How to Make Extra Money This Year Using the Sharing Economy

There’s no fighting it, the skyrocketing number of peer-to-peer sharing platforms has made one thing clear, Aussies are sharers. We’ve embraced platforms such as Uber and Airbnb with open arms, taking advantage of their efficiency and flexibility.

Deloitte’s recent Access Economics review of the collaborative economy revealed that the sharing economy contributes around $504 million per year to the New South Wales economy. With over 45,000 users currently earning income on these platforms, there’s no better time to get onboard.

Rapidly expanding into every aspect of our lives, the earning side of the collaborative economy is yet to be unlocked to its full potential, despite there being limitless ways to pocket an extra buck.

It’s not hard to imagine the ways you can monetise these underutilised resources with the breadth of platforms currently available. However, the true key to maximising your earnings potential is your reputation. Establishing a sense of trust in a peer-to-peer market is the enabling factor, it determines which end of the scale your earnings sit at.

Not only is the opportunity to generate additional earnings with minimal effort incentive enough for individuals to start sharing, the potential to create a full-time job out of the sharing economy is increasingly driving signups for these platforms.

To get started, determine what resources you have that you don’t use. Will your apartment be empty while you’re away for a business or leisure trip? Do you use public transport to commute to work, leaving your car parked at home? Have you got some handyman skills and extra time on the weekend? All these resources can be converted into cash, bringing you extra income with little effort.

Turn idle home tools into cash using Open Shed, pocket some extra dollars looking after a pet with PetCloud and use MyCaravan to make money renting out your caravan when you’re not using it.

Take Airbnb for example. If you’re going away on a vacation leaving your home or apartment empty, why not make some money while you take a break. The best part is that everything is handled online, there’s no need for you to be in town for your guests to move in, ask questions or pay for their stay.

DriveMyCar is another platform making waves in the car hire industry. It allows customers who own a car, but don’t use it often, to rent it out on their own terms, gaining some money in the process. It’s free to register and list your car, all insurance costs are covered and all renters are subject to identity and credit checks, so you know your car is in safe hands. Car owners who list their vehicle on DriveMyCar can receive up to 42 per cent of the market value of their car in 12 months.

With that extra time you have, perform odd jobs around the home such as furniture assembly, cleaning or delivery using Airtasker. The trusted community marketplace makes it easy to earn some extra cash in your local area in minutes either online or via mobile.

With it’s ease and flexibility, there’s no wonder that 1 million jobs are to be generated by the global sharing economy by 2016. Keep trust, the social glue of collaborative consumption, in mind and you’ll be looking at your bank balance with a smile in no time.