What’s in it for me? Get set for success in the gig economy
You can work and live on your own terms. It’s a promise which attracts more and more of us to self-employment. People are increasingly using technology to find short-term work.
This expanding network of independent workers and the companies that hire them is called the gig economy. And with so many people opting in, it can be difficult to navigate. These blinks are here to help!
Whether you’re preparing to leave your full-time job or struggling to manage clients and money, you’ll find practical advice that you can implement straight away.
In these blinks, you’ll learn
how to identify a rewarding career path;
what social media influencers can teach you; and
why and how you should say no to some clients.
Empowered by technology, more people are choosing flexible self-employment over full-time jobs.
A lot of us grew up with the same idea of what a successful career path looks like. First, you go to college, and then you get a well-paying, stable job. This path is still popular today. But the world of work is changing, and this creates countless new opportunities.
The key to this change is technology. It has killed off some professions, sure, but it has also brought about completely new ones. People on opposite sides of the world can now collaborate quickly and easily. Our attitudes toward work have also changed. Increasingly, people want jobs that give them more time and greater personal freedoms.
All this change is pushing millions of people into the gig economy.
The key message here is: Empowered by technology, more people are choosing flexible self-employment over full-time jobs.
In the gig economy, people ditch the idea of working nine-to-five for one employer. Instead, they freelance. Their income comes from multiple short-term projects called gigs.
Thanks to the Internet, workers in the gig economy can find projects at the click of a button. All they need to do is use online platforms such as Upwork, TaskRabbit, or AngelList. These websites are full of opportunities in various fields, and the projects are open to anyone with the right skills.
So finding work is now much simpler. It’s no surprise, then, that the gig economy has grown in popularity. The recruitment platform Indeed ran a survey across the world’s leading economies. It showed that, between 2013 and 2015, interest in flexible work nearly doubled in three-quarters of the countries surveyed. And according to research firm McKinsey Global Institute, 5 million people in the United Kingdom were working in the gig economy in 2016.
For these millions in the UK, and many more the world over, the gig economy offers perks that are hard to beat.
Not confined to strict hours or a fixed office location, they can work at any time and from anywhere – whether it’s a coffee shop, an exotic destination, or simply their own home. This freedom means more time for things like family and personal interests. People who work in the gig economy are more satisfied with their jobs.
A successful career in the gig economy begins with knowing what you’re good at and what you’re interested in.
Working in the gig economy sounds enticing. But taking the leap and joining the flexible workforce can be daunting.
What exactly can you offer? Will you find the right clients? And will they pay enough? These are some of the questions you might grapple with. Fortunately, there are answers to all of them. Let’s start with the first and, arguably, the most important question. What can you offer prospective clients?
The key message here is: A successful career in the gig economy begins with knowing what you’re good at and what you’re interested in.
Many people think that their whole work life should fit neatly into a job description. However, for success in the gig economy, your outlook needs to be broader. All of your key skills and interests come into play, not only those relevant to your immediate function.
To find what these are, take a good look at what you’ve done throughout your career. What worked really well? What did you excel in? What did you enjoy the most?
You might find that you’re really passionate about something – but not very skilled in it. This isn’t the end of the world. Once you know what you’d like to do, you can develop or improve the necessary skills. You can use online courses, reading material, or even passion projects.
It’s also important to consider what kind of lifestyle you’re after. Maybe you want a certain level of control over your schedule, or perhaps you have particular long-term goals. The career you settle on should allow you to achieve what’s important – for you.
Now, having the right skills and knowing what you want is great. But building a career in the gig economy presents a challenge of its own. This is where it helps to learn from other people. You should watch and follow those who are already doing what you’re interested in.
Using your personal network or platforms like LinkedIn, reach out to relevant people and arrange short, informal interviews. Ask them about how they got started and what challenges they faced. Are there any lessons they’d like to share? Your aim here is to gather as much information as you can about their work, and the lifestyle it allows them to have.
With this knowledge, you’ll be better placed to decide if the work is right for you.
A great personal brand and a credible reputation will capture the attention of potential clients.
What can you learn from people who are big on social media?
