Who is doing it well?

Well, us for starters.

RentMy allows people to “share” everything they own by adding it to our online platform and offering it up for rent. 

From paddleboards to canoes, DIY tools to garden equipment and musical instruments to cooking appliances, you can make money out of all your stuff that’s just sitting around.

Since we launched, we have joined a network of like-minded companies who “share” the sharing vision.

Tentshare and Camptoo are peer-to-peer lending services for tents, camping equipment and camper vans for example – allowing people to try an adventure weekend without the big outlay it would costs for all the equipment.

Then there is Bike Club – a subscription service for bicycles that allows your child to upgrade each time they outgrow their ride and, for adults, Spinlister which connects people who want to ride bikes with bike owners all over world. 

So, what’s next?

No doubt, the sharing economy is here to stay – largely because the benefits are enormous.

Firstly, it’s a sustainable choice, reducing the demand for brand new products. Secondly, it can save and earn you money with peer-to-peer lending offering an alternative to buying expensive equipment outright and giving an additional income to those renting out their assets.

Sharing also helps promote community, particularly ones that have a local focus and finally, it can make you money which, let’s face it, makes sense if you have a shed full of clutter like most of us do!

But what really greases the wheels of this fast-growing economy is trust.

This is what allows someone to take a car ride from a stranger or rent a room in a house from someone they’ve never met. 

How do you build trust?

This article, superbly titled “The decline of serial killers and rise of the sharing economy,” declares that the internet has played a major role in increasing trust between strangers. 

Basically, thanks to the fact that almost all of us have a virtual identity these days it’s difficult to go completely under the radar and as a result, our fear of strangers has declined. 

This means we are happier to engage with those we don’t know, so “strangers” are seen more as “peers”.

The sharing economy is just an extension of this idea and businesses operating within this sphere are employing a number of additional tactics to build upon this. 

Take us, for example. We help by encouraging users to upload profile photos and to write detailed profile descriptions that identify themselves on a personal level. 

We have also addressed the concerns surrounding the risk of damage. In fact, this has been a vital part of the development of RentMy. 

We include extensive insurance protection for all those on our platform that allows the lender to loan their stuff out risk-free, knowing we will cover any damage or loss.

Find out more by signing up and exploring our platform in more detail.