Looking for Flexibility? Start a Gig-Based Business
Technology has increased our connectedness with each other. Every day we conduct business with a swipe on our phones or a click of a mouse. We’ve all become more comfortable transacting and sharing online, so it’s only natural that technology and our social interactions would combine to revolutionize how people earn a living.
From small farms to ridesharing to freelance work-from-home jobs, people all over the world have found ways to monetize free time. Not too long ago, earning some extra money meant finding a part-time job with low pay, undesirable work and inconvenient schedules.
In today’s gig economy, Happeo notes that workers have much more control over what they do, when they do it and how they get paid. Successful freelancing, though, requires considerable planning and hard work. With that in mind, My CV Creator shares the following tips on how to get started earning money in this economy today.
Know your skills and abilities
Before you bid on a job or start fielding gig requests, you need to know what benefits you can bring to clients. The best way to do this is to identify all of your skills and abilities. And it’s imperative to be honest about this assessment because in this gig system, there’s no place to hide deficiencies in court competency.
In other words, you may be able to fudge some information on a resume or interview to get employed, but if you can’t do some of the tasks that are required as part of a gig assignment you accept, you’re going to fail. There’s little opportunity for you to learn necessary skills as you go. So know your skills, make sure that you can sell what you can do and that you don't set yourself or your clients up for a bad situation.
Ensure you’re appropriately compensated
Anybody in the world can right now log onto one of the numerous freelancing websites and get paid a dollar for an hour after work. That’s not the gig economy; it's people taking advantage of others. Finding good paying jobs takes hard work, persistence and time.
A key to quicker access to higher-paying tasks is to think of the services that are in demand in your area right now. IBISWorld notes pet services, for example, have become in high-demand as more people become pet owners. These services include pet sitting and dog walking, both of which are relatively simple to do, pay well and fit in with most people’s schedules.
Create a pipeline
One fundamental rule in freelancing is to always be pitching, which means that you incorporate new client prospecting into your daily routine. Looking for new work is essential because you give up the security of a regular paycheck when you are working in the gig economy. And it’s too easy to fall into bad habits if you get too comfortable with one source of revenue. For example, if and when your big dog walking client stops using your services for whatever reason, it can have drastic effects on your life unless you have some eggs in another basket.
Treat your gig as a business
Whether your freelance work is just for some cash on the side or if it’s your sole source of income, don't fall into the trap of treating the financial aspects of your business casually. For example, you’ll need to create a business structure whether that’s a sole proprietorship, limited liability company, partnership or incorporation.
Track your income, automate invoicing using software (which can help you save time), pay estimated taxes if necessary and record your expenses. And if you eventually take on employees, you’ll need to process payroll, which is the means by which you manage employee payments. When creating a payroll policy, you’ll need to decide on pay dates and whether you’ll pay your workers by check or direct deposit. Fortunately, payroll software can automate much of the payroll process.
If running a business entails aspects that seem foreign to you -- paying taxes, for one -- or you need to brush up on certain areas like accounting or marketing, now’s the time to augment your skill set with a business degree. Going for a business degree online is a great option; not only will it add to your credibility, but completing classes and tests online allows you to continue working on your enterprise without attending college in person.
The gig economy presents opportunities for flexibility and income. These days more than ever, customers prefer to find services and providers online. Take advantage of these and other opportunities so you can start your side or full-time gig today.
If you need help perfecting your CV or resume, turn to My CV Creator! Our expert tips, templates and resume builder make it easy to land the job. Check us out today!