Let’s talk about the growth of the share economy.

In layman’s terms, share economy is the name given to income made, through online platforms, off of property the someone already owns. The key distinction from a traditional company is that the “consumers rent from their peers rather than rent or buy from a company.”²

What’s more is that in this industry, unlike when starting a small business or when opening a shop, the barrier to entry is very low. Sharing platforms have been successful at amassing a product base by making entry “as convenient as ownership.”³ Nowadays there are sharing platforms for everything, and all you have to do to get involved is own something of value to someone else.

ToolMates Hire exists to give tool-owners an easy entry into the share market. Our service allows people who already own tools and various types of equipment to begin making money back on their initial investment, and to do so on a larger scale than lending them to a friend for a few beers!

“…peer-to-peer sharing is moving from an income boost in a stagnant wage market into a disruptive economic force.”⁴ Take the examples of Uber and Airbnb. Many people make money on the side driving or hosting with Uber or Airbnb since it is easy and you can drive or rent according to your own schedule. But more recently, the income sourced from various sharing platforms has proved enough for some and has transitioned into a main source of income. From causal renters, drivers, hosts to full-time’ers, all platform users are part of the growing share economy.

Online you can do anything from book a stranger’s time, rent someone’s tools in their garage, borrow a neighbours’s car, or even get paid to hang-out with a dog while its owner is out of town.

Last, take a minute to think about the environmental effects of this economic shift. The increased ability to connect with others, thanks to the internet, has made it possible to opt to rent instead of buy all sorts of products which will certainly have a minimising effect on the rate of production and consumerism!

This new type of online economy is only just growing, and will continue to give users new opportunities to supplement their incomes–get on board. Happy hiring!

^1-4 Source is FORBES article: Airbnb And The Unstoppable Rise Of The Share Economy.