4 Guidelines to Survive and Thrive in the Gig Economy

4 Guidelines to Survive and Thrive in the Gig Economy

Transitioning from a secure job to full-time freelancing takes courage and careful planning. Digital nomads or “being their own boss” has a certain appeal to many people, but not everyone is made for it. If you’re sure you’re one of the selected ones who are cut out for this, you need to know the ways to survive in the gig economy.

Be financially ready

As a freelancer, you could earn more than what you’re getting with a full-time job since it’s usually output-based. However, your earnings could also be erratic. You need to set aside an emergency fund. As suggested by Women@Forbes Maya Kachroo-Levine, this bucket should be worth at least six months of your regular expenses.

Pay yourself and your dues first

Get yourself the same benefits as a fully employed person. Needless to say, you need to make sure you’re paying your taxes and all your obligations. Apart from this, get yourself health insurance and other life plans in case of an emergency.

Consider your service as a business

See yourself as your own boss. This means you’re responsible for growing your gig. Start tracking your revenues and expenses, bill your clients accordingly, and transact with others professionally.

Equinox Business Solutions reminds, however, that there will come a time when you’ll need help from others to grow your business. For instance, if you’re in the logistics industry and your business grows, you need professional bookkeeping for truckers.

Choose your projects wisely

Now that you have more freedom, you have the ability and capacity to be pickier when it comes to accepting projects. Each project will consume your time, so make sure it’s going to be valuable. Like what an article from Harvard Business Review suggests, you would want to choose assignments that will maximize your talent and reflect your own style. This applies to all and not just to those who have creative jobs.

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The gig economy is getting bigger and is being taken more seriously than ever. Nonetheless, it’s not an ideal set up for everybody. If you plan on making the big move, be prepared financially, mentally, emotionally, and physically. It’s going to be a long, bumpy ride.