The sharing economy is evolving right before our eyes and is changing how we do business. While the term sharing may be skewed, many businesses are capitalizing in this economy. In this recent article from @wallstdaily, Shelley Goldberg discusses how to profit from the sharing economy.
“Approximately 25% of the United States, U.K., and Canada engage in some form of economic sharing.”
Sharing is Caring
This sounds familiar as we were taught this as little kids. However, this sharing is caring is on a much bigger scale. Many are throwing big money into the sharing economy such as private equity firms as it would help raise their IPO without the public disclosures. Maybe some sort of loophole you may call it?
Keep a lookout
The sharing economy is based on getting help from others within the space and that’s exactly the first thing you should do. Seek for visionaries that are interested in connecting with you.
Find sustainability. Companies that are most stable should be the targets as they show signs of knowledge within their space. The market always has its ups and downs but it is important to be consistent.
Urban areas are a plus. Having a business in a concentrated population helps drive the demand up, as the chances are more likely. However, with technology having an online platform, it is just as effective if not more. Online platforms are a must, especially in today’s world.
Understand your audience. It is very important to establish and understand the demographics in order to properly market your business. Why market to those who aren’t interested and simply do not care?
With the elections going on, candidates are not all on the same page when it comes to the players in the sharing economy. While Hillary Clinton and Bernie Sanders are against economic powerhouses such as Uber as they believe there should be tougher regulations, Jeb Bush favors Uber. It will be interesting to see what happens when a new president is elected and the direction this economy will take.
Future is here
Millennials are all for making things go faster or whatever will save the most time. The sharing economy does just that and makes life much easier. This trend works in our favor and it not going anywhere anytime soon.
“PwC estimates that five sharing economy sectors alone could generate $335 billion in revenue by 2025.”
As the years go by, the sharing economy just gets stronger and stronger. Businesses around the world must prepare for this huge push that is to come and embrace the change that comes along with it.
Read the source here