The Sharing Economy and Your Business

sharing economy spaces

In the mid 2000s the term “Sharing Economy” was adopted to refer to the practice of working together (peer to peer) , on transactions rather than going through a large company middle man. Today, the sharing economy is booming and with the rise of companies like Uber, Air BnB and Turo it is clear that it is not going away.

The sharing economy allows entrepreneurs to build their business with less overhead.  Now companies can find temporary labour, shared office space and even financial assistance in a simple Google search.  The ability to connect and share assets drives margins down, allowing for lower barriers to entry. The sharing economy is about leveraging your networks allowing for reach beyond your office space, community and even country. According to a report by the Ontario Chamber of Commerce, 63% of Ontarians find shared services cheaper than traditional services and 49% find them more convenient.

Interested in taking advantage of the sharing economy? Here are some places you should check out.

UpWork – If you have a task that needs to be done on the computer Upwork is the place to look. They connect designers, programmers and other digital freelancers to businesses like yours. They encourage freelancers to build robust profiles allowing you to pick the best person for the job and they manage payment so that you only pay for work you approve.

AskForTask – The Toronto based company AskForTask connects you to verified local “taskers” who can help you with chores, maintenance, and manual labour such as moving.

Borrowell  – One of the most difficult parts of starting a business is finding financing. Borrowell leverages the finances of some of the brightest investors in the country to give out low interest loans. According to a report by the Ontario Chamber of Commerce, Borrowell has already provided 5.4 million in loans!

CoPass – CoPass is a network of co-working spaces worldwide with 605 offices in 69 countries.  If you are tired of working your small business from home, consider spending some time in one of their co-working spaces.

Leveraging the sharing economy helps grow your network and cut costs. At Bullfrog we believe that you should only have to focus on the most vital parts of your business and leave the rest to the experts. We can help you through your small business insurance needs, and these sites can help you find the right people to get your tasks done!

An Important Update About Bullfrog Insurance 

Please be aware that due to a change in our operations, Bullfrog Insurance has made the difficult decision to start winding down our business. This means we are no longer accepting new clients. 

Are you an existing Bullfrog Insurance client? Rest assured that your coverage remains valid, and you’ll continue to be protected up until your policy expiry date. Watch your inbox for more details from our team.