Is The Gig Economy For You?
Today’s workforce is increasingly comprised of freelancers. These workers, along with contractors, temps and on-demand workers are the heart and soul of today’s gig economy. Is it a good fit for you? Let’s find out.
How The Gig Economy Works
The gig economy is based around short-term paid projects. Those projects can come from all kinds of industries including delivering groceries, taking surveys, writing articles and designing graphics. Work is based around the hours you are available making it flexible. There are other advantages, too, such as pursuing projects that interest and excite you. And if you are easily bored, the high rate of client turnover will keep you on your toes.
There are some downsides to consider. If you are used to a full-time job with a steady paycheck and benefits, you may struggle with freelance work. Medium states that 57 percent of freelance gig workers had trouble with income in the last year.
Do You Have What It Takes?
To succeed in the gig economy, you’ll need certain characteristics that allow you to run your own business from start to finish. They include:
- The Ability to Solve Problems
According to Jean Case, the CEO of the Case Foundation, this should be your number one trait. In fact, she believes this is ultimately the most basic definition of an entrepreneur.
A Risk Taker
Entrepreneur Magazine explains that it’s not only important to take risks; you must also know how to manage that risk through its ups and downs.
You’ll need to see through difficult circumstances and mundane tasks. Can you persevere to achieve success?
Are you flexible enough to make a U-turn if things aren’t working out? Can you admit that something was a mistake before risking too much investment? Read more traits of successful entrepreneurs at Power Home Biz.
Still not sure if gig work is for you? This article from Forbes may be able to help you determine if freelancing is a good fit.
Building A Successful Business
If you believe you have the right traits, your next decision is what you will do. Look at your skill set and find the intersection between what you are good at and what you like to do. Think about your work history, your education, your hobbies, etc. What do people compliment you on? It can even be your driving skills.
Once you’ve selected a project, you’ll need to start finding clients. This, of course, will depend on what gig you’ve chosen. This work is done for you if you’re on an app-based gig such as Uber.
However, if you are taking on a creative endeavor, you’ll need a portfolio, website and places where you can pitch your work or find clients. Format magazine suggests these 28 freelance websites where you can find work from.
Once you are up and running, you’ll need to manage your money carefully until your business takes off. You may not be able to leave your current job just yet. Build up an emergency fund before you do and research options for health care and retirement plans for freelancers and entrepreneurs.
You should also get a good system to keep track of your income and expenses and a reliable accountant or accounting system. You should also have a plan if you have clients that don’t pay.
Making it in the gig economy takes hard work and determination. With the right outlook, personality and preparation, it can work for you.
Article by member : AlexisHall
Photo credit by #WOCinTech Chat