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Rise of the Gig Economy: The New Path Forward

Selfgood team, Marketing at Selfgood

The rise of the gig economy: Why is this the new path forward?

As the world moves more and more towards a digital-first economy, the gig economy is becoming an increasingly important part of how businesses operate. This new way of working offers many advantages to companies and workers.

So it’s growing in popularity. In this blog post, we’ll explore the gig economy, why it’s become so popular, and some of its benefits. We’ll also examine its challenges and how they might be overcome. So, if you’re curious about the gig economy and want to learn more about it, read on!


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What is a Gig Worker?

A gig worker is an independent contractor who works on a per-task basis. They are typically not employed by one specific company but work as freelancers for multiple companies or clients. Gig workers can be found in various industries, such as the gig economy, the music industry, and online services.

The Gig Economy

The gig economy is a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. Gig work is usually done using an online platform that connects businesses or customers with willing gig workers. TaskRabbit, Fiverr, and Uber are all examples of companies in the gig economy.

In recent years, there has been significant growth in the gig economy due to technological advancements. The ubiquity of smartphones and the rise of apps have made it easier for people to connect and do business without meeting in person. This has created opportunities for gig work that didn’t previously exist.

What Do Gig Workers Do?

Gig workers can do a wide range of tasks, depending on their skill set and the industry they’re working in. Typical gigs include ridesharing, dog walking, grocery delivery, handyman work, and more.

Gig workers are paid per task rather than per hour. This makes them more flexible than traditional employees since they can determine how much work they want to take on at any time. However, it also means they don’t receive any benefits from their employers, such as health insurance or paid time off.

Rise of the Gig Economy The gig economy has been growing in recent years thanks to several factors.

  • First, the rise of the internet has made it easier than ever for businesses to connect with freelancers and contract workers worldwide.
  • Second, the global financial crisis of 2008 led many companies to reevaluate their staffing models and look for ways to cut costs.
  • And lastly, millennials (who are now the largest generation in the workforce) have been increasingly drawn to the flexibility and autonomy that gig work offers.

A History of the Gig Economy

The origins of the gig economy can be traced back to the Great Recession of 2008. Many companies were forced to downsize or close their doors during this time. This left many people out of work and scrambling to find any job they could.

One group that was hit hard by the recession was young people. Many recent graduates were unemployed or underemployed, working jobs far below their skill level. As a result, many of them turned to freelance or temporary work to make ends meet.

The gig economy continued to grow. As a result, more and more companies saw the benefits of hiring freelance workers. They were cheaper than full-time employees and didn’t require help or perks. In addition, if a company isn’t happy with a freelancer’s work, they could stop working with them and hire someone else.

No hard feelings. In recent years, the gig economy has only continued to grow in popularity. Thanks to technology, it’s now easier than ever for businesses to connect with freelancers worldwide. And with more and more people wanting the flexibility that comes with freelance work, it doesn’t seem like this trend is going anywhere soon.

The Pros and Cons of the Gig Economy

Pros of the Gig Economy:

1. Flexible hours.

The gig economy allows you to work flexible hours and set your schedule.  This is perfect for those who want more control over their time and can manage their work without having a boss looking over their shoulder every minute of the day.

2. New Skills.

The gig economy allows you to gain new skills by taking on different projects and working with others. This is great for those looking to expand their professional networks and grow as professionals in their industry.

3. Be Your Boss.

The gig economy allows you to be your boss, which can be very rewarding personally and professionally. So whether you want the freedom of being in charge or to get out of the traditional 9-5 office setting, you can do that with a gig economy job.

4. Make More Money.

The gig economy is perfect for those looking to make more money by taking on multiple projects and working as many hours as they want. This is great for those struggling financially or simply wanting to earn more income to provide for their family or save for the future.

5. Choose Colleagues.

The gig economy allows you to choose who you work with and what projects you want to take on. Unlike traditional jobs, where you may have limited choices and often get assigned duties out of your control, you can be as selective as you want with a gig economy job.

6. Determine Work Location.

The gig economy allows you to choose where you want to work, whether in your home or at a café or co-working space. This is perfect for those who don’t want the stress of commuting to and from an office every day and would prefer to work remotely.

7. Achieve Flexibility.

Because the gig economy is so flexible, you can take advantage of opportunities that may come up unexpectedly. Whether it’s a last-minute business trip or a family emergency, working remotely gives you more freedom and flexibility than a traditional job ever could.

Cons of the Gig Economy:

1. May Not Be The Right Fit.

The gig economy may not be suitable for everyone. Some people thrive in a more traditional, 9-5 work environment with less Uncertainty and flexibility. Others prefer the freedom to choose when and how much they work or their schedule.

2. Creates a Stressful Structure.

The gig economy has no set hours, which can be stressful. In addition, many people may need more structure and stability, which the gig economy can’t provide.

