The Vital Components of Thriving in the Gig Economy

Vital Components of Thriving in the Gig Economy

Freelancers, independent consultants and contractors, side hustlers, and part-timers all form a part of the global phenomenon known as the Gig economy. With the coronavirus disrupting the employment world in 2020, there has been an increase in the number of people joining the Gig economy in 2021. This shift was also influenced by the need to find more flexible work.

Technology has been an essential tool in this growth as most of these workers get work online. Apps and websites such as Uber, Fiverr, Upwork, Etsy, and Instacart are facilitators of this since you can work from anywhere, as long as you have a way of accessing the website/app for work.

For individuals considering joining such work, several things are critical for your survival. They include:

Understanding What Your Purpose Is:

Understanding What Your Purpose Is:

A comprehensive sample of freelancers reports that work is more than just a paycheck. You need to know what you’re passionate about because there are times it will get complicated, and you will need to remind yourself why you followed that path.

Assuming you have had a job as a car mechanic for the past three years and are considering switching to work that involves car modifications. Make sure you understand what it is about car modifications that make you want to take the risk.

The Uncertain Nature of Work:

The Uncertain Nature of Work:

The majority of people do not join the Gig Economy because of this type of work’s uncertainty. While starting, income will likely fluctuate, a good reason for you to set up an emergency fund for yourself. You should jump into the first opportunity that comes your way without necessarily compromising your work’s worth; you must gauge the work-time to pay ratio of a task before taking it up.

But since you are starting, you might need to make a bit of a compromise. Say you would like to work on modifying sports cars, but the available clients own vans and trucks, don’t ignore this sort of work. Instead, accept the job, order some plastic molding company RYD tooling merchandise and get to work.

Time Management:

Time Management:

Since you will be both the worker and the boss in this work environment, you must let personal calls, texts, and emails go unanswered while working. Employ the use of time tracking apps to understand how much time you spend in executing tasks.

Manage your time wisely, or you’ll end up losing gigs over not meeting deadlines.

Set Up a Productive Work Environment:

Work Environment

A physical workspace plays an essential role in how productive your work will be. Establishing a workspace can involve setting up a home office or finding a corner table at your local cafe; either way, you need a space that brings out productivity in you.

However, if you’re an individual that likes organized office spaces, you should try out a shared office space that could be closer to what you need. Be open to converting your home garage into a commercial space.

Establishing a Routine:

Routine

Morning routines play a crucial role in how your day goes; some have reported that on days they miss performing their morning routine, they end up being less productive than on days they achieved it. You must establish a routine such as meditation, working out, taking a walk, etc. Just do the things that help you arrange your thoughts, and make sure you do the same each day.

Communicate Your Worth:

Communicate Your Worth:

Performing work and later on realizing that you have undercharged a client is one of the few ways you can demotivate yourself. Ensure that each time you get a client, you inform them of how much you will charge for their work. If you maintain discipline in doing this, you might end up being among the top percentage of freelancers earning more than $100,000 per year.

Finances:

Finances

Stay on top of your finances to ensure that you stay on top of things when it’s time to pay the tax. Differentiate between your business and personal accounts, pay your taxes, save up for retirement, and track all your expenses versus the income you get.

Healthcare Plan:

Being a freelancer does not come with the healthcare plans that a corporate job will have; you should acquire healthcare coverage. Research the various options available for you and get the best. If you have a spouse, you might qualify for their coverage, so consider that option too.

Socialization:

This line of work is characterized by hours of work where one is alone; researchers have established that there are repercussions towards isolating yourself for so long. You should find a group of peers that you can share experiences with; you could even have a group of people you hang around to ensure that you are not always alone. Being alone might have adverse mental effects on you.

Redefining Success:

In traditional careers, success comes with a level of job security that you cannot equate to in the gig economy, so you should redefine what you term as a success. You could consider a successful career as one that has a balance between predictability and possibility, one that promises continued work and allows one to feel alive, present, and authentic in their work.

The benefit of working in the gig economy is that you will still overcome the struggle no matter what happens.

Conclusion:

The gig economy is vast and keeps growing each day, but there is one thing that never changes about it, the fact that you are the one who defines everything. So before you switch from your traditional employment career, make sure you can handle all these aspects on your own first. Be great.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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