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Forge Your Wealth is meant for education and entertainment and should not be used for financial advice.
In a previous post I have mentioned commissary kitchens. Commissary kitchens are commonly referred to as access economies. These are systems where assets are obtained, provided, and shared among a community. While access economies have existed for over a millennium, they have been trending recently, switching entrepreneurship from ownership to rent and access. But is this a good or bad thing? In this post I will mention how access economies can hinder or help you.
I remember when ridesharing just started. This was a new type of access economy where everyone believed that these companies were Robin Hoods. They would dismantle the big bad taxi and car companies everywhere and fight for the people. How many years was that again when people were saying that? 5, not even? Now the general public opinion appears to be negative towards them. I do not blame them. However, there are claims that ride sharers make on average $19/hour, in New York $30/hour. Many disagree with that because the drivers pay for most of their expenses. After the expenses, an MIT researcher found that on average drivers make between $8-$10/hour, and that was after correcting the math. I believe people forget that drivers are not employees as much as they are sub-contractors. In a way they are self-employed.
Even if you are renting a place, there is potential that you could rent out some space, or even the whole residence. For example, if you rent a house with several rooms, you could rent out some of these rooms like apartments, acting as a landlord yourself. Many try this method as this is an excellent form of access economies.
This is legal, in fact, most cities in the US do not allow primary landlords to strictly forbid subleasing. However, there are still legal steps required to start subleasing. For instance, you probably will need written permission from your landlord before subleasing. Even if you do not, you should to avoid legal troubles. Also, if your lease strictly forbids subleasing, then this is not an option.
Even if you do not have extra room, chances are you will not be using your residence all the time and you can rent the residence out for an off time. An example of this would be if you are a student and you are done with classes for summer you could sublease your residence when you are away ASSUMING your lease continues into that summer. You could even sublease your residence during important events. For example, when the pope came to Philadelphia my mother half-joked about me subleasing my apartment for a few days to make a full month worth of rent. I do not believe she was overstating how much I could rent it out for. I did not because my lease clearly said I could not do so.
Since there are many companies that are small, usually they can be mobile. This allows for perfect opportunities to rent and share office space. There are minimums to lease office space, usually averaging 3-5 years. This makes renting office space for your business a liability in what should be your greatest asset. I know many businesses where they share space with seven others. Despite popular belief they manage very well with each other.
If you are looking to do some subcontractor work or obtain access on certain items and goods, you need to only look on the internet. There are websites for renting out almost literally anything. You can even sign up to work as a subcontractor for certain places where you can do anything from lawn work to pet care.
So, are access economies worth it? My argument is yes, at least to a certain point. Businesses never start big, but instead start small. With access economies now businesses can start even smaller. While other people may make money off of the access you have, the access provided makes it easier to start putting your brand out and starting your business. It is a great service, and every service has a price. Some people say that you need a lot of money to start a business, but access economies could not have made this anymore false.
Granted, there are many access economies in which provide little if any advancement, but they still provide work to people. Some say this is not work, I strongly disagree. Access economies are here to stay and they provide new opportunities that were not present before. Utilizing access economies to your full advantage is an excellent way to forge your wealth.