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10. Shared Accessories and Attire & 11. Shared Home Improvement Equipment

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10. Shared Accessories and Attire
Sites like Rent the Runway and Gwynnie Bee have banked on the idea of the sharing economy—where we want and need to own less stuff, so instead, we share resources. This trend has led to small business opportunities for these companies, who offer borrowed or rented clothing and accessories at a fraction of their purchase prices. And because the same piece of inventory can generate revenue multiple times, the profitability of these ventures is pretty significant.

Do you have an eye for fashion and a sense of style not currently offered by other rental services? Maybe you’re ready to be the next big thing.

But even if you’re not prepared to launch a multi-million dollar fashion startup, you can just as easily profit from shared fashion at the local level. Gather some favorite accessories or clothing picks and host a borrowing party for high school students before the next formal dance. If you’re in a college town, Greek life formals are another great opportunity to profit from shared economy fashion. And because you’re taking shipping costs out of the equation, you have the potential to be even more profitable than the larger startups.

11. Shared Home Improvement Equipment
Are you the go-to guy or gal in your neighborhood for every lawn, garden, and home-repair tool under the sun? Why not turn those favors into a profitable business by advertising your available equipment beyond your immediate friend group?

You might even decide to invest in more specific and higher-cost equipment that would be useful to those around you. And if a customer doesn’t know how to use a specific tool, combine your equipment rental with a mobile handyman service for even more cash in the bank. This could be a big opportunity as one of the most profitable business ideas as more people invest in fixer-upper houses and are in need of tools and advice.

fundera.com

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