How to Make the Most Out of a Gig Economy

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A lot has been said about the gig economy in recent years. This is a segment of the workforce that has been steadily growing for the past 10 years. An Intuit report states that around 36 percent of workers are gig workers today, rising significantly from 17 percent 25 years ago.

The gig economy includes a variety of jobs from Uber and Lyft drivers, food delivery persons, and professionals who provide services like a virtual assistant, writing, ad development, and accounting. Any job can be done in a gig economy.

Why Is It Called a Gig Economy?

A gig job is those that aren’t contracted for permanent or long-term employment. Those working are independent contractors or freelancers. The upside of these jobs is you can set your pay and have flexibility in your schedule. The downside is you may not have work from week to week.

How to Make the Most of the Gig Economy

Some have done well working as on-demand or gig workers. You can make full-time pay doing this kind of work and pick and choose the jobs you love and want to do. However, there are some ways to get the most out of this type of work lifestyle.

Set a Schedule.

People, by nature, need routine even in a flexible schedule. It’s important to have your working hours and off-hours. A routine also motivates you to get up, work or seek work.

Set Time Each Week to Seek New Clients.

One of the disadvantages of gig work is that projects end, and some clients will move on once your work is done. You always need new clients to replace them to keep your money flowing.

Be Grateful for Your Customers.

Those providing personal services, such as drivers, errand runners, and other service jobs, should connect with those you serve, give them a card with your name, and encourage them to ask for you and use you again.

You can also do little things like sending them a birthday email or a follow-up text asking for their opinion on your services.

Don’t Depend on One Source of Income.

Every successful gig worker has several revenue streams in case one falls out.

Don’t oversell or overwork.

Gig workers want money and feel they can make as much as possible because they aren’t tied to set hours or a company with established pay.

That can lead to overselling their abilities, which will lead to disaster or taking on too much work. That defeats the purpose of having flexibility.

Save For a Rainy Day.

Live on what you make and put some away for a week when work isn’t so plentiful. There will be weeks where you are busy and others that are slow.

Conclusion

Understanding how to manage your gig jobs and your money is the most important thing you can do to succeed in a gig economy. Implementing some discipline will help you succeed.

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