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Rise of the Gig Economy: The New Path Forward

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Selfgood team, Marketing at Selfgood
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The rise of the gig economy: Why this is 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 for both businesses and workers alike, which is why it’s growing in popularity. In this blog post, we’ll explore what the gig economy is, why it’s become so popular, and some of the benefits it offers. We’ll also take a look at some of the challenges it presents 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 independent contractor who works on a per-task basis. They are typically not employed by one specific company, but rather work as freelancers for multiple companies or clients. Gig workers can be found in a variety of industries, such as the gig economy, 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 a large growth in the gig economy due to advancements in technology. The ubiquity of smart phones and the rise of apps have made it easier than ever for people to connect with each other and do business without having to meet 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 skillset and the industry they’re working in. Common gigs include ridesharing, dog walking, grocery delivery, handyman work, and more.

Most of the time, 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 given time. It also means that they don’t receive any benefits from their employers, such as health insurance or paid time off.

charlesdeluvio-OqxPH-c-UFE-unsplash The gig economy has been growing in recent years thanks to a number of factors. First, the rise of the internet has made it easier than ever for businesses to connect with freelancers and contract workers from all over the world. 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. During this time, many companies were forced to downsize or close their doors entirely. This left a lot of people out of work and scrambling to find any job they could.

One group that was hit particularly hard by the recession was young people. Many recent graduates found themselves unemployed or underemployed, working jobs that were far below their skill level. In order to make ends meet, many of them turned to freelancing or temporary work.

As the recession came to an end, the gig economy continued to grow. More and more companies began to see the benefits of hiring freelance workers. They were cheaper than full-time employees, and they didn’t require any benefits or perks. Plus, if a company wasn’t happy with a freelancer’s work, they could simply 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 from all over the world. And with more and more people wanting the flexibility that comes with freelance work, it doesn’t seem like this trend is going anywhere anytime soon.


The Pros and Cons of the Gig Economy

Pros:

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

2. The gig economy gives you the opportunity to gain new skills by taking on different projects and working with different people. This is great for those who are looking to expand their professional networks and grow as professionals in their industry.

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

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

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

6. The gig economy allows you to choose where you want to work, whether that be in your own 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/or would prefer to work remotely.

7. 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, having the ability to work remotely gives you more freedom and flexibility than a traditional job ever could.

Cons:

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

2. There are no set hours in the gig economy, which can be stressful. A lot of people may need more structure and stability in their lives, which the gig economy can’t provide.

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

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

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

7. There can be a lot of uncertainty. The gig economy is constantly changing, and the rules governing it are often unclear or shifting. This can make it difficult to plan your future, especially if you have large financial or family obligations. However, there are also some great benefits to the gig economy that make it worth considering as a career option.


How to become a gig worker?

The gig economy is a rapidly growing trend in which businesses contract with independent workers for short-term engagements. This type of work arrangement is often project-based and can be done remotely, making it a flexible option for those looking for alternative work arrangements. If you’re interested in becoming a independent contractor, here are five steps to get started.

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

Today’s gig workforce is more diverse than ever before, with people of all ages and backgrounds finding ways to make money outside of the traditional 9-5 job. If you’re thinking about joining the gig economy, the first step is to determine what type of gig work you’re interested in. 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 start searching for opportunities. There are a number of websites and gig platforms that 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 of interest.

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 a great option for people who want the flexibility to work on their own schedule and choose their own projects. However, it’s important to do your research before you start working in the freelance economy. There are a lot of scams out there, and you want to make sure that you’re working with a reputable company. In addition, working in the gig economy can be very different from working in a traditional job. 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 so called gig economy platforms are now used by 20% of the workforce. However, gig economy workers are often not as well-protected as traditional workers, and they can find it difficult to build a strong profile. As a result, gig economy workers need to be proactive in order 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. Make sure to 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 be quick to respond to any messages or requests.

5. Finally, 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.

For many knowledge intensive industries, staying up to date 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 a variety of projects. However, this also means that it is your responsibility to keep abreast of changes in your field.

Clients will be looking for someone who is up-to-date on the latest industry trends and news, so it is important to make sure 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 making a commitment 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 a 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 strong 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 you can and make sure to exchange business cards with everyone you meet.

3. Stay in touch with your contacts.

Once you’ve made a few connections, it’s important to stay in touch. Send occasional emails or LinkedIn messages updating your contacts on your latest projects or news in your industry. By staying top of mind, you’ll be more likely to Collaborate on future projects.

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


Why independent contractors are choosing gig economy platforms?

There are many reasons why independent contractors are choosing to work through gig economy platforms. One of the biggest advantages is the ability to choose your own hours and work as much or as little as you want. This flexibility is especially appealing to independent contractors who may be juggling multiple jobs or have other commitments outside of work. In addition, independent contractors can enjoy the freedom of working from home or any other location they choose.

firmbee-com-gcsNOsPEXfs-unsplash Another key benefit is the fact 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 have the opportunity to work with a variety of 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.


10 freelance jobs for gig workers

1. Social Media Manager

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

2. Event Planner

If you love planning parties and making sure that everything runs smoothly, then event planning might be the gig for you! As an event planner, you would be responsible for ensuring 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 who is 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 would be responsible for creating content for blogs, articles, websites, etc.

5. Virtual Assistant

A virtual assistant is similar to a personal assistant, except that 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, then graphic design might be the right freelancing gig for you! As a graphic designer, you would be responsible for creating 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 the perfect freelancing opportunity for you! In this role, you would be responsible for building and designing websites from scratch or troubleshooting existing websites that are having 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 is responsible for inputting data into computer systems or databases manually. While this might sound like a boring task, it can actually be quite interesting if you are working with data that is interesting to you!

10. Customer Service Representative

In this role, your job would entail responding to customer inquiries via phone, chat, or email. You would need to have excellent people skills and problem-solving abilities in order to succeed in this type of customer-facing role.


5 Best Online Platforms for Gig Economy Workers

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 5 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. There are gigs available in a wide range of industries, including writing, web development, graphic design, and customer service. To join Upwork, simply create a free profile and start bidding on projects that interest you.

2. Fiverr

It is an online platform that’s perfect for creative professionals such as graphic designers, web developers, and writers. On Fiverr, you can browse through thousands of different gigs, all of which start at just $5. Once you find a gig you’d like to apply for, simply 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 a wide range of gigs available, including digital marketing, web design, and accounting. To get started on PeoplePerHour, create a free account and browse through the available gigs. When you find one you’re interested in, simply 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 a wide range of services available, including delivery, handyman services, cleaning services, and more. To join TaskRabbit, create a free account and complete your profile. Once your profile is complete, you’ll be able to start applying for gigs in your area.

5. Freelancer

It is an gig platform that helps businesses connect with freelance professionals from all over the world. Freelancer has a wide range of gigs available 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, simply click “Bid” and include a brief message outlining your qualifications and experience.


Final Thoughts

The gig economy has been on the rise in recent years, giving people more freedom and flexibility when it comes to finding work. If you’re thinking of joining the gig economy, there are a few things you should know. There are a number of different online platforms that offer remote jobs for gig workers, so be sure to do your 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.