These people – social media influencers – are often experts in lifestyle topics or social issues. By producing great content, influencers gain followers – people who value their opinions. In other words, they build up a loyal audience. This makes them respected by key players in their industries. Such respect leads to lucrative brand endorsements, features in the media, and so much more.
You can probably imagine that in order to stand out, influencers put a lot of effort into how they present themselves. If you work in the gig economy, you’re going to have to do that, too.
The key message here is: A great personal brand and a credible reputation will capture the attention of potential clients.
Clients need a reason to choose you out of all the people with similar skill sets. So it’s essential to build a strong personal brand.
Step one is to decide what you, and only you, stand for. After all, you can’t sell a product if you don’t know what it is. Think about what you’d like to be known for and what you’d like to achieve. Imagine somebody finds your work for the first time. What kind of impression would you like them to have? The answer to this question should inform how you market yourself.
Once you’ve decided what your brand is, you can start sharing it. These days, of course, most people do it on the Internet.
Showcasing your knowledge can be a very effective tool. You can use your social media profiles or even start a dedicated blog. Write about industry trends, problems you’ve solved, or interesting projects you’ve worked on. Good, consistent content will eventually get you noticed.
The author has first-hand experience of how this works. He had been blogging about productivity for a year, and eventually publications like Huffington Post and Business Insider began to share his articles. This opened the doors to more writing opportunities.
Other ways of growing your brand online include creating a podcast or taking part in web conferences. Whichever approach you choose, your main goal is to put your brand and expertise in front of potential clients.
Your brand is very important. But so is your reputation. Potential clients look for people with whom they can build lasting relationships. Customers need to trust you; they need to know that you’ll deliver high-quality work on time.
Keep this in mind in all your interactions with clients and colleagues in the industry. Word of your good reputation will get around, and that will help attract new clients.
You’ll find work in the gig economy if you use a variety of channels and remain persistent.
Have you ever noticed that when a new product pops up, you see it everywhere?
Let’s say it’s an energy drink. You’ll see it on billboards. It’ll appear on TV. There will be free samples in grocery stores. Magazines will publish discount coupons. The brand might even sponsor a few sports events. Anything to get as many people as possible to try the product and buy it.
As a gig worker looking to be hired, you need to take a similar approach.
The key message here is: You’ll find work in the gig economy if you use a variety of channels and remain persistent.
Most gig workers will start with online job boards and freelance platforms, like the ones we mentioned in a previous blink. However, it’s not as simple as logging on and choosing an appealing project.
You need to have a great profile and create impressive pitches. Don’t just compile a long list of everything that you can do. Instead, imagine your ideal client and the sort of skills she’s looking for. Then you can highlight the areas of your expertise that are relevant to your customers. You can improve your profile even further if you show examples of work you’re proud of.
Make sure to also include a brief but enticing title. This will immediately show people what you can do for them. The author once interviewed a successful copywriter whose title on the web reads: “Story Teller: Specializing in Words, Compellingly Arranged.”
Now, when you pitch for projects, demonstrate why you’re the right person for the job. Share any success stories you’ve had with similar projects in the past. Outline exactly how you would approach the job you’re bidding for. It’ll take a few pitches before you’re hired, so keep going. Use every rejection as an opportunity to improve your pitches.
While you continue pitching, look into other avenues of landing work. One is to offer free or discounted services to get noticed, make connections, and build your portfolio. You can create downloadable industry resources like reports or how-to guides. Or you can solve small problems for potential clients. If people find these services valuable, they’ll be willing to pay for bigger projects.
Finally, a good way of getting clients is to network. Attend events, conferences, and meetups in your area or online, and always remember to introduce yourself to people. You’ll build relationships with potential clients or even other freelancers with whom you can collaborate.
With the right attitude, perseverance and focus, you’ll be up and running in no time
You don’t have to take every project that comes your way, but be mindful of how you say no.
Now that you know how much effort it takes to get paying work, you probably can’t imagine saying “no” to potential clients. From time to time, though, you’ll have to turn work down.
