MileIQ: Mileage Tracker & Log

MileIQ Inc.

GET — On the App Store

Small Business Tips

How Small Business Can Benefit from the Sharing Economy

MileIQ Team
An example of sharing economy, two female carpenters using a laptop sharing resources at workbench in workshop

The shared economy is basically a socio-economic system that involves sharing both physical and human resources. If you run a small low-staffed business in the UK and wish to apply unused assets, the sharing economy is a great approach to saving expenses and increasing profits for your company.

To illustrate, let’s see how sharing economy actually works here in the UK.

1. Renting unused assets

Every office in the world has numerous assets that are often unused. The good news is that you can lease out these assets to other companies and make some extra cash. I am talking about everything from silent printers, fax machines to empty desks. You will find dozens of platforms and apps online for almost any unused product that is available for rent.

There is also the option of renting out parking spaces, especially in big cities where parking spots are a valuable commodity. If the location of your company occupies a busy metropolitan area like London and Birmingham, renting out an unused parking space is definitely something worth considering.

2. Co-working with the best professionals

The truth is, small businesses usually don’t have thousands of employees, yet sometimes there are certain tasks or virtual jobs that need extensive resources. Instead of hiring someone full-time, you can reach out to professionals to teach you the skills you need. The example of Skillshare online learning platform, which offers classes and educational videos for 2 million active users, shows that educational aspect of sharing economy cannot be underestimated.

The tutors offer their expertise for a fee and in return, you receive the skills you need that help you run your business more efficiently and maximize your profit. Likewise, the representatives of your company can become tutors as well and thereby adding credibility and goodwill for your company in the job market.

Download MileIQ to start tracking your drives

Automatic, accurate mileage reports.

3. Participating in events

One of the best ways to use the sharing economy and increase your earnings is to co-host events.

By participating in different events, you’ll attract visitors who will learn more about the services your business has to offer. Some of these people might even want to work together with you in the future, which is always a plus.

4. Sharing office space with entrepreneurs

Have a couple of extra desks at the office? The sharing economy allows small businesses to make some extra cash for filling those desks. You can rent out your unused office space to everyone from freelancers looking for a workspace to startups and professional entrepreneurs.

Another option: you can rent out entire rooms to other companies. Even more, rent out your office space in the evenings for all kinds of social gatherings. By monetizing assets, you will gain extra income without having to deal with any unnecessary complications.

5. Building a strong customer base

You’ve probably heard about AirBnB – a house-sharing platform which started only in 2008 and is currently has a whopping $31 billion valuation. The company's mission statement claimed that AirBnB is not just about renting spaces; it is about building a sense of belonging.The undeniable benefit of using the shared economy concept leads to creating a community of like-minded individuals that support the same cause. A system that translates directly to building and expanding your customer base.

By providing services to people who share the same values as you promote at your company, you offer them an unforgettable end-user experience. With this intention, the value-add goes way beyond purchasing products or services.

The bottom line

What’s great about sharing economy is that it’s changed the way people do business. Altogether, it is one of the only systems in the world that helps small companies boost their business without any major corporate influence.

Guest Contributor Sarah Kearns is a hardworking mother of three daughters. She is a part of the team behind Parkhound - a place where you can find cheap parking spots. She loves cooking, reading history books and writing about green living.

Download MileIQ to start tracking your drives

Automatic, accurate mileage reports.

Still tracking miles by hand?

Use MileIQ to automatically keep a full, IRS friendly mileage log.
Get Started