The gig economy, a.k.a. short-term contracts and freelance work, is a trending career path. People gravitate toward “gigs” over traditional jobs because they can offer flexibility, independence, creativity, and work-life balance. But it also has its ups and downs, like income instability and lack of traditional job benefits.
Before you make up your mind about the gig economy, let's get more specific. We’re going to cover what the gig economy is, why you might want to participate in it, and low-risk ways you can try it out.
What is the gig economy?
The gig economy is how we describe the ecosystem of short-term contract work and freelance work. Instead of working for one company, you take on multiple projects, often using digital platforms to find clients and offer your services. It includes jobs like freelancing, ride-sharing, and niche online gigs. The U.S. gig economy went from 1.4 million workers in 2017 to 4.9 million in 2021.
It’s a trending industry, and it comes with flexibility. You can work on diverse projects and set your own schedule. The gig economy promises independence, creativity, and work-life balance. But, it also comes with challenges like income instability and a lack of traditional job benefits like health insurance.
The best parts of the gig economy
The gig economy can be awesome in a lot of ways. Especially for folks who are neurodivergent, struggle to work in person or full-time, want to travel more, and parents. You’ll find the gig economy can offer:
· Flexibility and freedom
· Potential for higher earnings
· Opportunities for creativity and innovation
· Work-life balance
The not so great parts of the gig economy
The gig economy is lacking in some ways, though (like any jobs). It can be challenging mentally and financially sometimes. It also comes with:
· Income instability and financial planning
· Lack of benefits and job security
· Dealing with competition and market saturation
· Managing workload and avoiding burnout
It’s a job, but it’s also technically running your own business. You’ll have to take care of not just the job you’re doing (whatever skill you offer), but also the bookkeeping, getting clients, marketing, invoicing, communicating with those clients, managing projects, scheduling yourself, and being your own boss. While you can outsource some of these things, most freelancers find doing these themselves saves them money in the long run.
Two ways to try out gigs
Freelance opportunities
Starting and managing your own freelance or contract-based business means taking on multiple projects instead of working for just one company. You can use digital platforms to find clients and offer your services. Here’s how to get started.
Pick a skill
You’ll have to decide what skills you want to use for your services before you can try out freelancing.
The most popular skills for freelancers are:
· Writing
· Graphic Design
· Coding and web development
· Photography
· Digital Marketing
· Video production and editing
· Virtual Assistance
· Tutoring and Teaching
Set up your business
Once you know what skill you want to use, you’ll need to build a portfolio and decide how much you’ll charge for your freelance services. Make sure you have a plan for paying your taxes as well.
Try a platfrom
You can dip your toes into the freelance world through an online marketplace like Upwork, Fiverr, or Freelancer.
Long term, you’ll probably want to learn how to cold pitch and network to get clients independently so you can get higher-quality clients and pay fewer fees.
But short-term, platforms like Upwork and Fiverr are great ways to try out freelancing because they have protections for freelancers built in, contracts, invoicing, and client acquisition all in one platform.
Entrepreneurial opportunities
If you’d rather not offer services as a freelancer, you can explore other forms of entrepreneurship, like selling physical products through e-commerce, influencing on social media, creating an online course or mentorship program, or ride-sharing. Here’s how you can try them out.
Selling physical products through e-commerce
· Start a Store: Use platforms like Etsy, Shopify, or Amazon to set up an online store and sell handmade crafts, vintage items, or niche products.
· Dropshipping: Partner with suppliers to sell products without holding inventory. You market and sell the products, and the supplier handles shipping.
Influencing on Social Media:
· Build Your Brand: Choose a niche you’re passionate about and consistently create engaging content on platforms like Instagram, TikTok, or YouTube.
· Monetize: Partner with brands for sponsored posts, affiliate marketing, and product placements. You can also sell your own merchandise or offer premium content.
Creating an Online Course or Mentorship Program:
· Identify Your Expertise: Determine what skills or knowledge you have that others might want to learn.
· Develop Content: Use platforms like Teachable, Udemy, or Skillshare to create and sell courses. For mentorship, offer one-on-one coaching sessions or group workshops via Zoom or other video conferencing tools.
Ride-Sharing:
· Drive for Services: Sign up with platforms like Uber or Lyft to offer rides in your spare time.
· Delivery Services: Consider food or grocery delivery with services like DoorDash, Uber Eats, or Instacart if you want to avoid transporting passengers.
Each of these entrepreneurial paths in the gig economy allows you to leverage your skills, interests, and resources to create income streams that suit your lifestyle and career aspirations.
Skills for gig success
You’ll need three major skills for success in the gig economy.
1. Time Management: Being able to prioritize tasks, meet deadlines, and balance multiple projects efficiently.
2. Self-Discipline: Staying motivated, focused, and productive without the structure of a traditional workplace.
3. Communication: Effectively conveying ideas, negotiating with clients, and maintaining clear and professional interactions.
