How to Get Rich in The Gig Economy
The “gig economy” is made up of 57 million Americans working part-time or as a side hustler, freelancer or independent contractor. It contains just over a third of total American employees, but this figure is expected to rise by 7% in just a year.
This shift towards more flexible jobs and workplaces represents a desire for a better work/life balance. A third of professionals say that maintaining a healthy balance between work and home life is increasingly difficult.
Luckily, technology has made the transition from office work to freelance and remote work possible.
Some companies, like Uber, allow people to work from anywhere provided they have a smartphone and the app — and a car, of course.
Keep reading to learn about the different types of gig workers, how to succeed, and why you should join the gig economy.
Part-Timers
Unsurprisingly, a part-time worker is someone who works half or part of the amount of hours needed for full-time.
A full-time worker typically works no less than 35-40 hours per week. In exchange for working full-time, the company is required to give the employee benefits and perks.
Part-timers work around 20-30 hours per week.
They are still controlled by their boss and expected to show up for their scheduled shifts. The only difference between part-time and full-time employees, aside from their hours, is that the company is not obligated to give part-time workers benefits.
Side Hustlers
A side hustle is a job on the side that allows individuals to make money without having to quit their day job.
While a side hustle provides a supplementary income, it means much more to people
Side hustles allow people to pursue their passion without relinquishing their main source of income.
Finding the inspiration, dedication and time to start and maintain a side hustle is challenging. However, successful side hustlers take pride and joy out of their work, making it less of a burden and more of an outlet.
Side hustlers can work for others, such as waiters and dog-walkers, or they can be their own bosses working whatever job they like.
Who knows? Maybe your side hustle will turn into a successful entrepreneurship and startup business.
Freelancers
Freelancers are different from part-time workers and side hustlers in that they are self-employed people who offer services to clients.
Their clients are often businesses, although they can also be individuals.
The tech and finance industry is popular for freelancers working in web design, social media, graphic design, accounting and more. There is essentially a freelancer for any service you or your business needs.
Pros of freelancing include setting your own schedule and compensation in addition to choosing clients. Freelancers also have generally better moods and a healthier work/life balance.
The downside of being self-employed is that you have to cover your own benefits and possibly juggle several projects at a time.
Independent Contractors
An Independent contractor is often used as a synonym for a freelancer, but there are some differences.
Similarly to freelancers, businesses can’t control how or when independent contractors do the work. The company only retains final say on deadlines and outcomes.
Independent contractors can be self-employed, like freelancers, which means they have to manage their taxes and insurance as such.
However, independent contractors also have the ability to work through a third party or agency, and they typically work for an hourly rate rather than a fee.
Read also: How Bloggers Can Make $10,000 a Month from Home
How to Succeed in the Gig Economy
1. Know Your Purpose
If you’re beginning to feel burnt out, remember why you started your gig in the first place.
Rekindle the drive that once motivated you to put the extra effort towards