The Hows and Whys of Making the Gig Economy Work for You

The gig economy has transformed the way people work. Instead of punching in for the usual nine-to-five grind, more and more folks are embracing the freedom and flexibility of setting their own schedule. The McKinsey Global Institute estimates between 20%–30% of people in the US and EU-15 have joined the gig economy — that’s as many as 162 million people!

So, why have so many people jumped into gig work around the world? More importantly, how do you join their ranks? You’ll find the answers to these questions and more below.

Why Do People Take on Gig Work?

Gig work has become an appealing — and sometimes necessary — option in today’s economic landscape. Here’s why:

1. Flexibility:

People jump headfirst into gig work because it gives them the freedom to call the shots. Once you become a gig worker, you can say goodbye to rigid schedules and limited time off. Instead, you get to decide when, where, and how much you want to work.

Gig work can be a full-time option, but it also works perfectly if you’re juggling multiple responsibilities, like parenthood and schooling, or you want a side hustle to boost your income.

3. Saving More Money

Sadly, people today have little to no savings set aside. According to Forbes, a stunning 67% of Americans can’t cover an unexpected $500. They would have to borrow money or sell something instead.

Borrowing money might be a quick way to handle emergencies without savings. One of the benefits of borrowing online is the convenience of applying, which only takes a short time to complete. If approved, you can use your online loan as a substitute for savings.

Despite how useful online loans might be in an emergency, having your own savings will always trump the alternatives. Gig work can help you break the cycle of relying on online loans, as it boosts to your income. You can save some of what you earn as a gig worker or all of it — you decide!

Monetizing Your Skills to Join the Gig Economy

If you’re ready to cash in on the perks of the gig economy, keep scrolling. Here’s how you can monetize your skills effectively as a gig worker.

1. Spot Your Marketable Skills: What are your core skills and expertise? Do you know how to decorate a beautiful wedding cake, repair vintage cars, or write code? Explore what you enjoy and excel at to find your niche.
2. Build an Online Presence: You’ll find it hard to start gigging without a strong online presence. Social media plays a big role in making your mark, but don’t overlook a professional website to showcase your work and contact details. You might also want to join online gig work platforms to connect with people in need of your services.
3. Network and Collaborate: It’s not what you know but who you know. This age-old adage is true even today. Connecting with like-minded professionals can help you learn more about your field. It may even lead to exciting opportunities and referrals.
4. Price Your Service Competitively: Your price can make or break your gig-working success. You don’t want to overcharge or underpay yourself, but it is important you strike a balance between charging what you’re worth and remaining competitive.
5. Always Stay Learning: The gig economy is dynamic, and you’ll need to learn how to adapt as this landscape evolves. Stay up to date with industry trends and technology, and try to update your skills whenever possible.

The gig economy helps you make money doing what you love on your own terms. If this sounds like something you would like, consider becoming a gig worker today.