What Is the Gig Economy? Things to Know For Gig Workers
The gig economy is a new way of doing business that has been made easier by technology. It’s also known as the freelance economy or the on-demand economy because it involves working for short-term engagements that match gig workers and businesses for anything from temporary furniture assembly gigs to one time, short-term opportunities in web development. The gig economy is growing fast and it’s estimated to make up 43 percent of the U.S. workforce by 2020.
As the gig economy continues to expand, more and more people are turning to freelancing and short-term contractual roles for short-term money, flexibility, and control. It’s no surprise then that a knowledge of the gig economy is increasingly necessary for gig workers and entrepreneurs alike. In this article, we’ll look at what is the gig economy and touch upon some important points to know for gig workers embarking on their gigging journey.
What Is the Gig Economy?
Simply put, the gig economy is an economic system where people can offer services or products to businesses without having to sign traditional contracts. It has been defined as “a labour market characterized by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs.”
The gig economy provides freelancers and entrepreneurs alike with the flexibility to take on short-term commitments or short-term gigs with varied payment structures no matter what their skillset or experience. They are typically connected to work opportunities through platforms such as Uber, Upwork, Fiverr, TaskRabbit, and many more.
Types of Gigs Available
In popular culture, the gig economy may be synonymous with Uber and other transportation-related jobs, but there are also plenty of other opportunities available in a wide range of other industries. Some common examples of gig economy jobs include:
• Online Tutoring
• Freelance Writing
• Graphic Design
• Virtual Assistant
• App Development
• Social Media Management
• web Design
• Data Entry
• Photography
• Video Editing
• Translation
Tips for Gig Workers
The gig economy offers a great opportunity for those who want to become their own bosses or to earn extra money on the side. However, taking on freelance gigs comes with its challenges, and not everyone can successfully thrive in this ever-changing environment.
Here are some tips that gig workers should keep in mind when embarking on a gigging journey:
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Define your value and know your worth: One of the biggest challenges in the gig economy is the race to the bottom when it comes to pricing. As a gig worker, it’s important to know what salary you expect to achieve for the services you offer. Knowing this will enable you to differentiate yourself from the competition and charge a competitive rate.
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Develop a portfolio: A portfolio is one of the most important assets a gig worker can have. It’s like a resume in digital form, but it shows off all of your work, achievements, and portfolio samples that you can show potential clients. To stand out from the competition, the best thing to do is have one portfolio that showcases everything you do, so potential clients can quickly and easily see your value.
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Build a professional network: Networking is an invaluable tool for gig workers, especially when it comes to finding new gigs and building your digital presence. You can reach out to other gig economy professionals, join forums and groups in your industry, and leverage social media to further expand your network.
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Manage your time: One of the most difficult things about the gig economy is managing your time when juggling multiple gigs. This can lead to stress and missed deadlines, which aren’t good for anyone. Manage your time by using tools like project management software and calendar reminders to stay organised and on top of deadlines.
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Invest in yourself: Taking time to invest in yourself means taking the time to stay updated and current with industry trends. Invest in yourself by taking advantage of free and low-cost opportunities such as MOOCs (Massive Open Online Courses), job alert services, or even attending industry events and conferences. This way, you’ll stay ahead of the competition and make more educated decisions when it comes to your gig work.
The gig economy has opened many opportunities for gig workers, entrepreneurs, and startups alike. Understanding what is the gig economy, the types of gigs available, and the tips of succeeding as a gig worker can help aspiring freelancers set a good foundation and begin a successful journey in the gig economy. With the right knowledge, skills, and tools, you’ll be on your way to success in no time.
