The gig economy has been expanding at a scorching pace, with some surveys indicating that nearly one in three American workers now participate in it, whether part-time or full-time.
A Harvard Business Review study showed that participants in the gig economy do well because they avoid the distractions, pressures, and monotonous routines associated with the traditional workplace.
Here are a five tips that can help you thrive in the gig economy.
Master time management
As a freelancer operating in the gig economy, you are not bound by the fixed timings of a physical office. While this is an excellent advantage, you will not be able to maximize your opportunity if you are not managing your time efficiently.
Download a task manager app on your phone, utilize the calendar app on your laptop, and set up daily reminders for your video meets and phone calls.
Smart time management techniques will help you enjoy the work-life balance you always wanted without diluting your income.
Cultivate your brand
If you are offering your skills or services as a gig worker, the most important product you are selling is you. Focus on building a personal brand that will set you apart from the competition. Clients will find it easy to recall you each time they have a project to outsource.
Get a professional brand name and logo done online, update your LinkedIn and Facebook profiles (if you have a Facebook account), and build a solid digital portfolio to present your skills.
Request client testimonials from past clients, and showcase them effectively.
Create passive income
When you are operating alone as a gig worker, you only have 24 hours in a day. You can only complete a limited number of client projects at a given time. But that does not mean that your income has to be limited. You can find ways to earn additional money without excessively stretching out your time.
Consider getting a roommate if you have a spare room, or become an Airbnb host. If you are working from home, you may even rent out your car using the Turo app. These gigs can create a stable passive income stream.
Control your finances
When you work as an independent contractor, an online entrepreneur or a freelancer, managing your money will require some careful planning.
Unlike permanent employees working for a company, the gig economy does not provide you access to 401(k) or some other employer sponsored retirement plans and health insurance.
It is vital to focus on securing your own financial future when you are a gig worker. Consider automating your bill payments, participate in a systematic investment plan (SIP), and get adequate health and life insurance coverage. Talk to a certified financial planner if necessary.
Keep skills sharp
In a full-time job, complacency can often set in and learning becomes static. As a gig worker, you have the freedom and flexibility to constantly update your knowledge and skills and stay on top of your niche.
Take some free or paid online courses and training that can help you deliver more value to your clients. Learning will also widen your horizons and propel you to do bigger things.