Money-making opportunities on your doorstep: how your home can generate a side income

Wednesday, May 30 2018

Over the past decade, Britain has seen an unprecedented rise in the popularity of platforms promising easy money for items already in your possession. This is known as the sharing economy: a type of activity which pools access to goods and services between individuals, acting as an alternative to purchasing from an established business.

The idea of peer-to-peer resource sharing has been around for centuries. We’re all familiar with the concepts of hitchhiking and choosing homestays instead of 5-star hotels to save money while travelling. In recent years, entrepreneurs have spotted a lucrative opportunity to apply small commission charges to the transactions they can facilitate between individuals. Online platforms offering users a chance to make money from their homes, cars and other practical equipment have proliferated – some offering their users a more reliable side income than others.

A concept which has proven particularly successful in the UK is the ability to rent out your parking space. Private and council car parks alike are an expensive necessity. If you’re travelling by car, there is often no choice between parking facilities upon your arrival. Motorists often find themselves paying what they believe to be unfair prices or dropping their vehicle an inconvenient distance from their destination due to traffic congestion.

An empty parking space, driveway or lock-up garage in a busy location can be a godsend for budget-conscious drivers which in turn provides a handy second income for property owners. If your own driveway isn’t permanently occupied, you can advertise it to vehicle owners looking to save time searching for a convenient space and cut their spending in the process. There are a number of UK websites and mobile apps which permit you to do this, including YourParkingSpace and Gumtree.


Here are a few tips to get you started:


Set your price right

A new landlord to any parking platform needs to list their parking facilities at an attractive price. Without an established reputation, you should pay attention to other ways to ensure your driveway or garage attracts your first customers: slightly undercutting neighbourhood competition is an easy way to do this.


Provide a good, honest service

Your ratings as a parking space owner indicate your hosting qualities, including reliability with providing access and security of your location. Just as if you were hosting a guest in your home, it’s important to be courteous, ensure the space is vacant during periods it is offered to other drivers and honour arrangements involving the provision of access codes or keys to a garage if necessary. Adding well-lit photos and an accurate description of your space will open every reservation with a positive impression.


Choose the correct platform

Not all parking rental platforms offer the same options to individual landlords. If you’re always on the move, it might be useful to choose a service with a slick mobile app allowing you to update your listing out of pocket. If you’re based near a train station or a busy office block, you may want to try a platform which allows recurring monthly rentals, like YourParkingSpace. This provides extra value and convenience to regular commuters and helps to secure a more reliable stream of income for space owners.

This guest post was provided by YourParkingSpace. Established in 2006, they are an online parking marketplace where you’ll find parking spaces, driveways and garages for rent throughout the UK.

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