3. Face Competition and Difficulties.

It’s not always easy to find work, especially if you’re new to the gig economy or don’t have a strong network of contacts yet. You may also face stiff competition from other freelancers in your field.

4. May Men Low Salary.

Not all jobs offer reasonable compensation. Some employers may not appreciate your work or be willing to pay a fair price. This can make earning enough money in the gig economy difficult, especially if you need a full-time job or want to start a family soon.

5. Means Dealing with Difficult Clients.

You may encounter some demanding clients. Some people are challenging to work with or don’t fully appreciate the value of your skills and efforts. This can lead to stress and increased workloads.

6. Makes Burn-Out Possible.

It’s easy to burn out from the constant demands of working on multiple projects simultaneously, especially if you’re not careful about managing your time well.

7. Represents Uncertainty.

There can be a lot of uncertainty. The gig economy constantly changes, and its rules are often unclear or shifting. This can make it challenging to plan your future, especially if you have significant financial or family obligations. However, some significant benefits to the gig economy make it worth considering as a career option.

How to become a gig worker? – Rise of the Gig Economy

The gig economy is a rapidly growing trend in which businesses contract independent workers for short-term engagements. This work arrangement is often project-based and can be remote. It’s a flexible option for those seeking alternative work arrangements. If you want to become an independent contractor, here are five steps.

1. Determine what type of gig work you’re interested in.

Today’s gig workforce is more diverse than ever, with people of all ages and backgrounds making money outside the traditional 9-5 job. If you’re considering joining the gig economy, the first step is determining what type of gig work you’re interested in. For example, do you want to be self-employed and work independently, or would you prefer to work for a gig company?

Once you’ve decided on the type of gig work you’re interested in, the next step is to search for opportunities. Several websites and gig platforms can help you find gig work. So take some time to explore your options. With a little effort, you should be able to find the perfect gig that fits your needs and interests.

2. Research the companies that offer gig work in your field.

The gig economy has been a growing trend in recent years, as more and more people are working in the gig, or freelance, economy. This can be an excellent option for people who want the flexibility to work on their schedules and choose their projects.

However, it’s essential to research before you work in the freelance economy. There are a lot of scams out there, and you want to ensure you’re working with a reputable company. In addition, working in the gig economy can differ significantly from working in a traditional job. So make sure you’re prepared for the challenges of working as a freelancer before you get started.

3. Create a strong profile on gig platforms.

A recent study found that 20% of the workforce now uses gig economy platforms. However, gig economy workers are often not as well-protected as traditional workers, and they can find it challenging to build a strong profile. As a result, gig economy workers need to be proactive to create a strong profile. Here are some tips:

1. Start by creating a professional profile on gig economy platform sites. Include your skills, experience, and qualifications.

2. Include a stunning photo that will make you stand out from the crowd.

3. Be active on the platform, and take advantage of every opportunity to showcase your skills.

4. Keep your profile updated and quickly respond to any messages or requests.

5. Remember that a strong profile is essential for landing high-paying gigs. So take the time to create a profile that will make you irresistible to prospective clients.

4. Stay up to date on industry trends and news.

Staying updated on industry trends and news is essential for success as an independent consultant. As a gig economy worker, you are not tied to one company or employer, which gives you the flexibility to take on various projects. However, this also means you must keep abreast of changes in your field.

Clients will seek someone up-to-date on the latest industry trends and news. So it is essential to ensure that you are continually learning and expanding your knowledge. One way to stay informed is to subscribe to newsletters and industry publications.

You can also follow thought leaders and experts on social media and attend industry events and conferences. By committing to lifelong learning, you can position yourself as a leading authority in your field and attract high-paying clients.

5. Grow your network by connecting with other gig workers.

As an online worker, you know the importance of networking. Connecting with other self-employed professionals can help you find new clients, get advice on running your business, and even form partnerships for future projects. However, building a solid network takes time and effort. Here are a few tips to help you get started:

1. Join relevant online communities. There are many online forums and groups dedicated to gig workers. By joining these communities, you’ll be able to connect with other freelancers and learn about new opportunities.

2. Attend industry events. Industry events are a great way to meet potential clients and partners face-to-face. Attend as many events as possible, and exchange business cards with everyone you meet.

3. Stay in touch with your contacts. Once you’ve made a few connections, staying in touch is essential. Send occasional emails or LinkedIn messages updating your contacts on your latest projects or news in your industry. By visiting the top of your mind, you’ll be more likely to Collaborate on future projects.

Building a solid network takes time and effort. But it’s essential for project-based workers who want to succeed. By following these tips, you’ll be well on your way to forming long-lasting professional relationships.

