In a recently published article on INC.com, John Warrillow, (@JohnWarrillow) discusses how the sharing economy could potentially disrupt your business.

In today's economy, consumers are rapidly turning towards the idea of renting something as opposed to owning it. Rather than purchasing an item and not benefiting from it’s full usage, consumers are using services such as Rent the Runway, Uber, AirBnb, and many more to fulfill purchasing needs, by purchasing to rent. Preference to renting has increased tremendously in recent years. Yet the significant success for these companies may not be the same for businesses who sell products for purchase such as car dealerships, retail stores, real estate agencies, etc.

"There was a time when the pride of ownership trumped any cost saving associated with renting. But in an environment where everyone is “deleveraging,” and technology allows us to share without dramatically impacting the quality of our experience; for many, access now trumps assets."

We’ve seen the success for businesses involved within the sharing economy, but what about those business who are not part of the sharing economy? How do they sustain in an ever changing economy?

For traditional companies to uphold in today’s world, traditional businesses  must expand to service to a number of places and locations. They must be accessible to everyone, by geographic location, and socioeconomic status. Increasing in size, and financial  worth is also another step in surviving in the sharing economy.

These are great steps to follow for traditional businesses who are suffering a negative impact from the sharing economy. Allowing your business to be readily accessible to any consumer will keep your business flourishing in the competitive and growing marketplace.