Benefitting From The Gig Economy

With every page turn in the calendar, comes a turn in the kind of economy the world experiences. The 2nd decade of the 21st century brought a level of opportunities not only for the high rollers of the industry and money magnates but also for us, the common everyday men and women. A whole slew of opportunities came our way that could help us make a secondary or, who knows, even a primary income from the comfort of the couch at home. Now as we move into the 2020s, it's stronger than ever, the gig economy is here.

You might find yourself asking, what really is a gig economy? The gig economy refers to the new market employment scenario, that encourages the presence of temporary, flexible jobs, otherwise also known as hiring ‘freelancers’ or independent freelancers to work on a specific project instead of employees.

Now, this is beneficial to both- specific work seeking individuals as well as employers that are looking for a specific skillset without wishing to hire a permanent employee. This gig setup also allows those without a degree to learn and use a new skill set for their monetary benefit since companies now look for the most ‘efficient’ freelancer, who doesn’t necessarily have to be the most ‘educated’ freelancer.

How can you take advantage of this Gig- Economy?

  • Develop an ‘in-demand’ skill: Gauge the marketplace and find out what skill is most in demand among institutions. If you find a skill that suits you then that should be the skill you offer as a freelancer.
  • Hone your skill: As a new freelancer it is very important to be incredibly good at the service that you offer, remember, one happy client can lead you to two new ones. If you are relatively new to the skill or still need some learning then enroll in one of the many online courses that you can find. Online courses can be very cheap or even free, and you should make the investment to get a certificate. Credentials are important.
  • Price it right: Do your due diligence and don’t overestimate or underestimate your worth. It is important to find out how much competing freelancers charge for the same service and price your service accordingly in a bracket that is not too high and not too low. In the very beginning, you may even have to beat the competition by charging slightly lower than what you would consider a good deal. As you get your ratings and reviews, you may increase your prices.
  • The internet is your best friend: Most of your services would be offered on freelancer websites and other service offering platforms. Then there’s the advertising aspect and that is where social media comes into play. You have to learn to use social media as a means of acquiring clients.
  • Stay relevant: While the net is certainly a boon for everyone, in the gig economy, it's also your worst enemy. Competitors grow every single day as learning becomes easier and easier to access. It is of paramount importance that you constantly learn and adapt to changing scenarios. You have to study your market and realize changing trends, changing demands, and be dynamic. The Gig Economy is literally a follower of biology in that the very theory that Charles Darwin stated in the evolutionary theory- ‘ Only the fittest and only those that adapt can survive’.

We are now beyond the phase where freelancing was merely a means to make a passive income, there are a number of people that have made this gig culture their full-time job and that very clearly indicates that the gig economy is here to stay. 

Now you may still be saying that you don’t have the contacts to approach the clients that we have been talking about, and that very freelancing websites like fiverr.com, Craigslist, Upwork come into play, sure the greedy people take a part of your earnings for themselves, but think of this as a sweet thank you for bringing customers your way.

We do have to give you a fair warning though. This isn’t easy, and chances are you will not reap the rewards of your hard work instantly. Like every other business or money-making activity, this too requires patience and discipline. There is a learning curve, at the end of that learning curve starts what we very fondly call the ‘earning curve’. 

This is all you need to know about the gig economy and how you can benefit from it. The only thing left is for you to find that skill, and be another earning netizen in the every growing unstoppable gig culture.

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