The technical skills you’ll need will depend on what type of gig work you decide you want to do. But every gig worker can benefit from these soft skills:
· Networking: Building and maintaining professional relationships to find opportunities and grow your business.
· Negotiation: Discussing contracts, rates, and project details with clients to set up projects that work for both you and the client.
· Adaptability: Being flexible and adjusting to new challenges, technologies, and how your industry changes.
· Communication: Learning how to give and receive feedback from clients and professionally talk to your clients.
· Problem-Solving: Recognizing issues in your business and projects and finding solutions.
· Customer Service: Providing excellent service to your clients to build trust and encourage repeat business.
What’s the best way to learn these skills? Experience and working with a mentor or a coach will get you there. But mostly experience. Everyone is unique, so you’ll have to get to know yourself and how you work best.
Tips for thriving in the gig economy
The gig economy isn’t easy. But it’s worth pursuing and persisting if you feel like it’s your passion or it fits your lifestyle. It also makes for a fantastic side hustle. Here are three tips for success if you want to try it out.
Setting realistic goals and expectations
Define what success looks like for you and break it down into achievable steps. Set clear, realistic goals for your projects and income. Understand that building a successful freelance or gig-based career takes time, so be patient and persistent.
Balancing multiple gigs or projects
Juggling several projects at once can be challenging. Prioritize your tasks, stay organized with a schedule or project management tool, and set boundaries to manage your time effectively. Remember to take breaks and avoid burnout by balancing work with personal time.
Be adaptable and open to learning
The gig economy changes a lot year to year so you’re going to have to learn how to adapt to new trends, technologies, and client demands. Most gig workers are constantly learning to keep their skills up-to-date and relevant.
How to learn more
The two best ways to learn more about the gig economy are by getting your hands dirty with some gigs and learning from people who are already doing what you want to do. Here are some ways you can dip your toes into the gig economy safely and easily or learn more. Let’s start with places to find gigs.
Gig Platforms
Here are 13 places you can find gigs either in person or online. Some of these will require you to have a car, but many of them only require a smartphone, tablet, or computer!
Upwork
Upwork is one of the largest freelancing platforms, offering a wide range of job categories, including writing, graphic design, programming, and more.
Fiverr
Fiverr allows freelancers to offer their services starting at $5. It covers diverse categories, including digital marketing, video editing, and music production.
TopTal
Toptal is a platform for top freelancers in fields like software development, design, and finance.
Freelancer
Freelancer connects businesses with freelancers for various projects, from web development to content writing and marketing.
TaskRabbit
TaskRabbit is a platform for local tasks and errands, like moving, cleaning, and handyman services.
Gigwalk
Gigwalk connects gig workers with short-term tasks and projects, often involving fieldwork like mystery shopping and retail audits.
Thumbtack
Thumbtack helps artists, home improvement contractors, event planners, and personal trainers find local clients.
Guru
Guru offers a wide range of freelance jobs, including IT, creative, legal, and business consulting services.
PeoplePerHour
PeoplePerHour focuses on freelance work in areas like web development, design, writing, and digital marketing.
TaskRabbit
TaskRabbit offers gigs for local tasks like moving, cleaning, handyman services, furniture assembly, and more.
Rover
You can use Rover to offer pet care services, from dog walking to pet sitting.
Instacart and Postmates
Shop and deliver groceries to customers with Instacart or Postmates.
Bellhops
Help people move, load, and unload big trucks and transport their belongings with Bellhop.
Youtube
Here are 7 YouTube channels that’ll help you start your first business or get into gig work.
Adrian Dimac
Adrian teaches people to start their own online businesses from home – including how to be an entrepreneur as a teenager.
Hegla
Hegla shares how she started her own business with no money at 18 years old in this video.
Writing Revolt
Jorden is a 3-time college dropout who built a $5,000/mo freelance writing business in 4 months after getting fired from my her full-time job. She shares how to get paid to write.
Location Rebel
Location Rebel teaches how to build a freelance business, niche site, blog, and other forms of online marketing.
Alexandra Fasulo
Alex Fasulo is a financial freedom advocate, educator, and author. She’s spent over 8-years freelance writing while teaching others how they can launch and monetize their own side hustles. In 2022, Alex published 'Freelance Your Way to Freedom' through book retailers everywhere, detailing everything she knows about making money in the gig economy.
Dina Lu
Dina is a lover of all things creative business & personal development. She shares tips and inspiration to live your life to the fullest and have confidence in pursuing your creative goals.
Rachel Meltzer
I (yeah, me the author of this article), teach people how to become freelancers on my YouTube – even if you have no experience.
Rachel is a freelance writer for EdTech companies. She studied Education and Achievement Motivation at Wheelock College. She made it through college on a trusty Lenovo Yoga. When she’s not writing, she spends her time adventuring in the outdoors, doing arts and crafts, and snuggling with her cat, Bonnie.
Find her on LinkedIn and her website.