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Is your business missing out on free money?

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Is your business missing out on free money?

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Idle equipment and spare space could be earning you some extra cash...

Is your business missing out on free money?

Christmas is a time of excess. The festive period will leave more than a few homes cluttered with presents which sitting in cupboards and under beds, underused, for much of 2018. However, it’s not just at home that we’ll be sitting on idle equipment. Our workplaces are all too often storage plots for wasted assets. However, many SMEs – from creative freelancers and production companies to office facilities – are unlocking the new potential of the sharing economy by renting out such underused equipment. Spare computers, from gaming laptops to MacBooks, can be rented out for a passive income stream; so too, can data/video projectors, power tools, cameras and other sound/AV equipment.

Rent Your Stuff

Fat Lama is a peer-to-peer rental marketplace which individuals and businesses to monetise their underused equipment by listing it for rental. Dubbed the ‘Airbnb for stuff’, the platform offers insurance of up to £25,000 per item, covering against damage or non-return. Its users are earning anything from £50 to £3,700 a month by lending gear which was sitting unused. Filmmakers, photographers, small studios and creative agencies rent spare DSLRs or film equipment, as well as video projectors, which are worth £30/day. Music studios are loaning out spare PA speakers and backline equipment, whilst events managers have cheap access to smoke machines, lighting rigs and more. The website is used by skilled labourers to rent cordless drills, grinders, circular saws and other tools locally.

Rent Your Space

‘Equipment’ aside, your vacant space can also be maximised as a moneymaker. 20,000+ people are renting out their own parking spaces throughout the UK – both personal driveways and office car parks. The average earnings of a parking space renter on JustPark are approximately £1,000 a year (and £3,000 a year if you live in the city). Desk space and spare meeting rooms, especially in prime locations, are also potentially fruitful assets which business-owners are unwise to waste. Even if you work from home yourself, you can list the spare rooms in your house as meeting/workspaces on Vrumi.

As you take your business into the New Year, it’s worth scheduling an inventory check to make sure you’re getting the most out of your assets. Technology is opening up new income streams for SMEs, so make sure you’re not missing out on easy income. Putting a spare projector or MacBook to work might even pay for next year’s Christmas party!

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