The gig economy has affected everyone, whether we are the service providers or the receivers. It’s a popular, hip term tossed around whenever someone considers a less permanent and restrictive way to earn money.
Partaking in the gig economy enables people to earn additional income and have more flexible and balanced schedules. So, let’s discuss the gig economy, its tempting nature, and the technology that makes it all happen.
A brief reminder of the gig economy meaning
The gig economy refers to different jobs and side hustles that follow these simple principles:
- They are short-term jobs, not full-time positions in a company.
- Most of these tasks are task-oriented, meaning someone hires you to perform a particular activity. For example, it could relate to helping you move or design logos and other assets for a product launch.
- The service providers perform contract work.
- Typically, gig economy jobs are treated as being more flexible in schedule. For instance, Uber drivers don’t have set working hours and pick up a shift whenever they have the time.
- Despite the advantages, the gig economy lacks benefits like health insurance or paid vacation time.
Popular examples of the gig economy include ridesharing, freelancing, renting homes/apartments, running errands, delivering food, and selling products or digital goods. People often pick up gigs in addition to their regular jobs.
The internet is a goldmine for different ways to gain additional income. For instance, many passive income strategies let you get free money. How is it free? Passive income activities don’t require much effort (or need some initially). Thus, you can add such strategies to your list in addition to the various gigs online.
Technology enabling the gig economy.
It might be challenging to pinpoint which tech innovations contribute most to the gig economy. It’s a combination of multiple ones that make it possible for the many gigs to occur:
- Secure online payment systems, letting freelancers get paid instantly and without unnecessary delays.
- It is also now possible to join freelancing services focusing on issuing payments through cryptocurrencies rather than traditional means.
- Remote collaboration tools like Google Docs, Zoom, or Figma allow active and smooth collaboration between people.
- AI greatly contributes to the smooth operation of apps. For instance, ridesharing apps use such algorithms to find nearby and less busy drivers.
- Location-tracking technology lets different service providers connect with their clients.
Of course, these technology examples are just the tip of the iceberg. Different innovations push the gig economy forward, opening new venues for service providers and receivers.
How can anyone join the gig economy?
The gig economy presents a multitude of opportunities for additional income. Of course, your earnings can relate to your talent, skills, or simple luck. For example, you could be an excellent graphic designer, but you might need help to market yourself to potential clients.
Here are some of the tips to help you start working on various gigs:
- Determine the skill or talent you wish to sell. It could relate to different types of freelancing, such as writing, drawing, doing voiceovers, or even knitting.
- Find a gig app or service (either global or local) where you can market yourself and sell your skills or goods. For instance, various online course platforms let you showcase your skills as a teacher.
- Learn the tricks of presenting yourself attractively to your clients. Sometimes, it also helps to consider keywords most relevant to potential customers.
- Start by taking small gigs and getting positive reviews from your clients.
- Conduct market research to learn what your targeted clients look for in the people they hire.
- If necessary, consider promoting yourself. For example, you could offer free guest posts to different websites in exchange for adding a small advert for your services.
- Learn about taxes and other requirements for invoicing, contracts, and payments. Different services can simplify certain procedures (like generating client invoices).
- Hone your skills to keep your portfolio up-to-date with the latest trends.
Things to consider about the gig economy
In many cases, the gig economy is an excellent option for extra cash or to replace your full-time job. Yet, it’s crucial to consider the following factors:
- The income might be less stable and highly depend on the demand for your services.
- The lack of benefits could mean you spend more than with a regular job.
- Most gig workers are responsible for paying taxes and ensuring correct calculations.
- Like in any industry, scams persist, and gig workers must be extra careful when picking clients (especially outside specialized platforms).
- Accepting too many gigs could lead to burnout (mainly if you perform them after your regular job).
Conclusion
The gig economy allows people to wish for a more flexible schedule and less permanent jobs. Of course, you can establish long-term long-term partnerships with clients for years. So, instead of acting as a bonus to your usual salary, the gig economy could replace your full-time job. Regardless of the advantages, consider the responsibility of taxes, lack of benefits, and more unstable income.
