In the dawn of online resellers, many women are looking to their closets for supplemental income.
Unfortunately, these predominantly female entrepreneurs may be neglecting other, more lucrative opportunities.
To set the stage, the barrier for side hustle creation is lower than ever before, mainly because people are more willing now than ever before to buy from individuals rather than large corporations:
The 5 million, mostly female, sellers on Poshmark are already capitalizing on Americans’ newfound trust for local retailers.
But the missed opportunity lies in not taking this trust to the next level.
After all, why stop at the closet, when there are other assets being underutilized?
For the 50% of users who depend on sites like Poshmark for supplemental income and for the 22% of users who depend on it for full-time employment, carSHAiR offers a more sustainable and profitable revenue stream.
Because a majority of the merchandise on these sites is apparel, users are limiting their target market to consumers who have the same size and taste as them.
Sales are also one-time, so business depends on continually finding more products to sell.
Last but not least, users must split a portion of their profits with the hosting platform.
Check out some of the splits on popular sites:
In addition to not being able to sustain an individual or family, resale sites also aren’t very sustainable for the planet.
For instance, the environmental benefits of creating a circular economy are dubious.
A circular economy is one in which we extend the lifespan of our items by selling them instead of throwing them away.
While their models claim to reduce waste, this doesn’t account for fast fashion or fashion which capitalizes on trends, are made with low-quality ingredients, and are meant to be disposed of quickly.
If people are using their profits to buy more fast fashion that they’ll then dispose of in the short-term, then these sites don’t actually reduce waste.
This is particularly true for Gen Z users who represent 20% of the marketplace: an astounding 15.5% of their closets consist of fast fashion brands like H&M and Zara.
For female entrepreneurs trying to make some extra money, it actually makes more sense to profit from the contents of their garages than their closets.
In fact, they are uniquely positioned to make a killing on sites like carSHAiR.
They already have self-marketing skills from selling clothing on these resale sites.
Simply by applying these skills to their cars, they can create larger and more self-sustaining revenue streams.
If you already have a car, then you’re halfway there.
Unlike what people may think, becoming a host on the carSHAiR platform doesn’t require expert knowledge of cars.
All you need to provide is basic information on the car such as the make, year, model, etc.
From there, it’s just a matter of posting pictures, responding to messages, and sharing your vehicle with vetted drivers..
There is growing demand for short- and long-term car rentals: people who live in cities where it’s impractical to own a car, foreign travellers who need a reliable mode of transportation, or just adventurous souls who want to travel to a special event in style.
There is also plenty of opportunity for owners.
Consider this...Americans drive an average of 8 hours and 22 minutes a week, leaving an average of 159 hours and 38 minutes that their car is just sitting parked.
Multiply that by 4 and you get a little more than 26 days that your car is not in use each month.
By listing your car on a car sharing platform for even just a fragment of that time, you could generate significant income.
Much more significant income than what you’d get from selling your old sweaters on Poshmark.
Plus, you get to keep a bigger cut of it. You can keep up to 80% of your profits.
The remaining 20% actually goes towards insuring your car against damages*.
*See this Page for more details.
Best of all, it doesn’t require making any new purchases.
Your car goes right back to your garage when it’s not booked by other drivers.
Women already have to deal with a significant pay gap between them and their male counterparts.
They shouldn’t also have to miss out on lucrative opportunities to profit from assets they already own.
For some, seeing is really believing.
That is why we want to leave you with a video of a Miami super host Bianca! Her story is incredible.
Ready to get started on creating additional side hustle income?
Visit our guide on how to list your car on carSHAiR's peer-to-peer car sharing platform.