You’ve heard that the gig economy is growing and that right now, it’s a hot ticket and a great way to have independence in the workplace. Is it for you? We’ll take a look at what the gig economy is, who can succeed in it, and how to get started.
What Is The Gig Economy?
The gig economy is a new trend in business. According to Forbes, it refers to “the increased tendency for businesses to hire independent contractors and short-term workers and the increased availability of workers for these short-term arrangements.”
Because there is a large market of people willing to work as contractors and freelancers by taking shorter-length projects, the gig economy is thriving. Apps like Uber are also giving it life. Is it for you?
What You Need To Be Successful
How can you be successful in this kind of business? Remember that while short-term work is less stable, it’s more flexible. If you are dependent on a steady paycheck, creating a business around gigs may not be for you. It may be better to work side gigs while you keep your job.
However, if you are struggling to work because most schedules do not fit your life, gigs allow you to work how and when you need. How can you succeed?
First of all, you need to decide what type of work you are going to do. Will you be freelancing by providing a skill, like programming or graphic design? Or would you be more interested in driving or delivery services, or other app-based gigs that are all set up for you? You’re less likely to make big money with those app-based services, while providing a top-notch skill-based service can prove lucrative.
Fast Company recommends a few routes to success in this article, including refining your craft to the point where you become the “default choice” for prospective clients. In other words, you’re the only one a client wants to choose. You should make yourself the go-to authority on that topic, by answering questions, posting articles on related topics that are difficult to solve, and standing out from the crowd.
Creating Your Ideal Home-Based Gig Business
In addition to be making yourself the best choice in your industry, you should be networking and marketing yourself with a portfolio, a website, testimonials and/or a social media presence. If you want to achieve success, you should at least write yourself a simple business plan. Bplans.com has a great tutorial on how to write a one-page plan.
Another thing you need to pay attention to is your cash flow. Since it won’t be steady, you need to save up for low flow days. It’s imperative, as well, that you have a business budget and track all your income and expenses so you can pay your taxes. There may be an opportunity to write off some of your workspace and your equipment, but regulations can vary. Learn more ways to reach your money goals in from Chime.
You’ll also need a dedicated workspace in your home, either to do your work, track your business, and market your venture. Make sure that you have everything you need, including a computer or laptop, smartphone, and reliable internet service. You may want to buy software to track client billing and taxes.
Try to find a space where you can work without interruptions, even if you don’t have a spare room. Make sure that your workspace encourages productivity and doesn’t make you want to walk away or drown you in distractions!
Still interested in the gig economy? Great! Check out these 2018 trends from Chunk of Change. Now is a great time to get started in gig economy to see if you have what it takes to be an entrepreneur. Are you game? Then the gig economy may be for you!