How Your Business Can Participate In The Sharing Economy

Today’s article is written by Emma Lewis. Emma is a loving mother, a devoted wife and a part of the team supporting Spacer – a company helping you find storage space whenever you need it.

If you’re running a business, you probably have your eyes open for opportunities for growth.

The sharing economy might be just the thing you’re looking for. Even if it’s a young field, the sharing economy is a fast growing industry today. Some areas even report the growth to $26 billion – as in the case of peer-to-peer rental.

How your business can participate in the sharing economy

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The sharing economy is booming so joining the momentum is a smart move for your business.

Thanks to the various forms of sharing economy, you might be able to generate a new source of income or make your operations smoother by teaming up with other businesses which have similar goals.

Here are 8 ways your business can productively participate in the sharing economy.

1. Collaborate With Local Influencers

Spreading the word about your brand should be a priority of your marketing team. People who hear about your brand and products are more likely to choose you the next time they need something you provide.

That’s why you should collaborate with members of local associations, societies, and business industries, as well as with journalists, authors, or bloggers. All of them have a particular authority over the local community and can help you to broaden your reach effectively.

2. Rent Out Assets You’re Not Currently Using

You probably have some assets you’re not using at the moment. Why waste such a great opportunity for sharing and turning some profit in the process?

Have a look around the web – you’re bound to find platforms and apps for all kinds of products, ranging from printers to desks. Thanks to the sharing economy, you can make something out of the office objects you don’t need.

But that’s just the tip of the iceberg. You can also rent out parking spaces which are precious if you’re located in a busy business area. If you’re lucky, you might get a parking space deal worth of thousands of dollars each year.

3. Develop Connections In The Local Market

The sharing economy is all about collaboration. It doesn’t matter in which niche you’re operating – you’ll always find another business in a related industry that you can connect to.

It’s smart to carry out marketing or cross-branding collaboratively. Partnering with the right business will help expose your brand to a wider audience and give you an opportunity to increase your marketing ROI.

4. Share Your Office Space

Shared offices and co-working spaces are all the rage right now. If you’ve got some office space you don’t need, you can make your business into a shared office without breaking a sweat.

You can either rent out entire rooms or single desks to other companies. That’s how you make sure that you’re not wasting your space and extra equipment.

But most importantly, thanks to the sharing economy of office space companies can connect with each other and boost mutual growth. Being exposed to other startups and small businesses can be very inspiring.

5. Be Part Of Local Events

As a brand, you need to be visible to the communities of people you’re targeting. If you’d like to be remembered as a brand which delivers positive results, you should consider contributing to local industry events and conferences.

Partner with other companies and authorities. That’s how you build a common ground that will help all parties involved in gaining more exposure and developing stronger brands.

6. Share Websites

Have you ever heard about sharing websites? Some businesses have, and they’re getting a lot of benefits our of it.

Why is sharing websites a good idea? Mostly because it helps to reach a larger audience. By partnering with another business, you’ll be showing your products and services to a different segment of your target audience.

Nothing works for the sharing economy like technological solutions. As a business owner, you need to keep up with technological development, because it’s on its way to disrupting every industry.

Embrace technology and find opportunities for online collaboration – you’re not going to regret investing in this form of marketing.

7. Outsource Tasks

The sharing economy supports outsourcing as a way of sharing and exchanging expertise or skill sets.

If you’re running a small business, you’ probably don’t have a large team at your disposal. Let’s say that you suddenly need a task to be carried out, but you’re not sure whether the same work will also be required of you in the future.

It doesn’t make sense to hire someone full-time in this situation.

Instead, you can count on the sharing economy to deliver a solution in outsourcing. The web is full of platforms which allow to hire professionals online and get your task done quickly. Outsourcing is cost-effective because you’ll be investing in one particular task.

8. Find New Collaborators Through Volunteering

Another smart move is to become a volunteer at your professional association or community. Becoming part of that group helps to connect with other like-minded professionals who work in related areas and could become valuable marketing partners.

Active participation in local communities is the best strategy for finding collaborators, co-marketers, co-founders, and other professionals who might help you take your business to the next level through rewarding partnership.

Key Takeaway

The sharing economy presents many benefits to businesses which are part of the dynamic local markets.

Small businesses can gain access to resources that were previously unavailable o them and secure their growth through productive partnerships and collaborations.

The sharing economy offers many ways to cut operational costs. But it also presents occasions for turning a profit. Sharing office space or renting out office equipment, businesses can gain additional resources to fuel their growth and become stronger brands on the market.

Question: How else your business can participate in the sharing economy? You can leave a comment by clicking here.

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