Some projects won’t be compatible with your brand. Others won’t fit into your schedule. And remember: if you agree to every new project, you’ll have little time for things like family and hobbies.
The key message here is: You don’t have to take every project that comes your way, but be mindful of how you say no.
The question is: How will you know which projects to turn down? This is where creating a filter comes in handy. When you have a clear set of criteria for assessing new projects, you won’t spend too much time figuring out what to accept.
The projects you take on should excite you. They should have the potential to boost your portfolio, and they should offer enough money for the effort you’ll be putting in. It’s also a good idea to say yes to work that can lead to more business from a client.
There may be times when you’ll accept projects that don’t fit these criteria. Perhaps business is slow or you’re running low on money. But these should be the exception, not the rule.
When you decide that a project isn’t right for you, turn down the would-be client professionally.
Respond to the proposal as soon as possible: you don’t want to waste the client’s time. Be upfront about your reasons. Make the client feel valued and mention that you’re open to working with them on something else in the near future. You can even go the extra mile and recommend other reputable freelancers that might be able to help.
One way to take the stress out of rejecting clients is to set up an email template. Create one that has a friendly opening, thanks the client for their offer, and provides the thinking behind your decision. Share any helpful recommendations and conclude by inviting them to get in touch about future projects.
Clients will appreciate this approach, and you’ll build up a good relationship with them. In the future, this relationship can lead to more business proposals or referrals.
Clear expectations and open communication are vital to healthy client relationships.
When you’re self-employed, the relationships you form with clients can make or break your business.
When a client enjoys working with you, there’s a good chance that they’ll sign you up for more projects in the future. They may even recommend you to their network. But if this relationship doesn’t work out, your professional reputation can take a big hit.
Luckily, there are steps you can take to lower the chances of things going south.
The key message here is: Clear expectations and open communication are vital to healthy client relationships.
For every project that you accept, you and the client should sign a detailed contract. You’ll need to discuss, agree, and put in writing things like timelines, fees, and payment dates. Crucially, you should also agree and record exactly what you’ll deliver to the client. This way, everyone understands how the project will run and what is expected of them. To simplify the contract process, you can create a template. Then, you can just alter it to suit each client.
Of course, contracts are indispensable. But clear and honest communication is even more important. It should start the moment a client approaches you for a project.
Don’t mislead them about your skills or your ability to meet their deadlines. In the long run, it’ll backfire, and both of you will only get frustrated. Let the client know how, and when, you’ll update them. The last thing you want is the client calling you on the weekend, when you’ve set time aside for yourself.
From the start of the project right through to the end, invite clients to give you constructive feedback. This will allow you to nip any issues in the bud – and ensure that the end result will be exactly what your customer expects. An effective way to get feedback from the client is to discuss the project with them when you’ve done 30 percent of the work. You should repeat this exercise when you’re at the 70 percent mark.
If you find that clients are critical of your work, don’t go on the defensive. Instead, stay positive, discuss their concerns, and look for ways in which you can address them. This can turn an unhappy client into a loyal customer. And you, too, will learn something new and become a better professional.
Practical timelines, structured working hours, and dedicated free time lead to better productivity.
If you’re in a nine-to-five job, you may often struggle to concentrate on work. Gig workers are no different. In fact, focusing can be even harder for them. When you’re a freelancer, you have no colleagues to ask for moral support, no office to structure your work, no boss to keep tabs on you.
This isn’t ideal: without great efficiency, you’ll struggle to both earn enough money and have free time. And, obviously, missed deadlines and shabby work aren’t great for relationships with clients or your reputation.
This makes the ability to manage time and work efficiently a key skill in the gig economy.
The key message here is: Practical timelines, structured working hours, and dedicated free time lead to better productivity.
Let’s start with deadlines. It’s very easy to get behind the curve if you haven’t allocated enough time for the project. This can make you rush, and when people hurry, the quality of their work can go downhill. So it’s vital to give clients realistic timelines. Do this by breaking projects down into smaller tasks and assessing how long each one will take. If you’ve completed similar projects before, remember how much time you spent on them. That alone will give you lots of data about what can and what can’t work.
