spent time and money creating attractive logos, taking pretty pictures and producing top notch content. If you can do this too, you’ll draw more people in and convince them to share your stuff, thus ensuring that you get more word of mouth business.
One of the best ways to build your brand when you’re running a sharing economy business is via social media, because it’s cheap, has a wide reach and allows you to more intimately connect with people all over the world.
Building a business is hard work, and that’s true of the sharing economy, but you do have the advantage that peer-to-peer companies are currently riding high and are predicted to become even more popular than traditional businesses in the next decade. Work hard, do all of the above, and capitalize on this if you want to be successful.
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Thank you for sharing this! I would also recommend not to spend all the savings at the very beginning. Very often people borrow large loans to open a business, buy the necessary equipment, and then find themselves unable to pay the bills. It’s better to start a business without loans. If you need equipment and stuff, look into lightly used items for your business that you can get for a discount. You’d be surprised how much you can save on items that are practically as good as new, just because someone else has owned that product before you. Or, you may also want to consider renting equipment. By renting equipment, you can avoid spending on maintenance, repair, and replacement. You can also benefit from this as a trial use of the equipment before buying. It protects you from unsuccessful purchases.
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