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By Beth Harris
The sharing economy isn’t some far-off trend — it’s already reshaping how people work, live, and start businesses. If you’re stepping into the small business world through platforms like Airbnb, Turo, TaskRabbit, or even launching your own micro-rental concept, you’re not just joining a movement — you’re helping define its next chapter. The barrier to entry is low, but the need for clarity, preparation, and adaptability is higher than it looks. Here’s what you need to know before diving in.
What is the Sharing Economy?
At its core, the sharing economy is a collaborative peer-to-peer model where individuals use technology to share access to goods and services, often through decentralized platforms. It’s less about ownership and more about access. You don’t need to build a hotel chain to run a lodging business — you just need a spare room and a compelling listing. The model thrives on underused assets and builds efficiency by connecting people directly. It also shifts power away from traditional institutions and into the hands of agile entrepreneurs — like you.
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Types of Businesses You Could Start
This is where things get interesting. The sharing economy covers everything from transportation and housing to tools, equipment, expertise, and time. Think beyond the usual suspects like Uber or Airbnb. There are examples of sharing economy business models that include renting out camera gear, launching pop-up coworking spaces, offering freelance kitchen space for home bakers, or hosting educational micro-events in your home or studio. What you already own — a vehicle, skills, space, or time — could be a business foundation. The challenge isn’t finding the right opportunity. It’s picking one that fits your lifestyle and risk tolerance.
Writing a Business Plan
Just because the model feels informal doesn’t mean your business should be. A solid plan turns a casual side hustle into a strategy. Whether you’re building something part-time or chasing full independence, how to write your business plan matters more than ever. It should define your offer, your audience, your operating costs, your growth path, and — crucially — how you’ll stand out in a market that’s growing noisier by the week. Don’t write a plan for investors. Write it for yourself, so you know what you’re actually building and why it’s worth your time.
Creating a Brand
Branding in the sharing economy isn’t about logos or taglines — it’s about trust. That means consistency, clarity, and repeatability. You’re not just selling a service; you’re convincing someone to choose you over an app’s default option. A clear brand builds familiarity, and it can anchor everything from your profile name to your visual design, tone of voice, and customer experience. The key? Don’t fake scale. Instead, craft a brand that feels human, present, and easy to remember. You’re not trying to out-corporate the corporations.
Researching the Competition
Before you launch, ask this: who’s already solving the problem you’re targeting, and how are they doing it differently? Don’t guess. Learn. How to perform competitor analysis doesn’t mean you obsess over what others are doing. It means you understand pricing baselines, value gaps, and customer pain points you might be able to solve more clearly or affordably. Use reviews, listings, social comments, and comparison sites to see how people talk about what’s missing — then position yourself as the answer. You don’t need to be the biggest. You just need to be the one that feels like a better fit.
Choosing the Right Business Formation
When it’s time to go from idea to legal entity, things can get confusing fast. But formalizing your business is what protects your personal finances and gives you credibility with customers and platforms. You don’t need a lawyer or a mountain of paperwork. Services now let you get a new formation plan for your LLC without needing to become a legal expert. They walk you through basic decisions — like whether an LLC fits your risk profile — and let you focus on building, not interpreting compliance documents. For small business owners in the sharing economy, speed matters. But so does structure.
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Accepting Payments Smoothly
Getting paid shouldn’t be a pain. But in the sharing economy, your payment setup often determines whether you’re seen as credible or amateur. Choosing how to accept credit card payments securely and efficiently is more than just a technical decision — it’s part of your brand experience. Whether you’re using Stripe, Square, PayPal, or a marketplace’s native toolset, make sure transactions are fast, mobile-friendly, and frictionless. No one wants to deal with clunky invoicing or ask how to pay. Make it obvious. Make it easy. And test it yourself before anyone else does.
Starting a business in the sharing economy feels simple on the surface — list a service, find a customer, get paid. But surviving (and thriving) means treating your side hustle with the seriousness of a real venture.
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Beth Harris
As the founder of businesstipscenter.com, Beth Harris knows a thing or two about making smart business decisions. She founded her company with the goal of providing entrepreneurs with an all-access platform full of business resources and tips. Beth understands that every day brings new opportunities to make the best decisions possible for your business. That’s why she’s dedicated to making it happen.
