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What it Takes to Succeed in the Sharing Economy

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What it Takes to Succeed in the Sharing Economy

There are many exciting and potentially lucrative ways for would-be entrepreneurs to enter the small business world these days. Computer and communications technologies provide a degree of flexibility that wasn’t available to prospective small business owners just a few years ago. 

One of the easiest ways to tap into new sources of business is via the sharing economy, an economic model sometimes referred to as the peer-to-peer economy, a model marked by providing or sharing access to products and services. Starting a business in the sharing economy can be as easy and convenient as owning your own home or your own vehicle. It’s about monetizing what you already own. Here’s some advice on making it work for you.

Know your niche

There’s a definite business common sense element to succeeding in the sharing economy. You need to find out whether there’s a synergy between supply and demand. For example, if you wanted to begin a pet sitting or dog walking service out of your home, your business may not be sustainable if you lack sufficient space or resources to accommodate enough dogs and/or cats. You’ll need to do a certain volume of business to turn an appreciable profit, so make sure you can provide enough service to meet demand in a business niche that’s grown significantly in recent years. 

Person to person

As an entrepreneur in the sharing economy, your business could come from anywhere, at any time. As a dog walker, your neighbors, friends and family could comprise a substantial percentage of your business, so be sure to put a human face on your endeavor. It’s too easy to fall back on technology and assume that you can attract a clientele with a well-designed website and an aggressive social media presence. Do some chatting, handshaking and back slapping once in a while. People will remember you or it, especially these days. You have to be a tenacious and eager individual to make a small business work; those are qualities that will impress plenty of potential clients.

Faith

Those clients need to have a certain amount of trust in who you are and what you’re trying to accomplish. After all, they’re coming into your home as strangers or riding in your car at any hour of the day or night. Build trust in you and your business by maintaining a positive profile online and developing a good reputation from past clients who can prove to be one of your most valuable assets. High visibility is what it’s all about in the sharing economy, so make sure that people know who you are and that your business is well-liked enough to attract repeat business. 

No-no’s

People appreciate a well-disciplined businessperson who’s not averse to taking a risk. Communicate those qualities through your self-marketing outreach efforts online and via Facebook and Instagram. If your customer experience is bad, word of mouth will make the rounds and customers will look elsewhere. Sometimes, it just takes one bad experience to undermine what you’re trying to achieve. Don’t try to do too much with your business. Taking an overly broad approach will detract from what you do best. Focus on excellent customer service in just one area.

Focus, self-discipline, tenacity, and enthusiasm are your best assets if you want to make a splash in the sharing economy. Market your successes and emphasize service with every customer interaction. That’s how you get good word of mouth.

 

Guest Post: Dean Burgess - Excitepreneur

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WHY YOU SHOULD BE DATING YOUR BUSINESS PARTNER  BEFORE YOU FULLY COMMIT

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WHY YOU SHOULD BE DATING YOUR BUSINESS PARTNER  BEFORE YOU FULLY COMMIT

WHY YOU SHOULD BE DATING YOUR BUSINESS PARTNER
BEFORE YOU FULLY COMMIT

What many entrepreneurs and business leaders speak about if they are giving examples of where they failed, it’s most often a people related issue.

They failed in choosing the right person and it cost them dearly.
I’ve been through a couple of startups and business partnerships.
I’ve done the mistake of not using enough time to 'date' the business partner.

I’ve spoken with many business leaders...
And I’ve spoken with many entrepreneurs these past couples of years...
And what comes up most often is how important it is to have the same vision...

You have an issue

To be aligned, to be on the same mission.
If you believe in the power of growing your company online
and your business partner thinks it digital is a buzz word that should be discussed in strategic meetings but not so often deployed,
then you have an issue and it won’t go away.

You have a problem

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If you want to build a company and your business partner
wants to take things as they come and not really anticipate that much or strategize, then you have a problem you need to deal with ASAP.

Transparent communication is key. You need to find out what
drives the other person and what gives them energy, before you commit to delivering on co-creating and co-delivering what your clients want to have.

Because if you don't agree, it will suck energy out of you,
your partner and your business!!!

Here is what you need to have checked off before you sign
the dotted line on the partnership agreement:

  • Does your vision and purpose align with the vision and the purpose of your business partner?

  • Are you pulling in the same direction?

  • Do you like your business partner?

  • Are you interested in spending more time with your business partner than anyone else? You will be working a lot!

  • Are you able to reach an agreement when you disagree?

Based on my own experience, I have created this workbook that will help you gain clarity in your vision based on your talents and your purpose. Get the Entrepreneur insights by downloading this workbook today!

 

 
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Instant Download

 

Guest Author: Tonje Elisabeth Aaroe, Founder of Growthitude

Growthitude helps clients execute their digital business strategy by providing the tools and resources needed to excel their company with implementing of a successful business strategy, that will, in turn, engage their whole workplace with innovation.

 

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