Advertising

Ask the Entrepreneurs: 11 Noteworthy Businesses Monetizing the Shared Economy

Advertising
Ask the Entrepreneurs: 11 Noteworthy Businesses Monetizing the Shared Economy

Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

Here’s the question posed in this edition of Ask The Entrepreneurs:

Shared economy is big business. Name one sharing service that’s catching a buzz among your fellow business owners for making life easier.

1. SittingAround for Mompreneurs

    Babysitting coops is a concept that many mompreneurs find interesting in the early stages of startup when you can’t justify paying a babysitter or nanny, but you also can’t justify not. Sharing the responsibility with other trusted parents is a great way to work around the expense of childcare while building your business. Services like SittingAround makes it easier to manage!

    Jennifer Donogh, Young Female Entrepreneurs

    2. Soar With SurfAir

      SurfAir

      is getting a lot of buzz, despite not having launched or owning any planes yet. The concept is simple — “all you can fly” short-haul routes on small, private planes for a flat monthly fee, without all the hassles of big airports or the TSA. I’m hoping they succeed; it’s a great and very disruptive idea.
      Matt Mickiewicz, Flippa and 99designs

      Advertising

      3. Exec Offers Assistant

        Exec

        , a new startup, allows you to hire an assistant for $25 per hour. A few of my startup friends use the service when they need to quickly increase temporary staff (i.e. during a big sales day). Another uses Exec staff to run personal errands, thereby freeing up the entrepreneur’s time to run her business. Sharing an hourly assistant provides incredible flexibility for startups.

        Aaron Schwartz, Modify Watches

        4. Carpool Through Ridejoy

          Collaborative consumption meets carpooling with Ridejoy, an awesome service that helps you find and share rides with friendly people across the country. Sounds scary, maybe, but it disrupts a market that too many people trust to Craigslist and opens up an entirely new one.

          Derek Flanzraich, Greatist

          5. TaskRabbit Gets It Done

          Advertising

            TaskRabbit

            , the site that helps you get tasks done efficiently, is part of the collaborative consumption economy. Anyone can post a task that needs completion, and other people on the platform can bid to complete the task. Whether someone needs a courier, an editor, or someone to help set up IKEA furniture for the office, TaskRabbit is used a lot by business owners.

            Doreen Bloch, Poshly Inc.

            6. Overnight With Airbnb

              Business owners today are more mobile than ever, and sometimes we feel like we don’t have a home when going from hotel to hotel. Airbnb still allows us to stay in a home in the cities we’re traveling to and do it for rates that often trump the best deals you can get in a hotel. In the next few months, I’ll be in NYC a lot, and I’ll use Airbnb and the reviews there to locate where I’ll stay.

              Shaun King, HopeMob

              7. Coworking With Regus

              Advertising

                Shared office space is great for small business owners who don’t have the money for an actual office, or for those who simply don’t need one. I used a shared space via Regus for several meetings with local clients. Also, sharing office space can provide you with a professional network, as you work side-by-side with like-minded individuals.

                Andrew Schrage, Money Crashers Personal Finance

                8. Settle Down via DeskWanted

                  DeskWanted

                  helps you find coworking spaces all around the world, which is fantastic for us entrepreneurs who are always en route. It helps you find coworking spaces that you can work at for the day, or meeting spaces to meet with clients or partners in the city you’re in.

                  Natalie MacNeil, She Takes on the World

                  9. Drive Anywhere Wtih Zipcar

                    Owning a car can be expensive for an entrepreneur trying to save money and stay lean. With Zipcar, I don’t have to worry about parking, gas, insurance, or maintenance! I can get to all my meetings and save money!

                    Advertising

                    Bhavin Parikh, Magoosh Test Prep

                    10. SnapGoods for Gadgets

                      SnapGoods

                      allows you to easy and safely rent/borrow gear or gadgets for as short as a day. It’s a great way to try out a product before buying it or rent a bike for the day.

                      Josh Weiss, Bluegala

                      11. Hire Help Through Zirtual

                        My Zirtual assistant saves me a ton of time each day. Given the excess demand for the service, you can’t sign up unless a current client invites you. If you message me, I’ll gladly help!

                        Kevon Saber, Fig

                        Advertising

                         

                        (Photo credit: US Dollars with Coins in Front via Shutterstock)

                        More by this author

                        9 No-Brainer Ways to Track Employee Time Ask the Entrepreneurs: 12 Things Entrepreneurs Should Stop Doing Ask the Entrepreneurs: 9 Best Note Taking Tools Ask the Entrepreneurs: 12 Tips for Mastering Public Speaking Ask the Entrepreneurs: 9 Tasks You Should be Outsourcing

                        Trending in Money

                        1 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 2 40 Healthy And Really Delicious Meals You Can Make Under $5 3 Life Insurance: A Secure Way To Protect Your Future. 4 How To Save Money On Groceries: 13 Quick Tips 5 10 Investment Tips For Beginners

                        Read Next

                        Advertising
                        Advertising

                        Last Updated on July 20, 2021

                        Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                        Advertising
                        Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

                        Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

                        Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

                        Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

                        In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

                        Break Free of Your Finances

                        Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

                        When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

                        Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

                        Though it seems hard to believe, it is really very simple to get financial freedom.

                        To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

                        While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

                        Advertising

                        Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

                        1. Stop Unnecessary Spending

                        We often spend money inwardly, instead of objectively.

                        For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

                        To stop this habitual spending, log down all your spending over the course of a month.

                        Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

                        This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

                        2. Plan a Monthly Budget

                        This is a great opportunity to get serious.

                        Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

                        Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

                        3. Cut-up Credit Cards

                        Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

                        Advertising

                        If not, you may want to consider ridding your life of the burden that credit cards bring.

                        Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

                        Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

                        4. Increase Savings

                        There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

                        It’s good practice to save up to 15% of your income.

                        Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

                        Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

                        5. Invest Wisely

                        Consider investing in funds.

                        Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

                        To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

                        Advertising

                        Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

                        6. Invest in Gold

                        There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

                        You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

                        Another way to invest in gold is through ETFs (Exchange Traded Funds).

                        These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

                        With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

                        7. Stash Emergency Funds

                        Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

                        If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

                        Make it hard to get your cash.

                        Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

                        Advertising

                        8. Find Fabulous Mentors

                        Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

                        If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

                        There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

                        9. Be Extra Patient

                        Patience is the key of financial success.

                        Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

                        So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

                        Financial Freedom for All

                        Anyone can achieve financial freedom, regardless of their financial circumstance.

                        Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

                        Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

                        Featured photo credit: rawpixel via unsplash.com

                        Advertising

                        Reference

                        [1] Hartford Gold Group: IRA Retirement Accounts

                        Read Next