Is It Time For You To Take Advantage Of The The Freelancer Boom?
Right now we are in an economy where there is an increasingly high ratio of freelance work or short-term contracts in contrast to permanent and traditional jobs. Why? People are realizing the potential that exists to earn additional income with a Side Hustle. When you step into your Freelancing Gig- you begin to open up your opportunities to increase your wealth.
The best part about this is that you can pursue the kinds of freelance gigs you want at a time that works best for you. The flexibility of working a Side Hustle not only allows you to schedule your own work, but to also dictate how much you want to do or how little.
With the awesome technological power that comes with the Internet, there are many short-term gigs that one can complete for the clients who hire them. Gigs have become more frequent as technology permits users to connect linearly with people who are willing to hire them for a project based on their expertise, time availability and skills.
Short-term gigs or side hustles have now become a legitimate means of earning income if you don’t have a job and act as a supplement income for those who already have a career.
Here are some facts that may sway your opinion about choosing gig work if you’ve been skeptical about its legitimacy:
Over 37 percent of American adults (that’s roughly over a third of adults) have at least one side gig that they are engaged in. So, yes, it is more common than you think.
Almost 40 percent of those who have side gigs use the earning received from it to afford their daily living expenses. This means that side gigs are necessary for a budget that breaks even.
They may not be extremely lucrative for part-timers, as the average monthly earnings for side gig workers is $690, and most side gig earners earn $210 or less. But it all depends on what type of gig you choose and how much you want to charge and work.
You’re in complete control of your hours and commitment to the gig work available, so if you need to earn more, you can simply accept more jobs to earn the amount you need for whatever purpose you choose.
Who Would Be the Best Candidates for Gig Careers?
Picking up a Side Hustle are great for men and women of all ages. From college kids who need to earn money while in school to senior citizens looking to supplement their retirement or social security funds – gigs can help.
If you’re someone who has a hectic schedule that makes it hard to get hired by traditional employers, such as a college student with scattered classes, then gig work can allow you to earn between classes or on off hours.
Moms and dads who have kids they want to spend more time with may find gig work an attractive option to a traditional employer. Instead of having to ask a boss for permission to take off and care for your child, you’ll be the one in charge of when you work and when you don’t.
Senior citizens who either hate the idea of retirement and want to maintain a career – or those who need more money but who can’t work in a traditional workforce, will love the idea of using Side Hustles to earn the money they need or want to fund their lifestyle.
People who love doing gigs might be creative people. They love putting their writing or artistic skills to good use. They might be laborers who don’t want to have to expend a lot of mental energy on a job.
Some people love the idea of listening to a podcast or music while delivering groceries or restaurant meals. Introverts love gig work because they don’t have to show up every day to a room full of coworkers and clients.
Extroverts love gig work because it gives them the opportunity to meet people. Uber or Lyft drivers get to meet new people, chit chat and see new places as they drive. But introverts can work from the privacy of their own home and only deal with clients via email or messages.
Start as a Side Hustle and Build a Fulltime Career
When it comes to working in the gig economy, there are a lot of factors that you need to consider, from skills and hourly rates to time management and the other important little details.
This is a business you can start out doing here and there as time allows, and snowball it into a fulltime career if you want to. But you need to know a few ins and outs of how to start and expand your gig work.
In the beginning, you may not know exactly how much time and effort a gig takes. Or you may need to master certain skills, tools or even learn the right route to take. As you gain experience, you’ll become faster and more capable of delivering for your clients, and this can help you build repeat business in the future.
Before you begin, there are some important things to consider. Number one is to choose the right side gig. One may be a dream and one a living nightmare to you, depending on an array of components, such as skills, goals, and personality.
Ask others performing certain gigs (as well as those buying them) what they think about the service – if their needs are being met, any mishaps they have to endure, etc. Spend at least a couple of days to take a good look at the gig and all of the advantages and disadvantages associated with it.
This is to ensure that you make the right choice. Choosing the wrong one may discourage you from ever trying this line of work again. For example, if you think rideshare driving might be right for you, but you read about the extensive wear and tear on your car, you might think twice.
However, if you take out time at the beginning to research all about it before you choose it, you might as well be saving yourself a whole lot of headaches. Look at forums and social media to see what others are talking about regarding what they experience.
Second, take a look at the type of side gig that you have chosen to pursue. If you are going to be launching an actual gig business by yourself, then you should consider registering as an S Corporation or an LLC (Limited Liability Company).
However, before you rush in and do all the paperwork, you should try speaking with a lawyer to understand whether it’s necessary or not. If you’re just working off of a third party platform for part-time pay, you may not need to.
You also want to prepare for taxes. The last thing you might think about when you start a side hustle is that you need to pay taxes on those earnings. However, this should be one of the first items on your list because you don’t want to be hit with an unexpected tax bill at the end of the year.
When preparing for your gig tax, make sure that your personal bank account is kept separate from your business bank account. This ensures that your finances do not get mixed up and you can report expenses correctly.
Another thing to do is to get a certified accountant and speak to them about how you can prepare yourself for the tax season – and how much you should be setting aside. Speaking to a certified public accountant will help you figure out whether or not you are breaking even with your side gig or whether you are losing profit with it.
While gig work may not provide the same degree of job security as traditional employment, there are many different ways to earn on your own, so you’re not restricted to just one method of work.
Some other gigs might require you to develop the necessary skills you need in order for you to gain more profitable work in the future. While you may not need it for ridesharing or food delivery, you may need to gain experience writing or creating graphics before you do those kinds of gigs.
Step Into Your Side Hustle
The world is changing! As it changes, there are so many opportunities that you can embrace to start a Side Hustle today. May be you work it for a season. Or perhaps it evolves into you Main Gig! The key is to test the waters and see what unfolds!