Passive income : rent your bike

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If you have a spare bike or if you do not use your bike any more then that can be an opportunity and make some passive income

There are several reasons why people are thinking about renting or buying a bike.

@lelia_milaya via Twenty20

With the growing awareness of the environment, people want to try and do their bit.
As I write this article a concern about health and public transport due to COVID-19
People are trying to reduce their costs (running a car can be expensive)
People are trying to increase their fitness and riding a bike is a good way of doing this.

There are other reasons but as you can see there are several good reasons why this is popular and will probably increase in popularity.

The process is simple, visit one of the sites later on (or search for others) and list your bike

Tips

  • You should fill in all of the information that there is about your bike – type of bike, model, brand, colour and anything else notable
  • Make sure your bike is in perfect condition.
  • Make sure you bike is clean – customers do not want a dirty bike.
  • You should try and take some high quality pictures of your bike – a good photo can be a great sales tool, a poor quality, grainy or blurry image may put off a customer.

Sites

There are many sites, this is just a selection

https://www.spinlister.com/ – You can make up to $500/month by sharing your bike, surfboard, SUP, snowboard or skis with travelers, racers, and enthusiasts. Its a worldwide service and users can scroll around a map and see listings an prices near them.

https://www.bikeshare.com/vendors/

https://www.listnride.com/listing-a-bike – This site has a handy slider whcih shows you how much you can earn based on value and days rented out – obviously this hypothetical but probably a good maximum number. A 655 euro bike, rented out 3 days per month could make 416 euros a year

https://www.bimbimbikes.com/ – A global company with many locations around the world, you can signup to list your bikes. May need to be a bigger, more established operator first.

Summary

This looks like a great opportunity which will probably grow in the future, the business minded may also think of this as a good opportunity to scale up and buy a couple of bikes and rent them out especially if you live in an area with a high demand.

Obviously a busy city like London may mean you have high competition as well.

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