The next thing you need to do is create some structure. This way, you’ll be able to steadily work towards deadlines without losing sleep or burning out.
Establish strict daily working hours and make sure that you don’t allow any distractions. A good hack for this is to turn off device notifications. Allocate slots in which you’ll respond to your messages, and don’t touch your phone outside these slots. You should also use to-do lists to plan your days and weeks. A good list will allow you to dive straight into work, without losing time to figure out what needs to be done when. And you’ll also be able to prioritize, even when you are swamped with unexpected requests.
To-do lists and distraction-free time slots are great. But it’s equally important to make time for breaks. They are vital for your well-being. Use your breaks for things you enjoy, such as meditating or reading. Or you can decide to spend this time on your personal development.
Think about Charles Dickens, the famous English author. He had a clear routine: he wrote for five hours each day, and then put his work away and went on long walks.
Whether you chose to go for a walk or take a dance class, remember to make time for yourself. You’ll do better work, and your clients will be much happier.
For financial stability, save up for dry spells and be strategic about your spending and taxes.
Many nine-to-fivers envy people who work in the gig economy. After all, freelancing does offer great perks. You can create a work routine that suits your lifestyle, you have the freedom to choose your projects, and you can work from anywhere in the world.
But employees of traditional companies do have something that most gig workers don’t – a steady, predictable income. People in the gig economy tend to get paid per project. And, unfortunately, there will be times when work dries up. What’s more, even when work is consistent, some clients can take ages to pay.
So, managing your finances should be as high on the priority list as meeting deadlines.
The key message here is: For financial stability, save up for dry spells and be strategic about your spending and taxes.
You may simply need to pay bills. Or you may want a break. Or there may even be an emergency. In all these scenarios, you’ll need a healthy savings account. Its balance will give you peace of mind. Your aim should be to have enough money to cover at least six months of expenses. So put away some of your earnings from each project.
While you’re setting up your savings, open separate accounts for business and personal funds. This will make it easier to monitor spending.
The business account should receive all payments from clients. You’ll also use this account to cover work-related expenses.
Personal stuff, like rent or entertainment, should be paid from your private account. To fund it, calculate how much you should make each month to cover your expenses. Now you know what salary to pay yourself from the business account.
There’s another crucial money matter, and that is the all-important tax. While most nine-to-fivers receive their salaries with taxes already deducted, self-employed people have to manage this on their own.
No one wants to discover that they owe more taxes than they can pay. This would be a nightmare. Luckily, it’s easy to avoid it. Set up a dedicated account for your taxes. An accountant can tell you how much to put aside; but if you don’t have one, the author suggests you should aim for 30 percent of each payment. You should also keep track of all your earnings and expenses. This will come in handy when tax season starts. So save all your invoices and receipts. You can even use an app to help you track them.
When your finances are in order, you’ll be stress-free. And you won’t have to accept projects you don’t like just to stay afloat.
Final summary
The key message in these blinks:
Working for yourself promises a lot of flexibility. But to truly enjoy this freedom, you need to offer the right services, consistently market yourself, and be disciplined about time and money. Doing this will be liberating. You’ll only work on projects that truly excite you. And you’ll be able to dedicate a lot more time to yourself, your loved ones, and things that make you happy.
Actionable advice:
Use happy clients to attract more business.
Pitching on job boards, blogging, and promoting yourself online are all great ways to find work. But you can also boost your efforts by asking existing clients to open doors for you. For each project that you successfully complete, request a testimonial or a referral from the client. These will help you build your network, give you credibility, and convince potential clients to come on board.
Got feedback?
We’d love to hear what you think about our content! Just drop an email to remember@blinkist.com with Working in the Gig Economy as the subject line and share your thoughts!
What to read next: Dying for a Paycheck, by Jeffrey Pfeffer
You’ve just learned that freelancers and independent contractors tend to have more time and freedom in their personal lives. But did you know that they might also be healthier than full-time employees? In the blinks to Dying for a Paycheck, discover why work-related stress kills just as many Americans as second-hand smoke, and what steps employers and governments can take to make workplaces healthier and more supportive.
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