The Sharing Economy is a universal term and is growing as we speak. India, which is one of the fastest growing economies, has welcomed the sharing economy with open arms. Job creation is through the roof and is helping the people of India live better day-to-day lives. Just like the U.S., they are constantly making improvements in order to grow as a whole. In this article by @CXOtodayAlerts, they have provided us with some key factors that have contributed to the rise of the Sharing Economy in India that are very in line with the United States.

“Socio-economic ecosystem that is built around the sharing of human and physical resources including shared creation, production, distribution, trade and consumption of goods and services by different people and organizations.”

Security and trust mitigation

Trust is a huge part in any relationship, especially in business. Creating a trust level within  peer-to-peer businesses can help establish new clients but more importantly new connections. Having trustworthy and liable services helps establish a sense of security.

Consistency in service and quality

Think long term. While there will be bumps along the way, it is important to strive for consistency. Deliver high quality service and be able to provide for you clients.

Managing and skilling unconventional workforce

Not everyone is qualified. It is important to perform proper background checks and get the right fit for the job. While people will have different levels of experience, it is important to provide the right training in order to become a successful marketplace.

Tax compliance

It’s simple. Follow the tax rules set by your Government.

Enabling regulatory environment

Be specific. If businesses are not aware of the regulations, they won’t follow them. Government needs to clarify to the various sectors of the sharing economy in order to keep order for the market.

While regulations are different between India and the United States, the concept of a Sharing Economy is very similar. Both are businesses that are collaborating together whether it is buying and selling or even just sharing information. With a growing Sharing Economy, it will attract more countries to establish their businesses in India and help stimulate the economy. These 5 things can apply to help any business that seeks to get to that next level.

Read the source article here.