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A growing number of Australians are using the Gig Economy and the Sharing Economy to create extra income.

These economies are already big business. Australians have already spent $15.1 billion (yes, BILLION) on platforms such as Uber, eBay, AirBnB, and other new platforms like Spacer and Mad Paws, according to RateSetter’s Sharing Economy Trust Index (SETI). The yearly figures are growing and the rate of growth is expected to increase significantly.

What is the Gig Economy?

The Gig Economy consists of lots of temporary jobs, tasks, or short-term projects. It might be as simple as picking up some food and delivering it to someone’s house, or perhaps, the project might take a little more time, like painting someone’s fence.

What is the Sharing Economy?

Do you have a spare room, spare vehicle, spare shed, spare ‘something of value’ that another person might need to use? Well, you could be earning extra income by allowing other people to rent your room, vehicle, or other thing. This is what the Sharing Economy is all about; renting out your assets for people to use on a short-term basis.

What platforms are available?

There’s already lots of platforms to choose from in Australia and the list is growing. Some platforms include:

  • AirBnB — temporary accommodation
  • Airtasker — carry out tasks that people need completed
  • Uber and UberEats — give people a lift in your car, or deliver food from their local restaurant eBay — sell your unused goods online
  • Sherpa — same day delivery courier service
  • ShareACamper — rent out your caravan, campervan, or motorhome
  • Open Shed — share your tools, sporting equipment, or musical instruments with locals Spacer — rent out your spare storage space
  • Car Next Door — rent out your unused vehicle
  • Mad Paws — look after someone’s pet while they’re away

How much can you earn?

Like most things, the amount of money you can earn results from the amount of time you spend performing tasks or offering services. Do your research to see what platform will be best for you. Some platforms require more commitment than others. Sharing your home or vehicle involves a higher amount of trust and the potential for additional wear and tear needs to be considered. With most of the platforms listed above, it is quite easy to be earning a few extra hundred dollars per month. If you really want to commit your time and effort, you can earn thousands of dollars per month.

Additional Savings… Better Service

This isn’t just for earning extra income though. If you’re the one requesting the task, you’re also likely to be saving money. Take Uber for example; on average you’ll save 20% on the cost of a taxi and many Uber customers report having a more enjoyable experience. Most of these platforms use Peer Reviews to ensure users are held accountable, which helps to ensure a more positive experience for everyone involved.