Genuine Passive Revenue
These days you can rent out almost anything...
When starting a new business, it's important to find ways to be as productive as possible on your core business activities. One effective strategy is to consider how you can generate passive income by renting out underutilised assets, such as rooms, vehicles, equipment, and more.
When I started my business, Frugl, one of my investors asked me what I would do when the money inevitably ran out. I told him that I rented a room on Airbnb, which provided me with passive income and helped cover my basic living expenses.
I know I'm fortunate to have a spare room to rent. However, have you considered the other things you could rent out to make money? Here are a few platforms you may want to look into:
Fat Llama - This platform allows you to rent out a wide range of objects, from lawnmowers and power tools to cameras, sports equipment, party items, and even vehicles.
Mushroom - If you have a piano that is mostly unused, you could rent it out to musicians looking for a rehearsal space. I have an old piano that a local barbershop quartet uses when they're practicing.
Turo - If you have a car that sits in your driveway most of the week, you can rent it out on this platform. You could also consider Hiyacar.
Park on my Drive - If you're lucky enough to own a driveway, this site will let you rent it out to people who need a place to park their car. Another option is YourParkingSpace.
Have you got a designer dress you purchased for a wedding or special function that has only been worn a handful of times? Why not put it on ByRotation, the world’s largest shared community of designer fashions?
These are just a few examples of the many platforms available that allow you to rent out underutilised assets and generate additional income. I hope this gives you some ideas to consider as you work on building your business.
Suzanne
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Great post!