There are literally hundreds of ways that you can create your own side hustle to generate more income, but have you ever thought you could make money online by renting the things you already own? Have you heard of peer-to-peer renting with Fat Llama?
Renting things you already own could be a great way of generating some additional cash to help:
Or maybe you just want to diversify your income stream, to protect yourself from unexpected emergency expenses?
Since I left my corporate job over two years ago I have been very focused on any opportunity that allows me to save or make more money. One area I have been particularly focused on has been applications that drive peer-to-peer e-commerce. Peer-to-peer e-commerce quite simply, is when two individuals interact together to exchange services without the need for any third party interaction. Airbnb, Uber, and Fiverr are all great examples of peer-to-peer e-commerce applications that have allowed people to make money online. One e-commerce segment growing in popularity is the equipment rental business. Where individuals can rent their own items as a means of making money.
My Interview with Fat Llama
In an effort to provide FTP readers with more ways to make money, I recently interviewed Alex Delic, Community Manager at Fat Llama to discuss their peer-to-peer rental application.
If you’re interested in learning how you can rent your own items online to make some extra cash, read my full interview and learn how.
(Note: Fat Lama has changed their name to Fat Llama.)
KevinFTP: Alex for my readers who have never heard of Fat Llama, what is Fat Llama?
Alex: is the peer-to-peer rental marketplace for stuff. We don’t hold any inventory, we’re a marketplace for peer-to-peer rentals. We make it safe and simple for anyone to rent just about anything to and from others nearby.
KevinFTP: When did Fat Llama start providing services?
Alex: We launched in late 2016 in London, where we now have 60,000+ users. Last month we began our American growth in New York City (as covered by magazine). The uptake has been incredible – New Yorkers listed over 1,300 items for rental in the first 48 hours of us going live.
KevinFTP: That’s a lot of listings in a short period of time, how does Fat Llama work?
Alex: The process is super simple. To list something on the platform, you simply upload photos of an item, its location, the specifications of the gear, and the daily price for rental – which you set yourself. After that, a borrower finds your item browsing the map feature, puts in a request for the dates they want to rent the stuff, and all you need to do is accept, and arrange a suitable time for a handover. And lo and behold, a rental is born!
KevinFTP: What types of things can you rent on Fat Llama?
Alex: Honestly? Almost anything! We have a great user base in the creative industries with tons of filmmakers, photographers, musicians and art directors making extra cash by lending their gear to likeminded individuals. We also see a lot of rentals for party equipment, like smoke machines and lighting rigs. Honestly, though, we have users listing a crazy variety of stuff – anything from play stations and drones all the way to camper vans for holiday hire.
KevinFTP: Are there any specific requirements to rent equipment on Fat Llama?
Alex: Because people are often renting out their livelihood through the platform, the safety of it is our number one priority. Therefore, we take detailed checks of every single borrower coming to the platform. We record over 100 data points to ensure that the borrower is safe to lend to. From the borrower, we, therefore, ask for a photo of a valid ID along with a picture of the user. And a small statement from them explaining who they are and the context behind the rental. In some instances, we also make detailed security calls as well. Beyond that, if you’re over 16 years of age, you’re good to go!
KevinFTP: I think one concern my readers would have is how do they protect the equipment they are renting from damage?
Alex: A unique aspect of Fat Llama is the fact that every single rental is fully insured so lenders can rest assured that they are covered for every eventuality. Should anything happen to the equipment, we have a dedicated Disputes Team who work to resolve any issues as quickly as possible.
KevinFTP: What forms of payment does Fat Llama accept?
Alex: We accept any debit or credit card payments, which are all securely processed through our secure payment provider, Stripe. Lenders can expect to receive their payments straight into their bank accounts 24 hours after the rental period has begun, so the whole process is both fast and safe!
KevinFTP: What makes Fat Llama different from renting equipment from a local business or rental store?
Alex: From cameras to drones, rentals on Fat Llama tend to be about 20 – 30% cheaper than the prices you’d find in a rental store – naturally a great incentive to rent on the platform for all of our users! Second, because of the peer to peer nature of the service, the pickup and drop off times for the equipment are generally much more flexible. In comparison to a retail store where you’re often limited to limiting shop opening hours. The third thing to say – the thing that gets us out of bed in the morning. Is that freelancers, hobbyists, and small business earn a huge amount of secondary income from their belongings – everyone wins!
Is Renting the Things You Already Own on Fat Llama Your Side Hustle?
One of the key benefits of most side hustles is that you can start most right from your home. In some ways, it’s like starting your own home-based business. Unfortunately, some side hustles require you to invest in items to start your venture. What’s great about renting via Fat Lama is that you’re renting the things you already own. You’ve already spent the money, so there is no upfront investment to get started.
If renting things you already own sounds like a great way for you to make some additional cash, give it a try. Sign up via this link and receive a $25 credit toward a Fat Lama rental.
Kevin is the owner of FTP and the author of the personal finance book series Filling The Pig. He uses his past successes and failures with debt, saving cash, investing and running home-based businesses to educate others about successful money managment and Creating a Lifestyle of Opportunities.
This content was originally published here.