The gig economy isn’t new, but it has a whole new meaning in the COVID-19 era. “Gig economy” refers to work that happens outside a traditional full-time job, like short-term projects, temporary contract work, and independent contracting. Those who thrive in the gig economy tend to be freelancers, contractors, entrepreneurs, and anyone more motivated by variety than a single full-time job.
The Bureau of Labor Statistics reported that 5.9 million people worked in the gig economy back in May of 2017. Because of the way COVID-19 has changed how, when, and where we work, the current numbers are likely much, much higher.
Intrigued by the idea of working as a contractor or freelancer? We’ve done the research to help you tap into the gig economy and find success on your own:
Start Your Own Business
Starting a business can propel you to success in the gig economy, but you’ll need the right knowledge and skills. Earning an MBA online can help you understand the ins and outs of business strategy, management, and leadership. An online degree program is nice because you can work toward your master’s degree in your own time, even while working a day job or exploring other opportunities.
Establish a Budget
Before diving in, figure out how much work you will need to manage your finances. Keep in mind that the gig economy can sometimes be feast or famine, so factor in those fluctuations and how you will navigate them. That’s why many freelancers begin with a nest egg to cover financial needs for three to six months. You can tackle this by establishing a budget — one that includes all personal and professional expenses, as well as quarterly tax payments.
Cultivate an Attitude of Gratitude
Making the leap into the gig economy can be a little intimidating — if not, at times, completely terrifying. But you have to stay positive if you want to succeed. Every setback or failure is a lesson and an opportunity to grow. Be thankful for those experiences. Start your day off with a list of who and what you are grateful for — from experiences that have made you stronger to people who have offered you unwavering support.
Get Your Brand Out There
You won’t be able to land new jobs and gigs if clients don’t know you’re out there, so get active online through social media and virtual networks. Consider running strategically-placed social media ads for your services to snag extra attention from decision-makers in your industry. It isn’t enough to be good at what you do — if you want to really succeed, you will have to market yourself. Write blogs, design your own website, and speak about your expertise — these are traditional marketing tactics that will help pull in new clients.
Manage a Side Hustle and a Full-Time Job
Whether you are looking to build your savings or pay off debt, the gig economy is a great place to earn additional income — what millennials fondly call a “side hustle.” You can supplement your income with gig economy jobs like driving for a rideshare, as a personal shopper, or picking up projects on remote work job boards.
First, decide what you are good at and what you’d like to do, then start looking to see where you can apply those skills. If you are working a full-time job at the same time, take caution that you aren’t overwhelmed. You don’t want success in the gig economy to result in challenges to your day job.
The Bliss Planet mantra is “Amplify Your Goodness!” We believe that comes when our inner and outer worlds are more aligned. If your career isn’t proving your meaning and purpose, find something more fulfilling. It may take some trial and error, but that’s why the gig economy is thriving! You have the chance to test-drive a lot of different directions before you embark on an entirely new path. Visit Bliss Planet for more inspiring and feel-good content.
