Hey everyone! My name is Glenn Carter, founder of the Casual Capitalist, and sharing economy enthusiast. Today, I want to give the good folks at WeGoLook a break from writing to tell you why I, and many of my fellow Casual Capitalists, love WeGoLook’s flexible part-time inspection jobs.
Regularly I hear the same thing from our community: “I can’t rent out my place on Airbnb, and I’m a terrible driver! So Uber is out of the question. What else can I do?”
We often limit our thinking of the sharing economy to homes and cars. After all, Airbnb and Uber are the juggernauts of this massive economic transformation. This however, is a big mistake. There are literally hundreds of options out there for people who want to earn some side income.
And, WeGoLook is one of our favorites.
But first, a quick note about the sharing economy or gig economy umbrella under which WeGoLook finds itself. This will help us understand the broader shift that is happening right before our eyes. You have a front-row seat, so pay attention!
What is the Sharing Economy and Why Should WeGoCare?
According to the official Casual Capitalist dictionary, the sharing economy is “the entirety of hundreds of online platforms that enable people to turn otherwise unproductive assets into income-producing ones.” The sharing economy is also frequently referred to as the gig economy. Admittedly, the term sharing economy has come under fire due to criticisms that it is not actually sharing and others feel the term 'gig' is more appropriate. There are similarities and subtle differences, but regardless of which term you prefer or read about, they are generally referring to the same thing.
These assets include cars, homes, hobbies, spare time, parking spots, consumer items, and much more. The sharing economy boils down to finding value in assets, skills or time that are wasted or under utilized.
So Uber, Airbnb, TaskRabbit, WeGoLook, and hundreds of others, are all sharing economy platforms.
What we have argued at the Casual Capitalist is that the sharing economy is a fundamental shift between the economic principle of scarcity to one of abundance. That is, how can we capitalize on the abundance of the on-demand consumer generation?
The old mentality of excess consumption is now moving to access consumption. Instead of owning a car, you can use one only when needed. Instead of owning a thousand consumer or retail items, you can rent them from others. Instead of wasting your time doing something, you can leverage the spare time of others.
This new business model, that is disrupting the traditional supply chain, is really not about sharing, it’s about access. (This is why we prefer 'sharing economy' over 'gig economy.')
We are transitioning from an ownership consumer mentality (yes, I’m looking at you Baby Boomers), to one of access consumption (hey millennials!).
Business is booming. According to PricewaterhouseCoopers (PWC), the estimated value of the sharing economy sector by 2025 will be $335 billion. Specifically for WeGoLook, between 2014 and 2015 the company achieved an astounding 300 percent growth in revenues.
So what does all this mean for you? First, you can now be an entrepreneur with little to no startup cost as these sharing economy websites have done all the front-end work. You can be ultra-flexible with your own work schedule, deciding when and what jobs you take on.
You are your own boss and more empowered.
This is an opportunity you shouldn’t pass up. According to many economic studies, the sharing economy pays out tens of millions of dollars every day to people just like you and me. You need to start taking your slice of that pie!
Next week, I'll cover how you can get your slice of the sharing economy pie. In the meantime, I invite you to visit the Casual Capitalist, or connect with me on Twitter, LinkedIn, or directly at Glenn@TheCasualCapitalist.com.