A business is successful depending upon many factors – Having a good vision of the company, imperative knowledge of the future economy, having a team backboned with experienced and specialized people, and a great leader to get the ball rolling.
As we all know that sharing economy disrupting the existing business model and changing the way we rent and share stuff with others.
Choose a scalable idea for your sharing economy platform Growth is the main goal of any business!Choosing a scalable business idea is essential as that helps to sustain your business and gain profits in the long-term.But how to find out if your sharing economy platform is scalable?A sharing economy platform resolving people’s problems and elevates the burden of a mass audience is sustainable in the long run.If you take Uber, it reduces the burden of booking a ride for a short distance.
People can now book easily in a click and travel in comfort.Take Airbnb for instance, the business model is completely innovative, giving stiff competition to the hotel industry, as they represented as an alternative to staying cheaper and feel of being at home.
Calculate the minimum number of Providers and customers required by estimating the liquidity of the marketplace.The liquidity known as the percentage of transactions happens in the marketplace at any given time.
The higher the liquidity, the higher is the profit.Determine the liquidity of the marketplace based on the company target and accordingly invest time in roping providers into your marketplace.Focus on devising strategies on acquiring providers and customers and retaining them inside the marketplace.