9 Ways Of Making Money On-Demand Economy
- By Sunny Chawla
Imagine a world where every conceivable consumer service is available on-demand at the touch of your finger, through your smartphone, laptop, or any other device you use. Well, it isn’t too far away uber the taxi based on-demand business has seemed to successfully raise a fortune of 1.2 billion dollars last year. Uber with its 40 billion dollar evaluation is at the top of this on-demand economy food chain and there are penalties of startups out there keen to replicate Uber’s success.
The on-demand economy is on the rise and it’s bringing immediate services to the consumer’s whether it's a cleaner, handyman, or a beautician. On-demand businesses promise to get this Profesional to your door in under an hour. Many on-demand businesses are on the rise with the motive of connecting and providing service in real-time. There are many new start-ups based on the on-demand services like on-demand massage apps, on-demand doctor app, on-demand babysitter app, etc. All of these businesses are contributing to the rising of the on-demand economy. So, if you are also someone who is keen to start his own on-demand business or if you already have well-established businesses, but unsure of how to earn from this business, then you are at the right place as we are going to discuss 9 ways of making money on-demand economy.
Now before we look at how we can actually make some fortune from the on-demand economy, it would be better to understand what the on-demand economy is and how it works.
Access economy or shared economy or on-demand economy is an approach to come with ways through which you could either provide immediate access to goods and services to the consumers. The on-demand economy is also known as real-time services. It is a famous business model driven by technological advancements and the ease of access to advanced tech. On-demand business is considered really effective as it's not an upfront industry that is involved in manufacturing, production, or development, rather you can be considered on-demand businesses to be more like services that effectively connect the users with the already existing infrastructure or industries. Take an example of Uber, they don’t actually but new cars in order to run a taxi business. Uber is just a platform that allows the users to connect to a driver and book a cab. This is also the reason why uber has spread faster than any business you can think of, as they only have to maintain their services and create a better platform. They don’t have to invest thousands of dollars in buying cars and run them down in the street.
So here are the best 9 ways you can choose to earn some cash.
Optimize Your Business Model
The business model is simply how these on-demand businesses choose to operate. Now there are a number of ways these businesses can enhance the system by making it more effective. Most of the time these businesses focus on establishing connectivity and developing access. The business model also decides how you need to invest and how much you could possibly earn from this on-demand business.
So, if you are also worried about your income source, your business model might be able to fix it easily. You see, making money using the demand economy is pretty easy as there is barely any investment in starting a business. However, if you still think that you are not making enough money, then your business model might be flawed. It’s always advisable to look for loopholes in your business model if you want some cash coming your way.
Choose Your Tech Wisely
Like we said before the on-demand industry is heavily dependent on evolution and access to a particular technology. For instance consider, the uber application, it is an android and ios app that is mostly available to everyone who possesses a smartphone. And we all know that most of the people today have a smartphone. However, what if smartphones were not that common, would it have been possible for an on-demand business like uber to expand to such extent? The answer is no.
You need to keep in mind that on-demand businesses are heavily dependent on a particular technology and it’s your duty to find a place or potential audience that uses this technology frequently. That is the reason why there are no on-demand businesses based on AR or VR applications, as these technologies are not accessible to everyone, starting a business based on it would be utterly meaningless. So, make sure that the technology on which your business is based on available to a large audience.
Take Care of All The Operations
Now starting a business is not just about coming up with a brilliant idea, you also need to make sure that business properly grows and all of its necessary functions are met. For instance take Zomato, a food delivery based on demand business. Now there are majorly their aspects to Zomato that constitute its operations and make sure that business keeps on running successfully.
Divide Your Businesses For More Revenue
When you need to accomplish multiple tasks it is better to divide it using different apps. For instance, the two-way communication that occurs in Zomato is taken care of by creating an interactive website and an application. There are majorly two parts of the same system.
The first is in which users interact with the restaurants. They can choose from a number of restaurants available on the application and choose to order anything from these restaurants.
The second part is to make sure that restaurants can also interact with the users by either accepting the requests or declining them. This is also taken care of by creating a separate application for the restaurants or the backbone of this on-demand business.
Create A Membership
Most of the on-demand businesses use this strategy to earn some cash where they provide their users with a special membership account for a certain fixed price. However, in return, these users are promised access to some special benefits only available for a member.
Any platform that attracts a lot of traffic is prone to become a hub for advertisements. You can also choose to run some advertisement campaigns in order to make some cash.
An on-demand business is more like working as a freelancer, you don't know when you are going to need a specific professional. So if you think that your business is not big enough to hire a full-time employee, it would be better for you to just hire a freelancer whenever you need it.
If you want to join the on-demand economy, but cannot figure out what to do in order to make some profit, then you start a caregiver service online. It would be highly profitable to join this industry, apart from this you also join already existing on-demand opportunities like care.com, just earn a little cash.
Now one other way to earn from an on-demand economy is to start selling your skills. If you are versed in some specific skills like development, dancing, singing, etc, you can easily make money using an on-demand economy by making yourself available for those in need.