Why are independent contractors choosing gig economy platforms? Rise of the Gig Economy

There are many reasons why independent contractors choose to work through gig economy platforms. One of the most significant advantages is choosing your hours and working as much or as little as you want. This flexibility appeals to independent contractors juggling multiple jobs or having other commitments outside of work. In addition, independent contractors can enjoy the freedom of working from home or any different location they choose.

Rise of the Gig Economy Another key benefit is that independent contractors are not subject to the same employment taxes and benefits as traditional employees. This can save them a significant amount of money each year.

Finally, independent contractors can work with various clients and companies, giving them a broad range of experience. With so many benefits, it’s no wonder that independent contractors are increasingly turning to freelance platforms for their work.

Ten freelance jobs for gig workers – Rise of the Gig Economy

1. Social Media Manager

As a social media manager, you create and post content for a company or client. This could include anything from writing Facebook posts to managing an Instagram account. Therefore, you would need to be very strategic in your planning and have a solid understanding of how social media works to be successful in this role.

2. Event Planner

If you love planning parties and ensuring everything runs smoothly, then event planning might be your gig! As an event planner, you would ensure that all the details of an event are taken care of, from booking the venue to hiring the caterers.

3. Personal Assistant

A personal assistant gig entails providing administrative support to someone usually very busy. This could involve tasks such as scheduling appointments, doing research, or even running errands.

4. Freelance Writer

Are you a wordsmith? Do you have a knack for telling stories? If so, then freelance writing might be the perfect gig for you! As a freelance content writer, you create content for blogs, articles, websites, etc.

5. Virtual Assistant

A virtual assistant is like a personal assistant, except they provide their services remotely instead of in person. This type of gig is perfect for someone who doesn’t mind working independently and is highly organized.

6. Graphic Designer

Do you have an eye for design? Are you proficient in Photoshop or Illustrator? If so, graphic design might be the right freelancing gig for you! As a graphic designer, you create visuals such as logos, infographics, and website designs.

7. Website Developer

If you have experience coding in HTML and CSS, then website development might be your perfect freelancing opportunity! In this role, you would be responsible for building and designing websites from scratch or troubleshooting existing websites with issues.

8. Freelance Editor

Are you a grammar guru? Do you have a keen eye for detail? If so, then freelance editing could be the ideal gig for you! In this role, your job would entail reviewing and editing written content, such as articles or blog posts, before they are published online.

9. Data Entry Specialist

A data entry specialist manually inputs data into computer systems or databases. While this might sound like a tedious task, it can be pretty interesting if you are working with data that is interesting to you!

10. Customer Service Representative

In this role, you would answer customer inquiries via phone, chat, or email. Having excellent people skills and problem-solving abilities would be best to succeed in this customer-facing role.

5 Best Online Platforms for Gig Economy Workers – Rise of the Gig Economy

In today’s day and age, more and more people are choosing to forego traditional nine-to-five jobs in favor of gig economy work. The gig economy is a labor market characterized by the prevalence of short-term contracts or remote work as opposed to permanent jobs. If you’re thinking of joining the gig economy, or if you’re already a part of it, check out these five digital platforms that are perfect for finding gig economy work.

1. Upwork

It is one of the most popular online platforms for freelancers and contractors. Gigs are available in various industries, including writing, web development, graphic design, and customer service. To join Upwork, create a free profile and start bidding on projects that interest you.

2. Fiverr

It is an online platform perfect for creative professionals such as graphic designers, web developers, and writers. On Fiverr, you can browse through thousands of different gigs, starting at just $5. Once you find a gig you’d like to apply for, submit a proposal outlining your qualifications and why you’re the best person for the job.

3. PeoplePerHour

It is an online platform that connects businesses with freelance professionals from all over the world. PeoplePerHour has many gigs, including digital marketing, web design, and accounting. To get started on PeoplePerHour, create a free account and browse the available gigs. When you find one you’re interested in, click “Apply” and include a brief message outlining your qualifications and experience.

4. TaskRabbit

It is an online platform that helps businesses connect with local service providers. TaskRabbit has many services, including delivery, handyman, cleaning, and more. To join TaskRabbit, create a free account and complete your profile. Once your profile is complete, you can apply for gigs in your area.

5. Freelancer

It is a gig platform that helps businesses connect with freelance professionals from all over the world. Freelancer has various gigs in various industries, including web development, digital marketing, and accounting. To get started on Freelancer, create a free account and browse through the available gigs. When you find one you’re interested in applying for, click “Bid” and include a brief message outlining your qualifications and experience.

Final Thoughts – Rise of the Gig Economy

The gig economy has increased recently, giving people more freedom and flexibility when finding work. If you’re considering joining the gig economy, you should know a few things. First, several online platforms offer gig workers remote jobs. So be sure to research before picking one. And finally, check out our other blogs for more information about specific gig jobs that might be a good fit for you.