Is a Career in the Gig Economy Right for You?
According to the Bureau of Labor Statistics, the unemployment rate in the U.S. jumped to over 14% at the end of April 2020. That has to do largely in part with the impact of the Coronavirus pandemic.
Unfortunately, so many people have lost their jobs due to this pandemic, and some businesses are closing their doors for good. While many industries are suffering and may continue to for a while, other industries are actually thriving amidst this pandemic.
Most of those industries are part of the gig economy. If you’ve been thinking about a career change, or you’re having to look for a new job because of Coronavirus cuts, you might want to consider a career within the gig market.
What is the Gig Economy?
The gig economy is made up of one-time jobs, or “gigs”. People who work gig economy jobs do one specific task for an individual or company before moving on to the next one. Some examples of gig economy jobs include:
- Photography
- Freelance writing
- Graphic design
- Ride-sharing
- Babysitting
- Sound or audio visual jobs for events
- Food delivery
When you work in the gig economy, you are your own boss and you can take on as many or as few jobs as you’d like. Because of that, there really is no limit to how much you can earn as long as you’re able to find consistent jobs.
How to Succeed as a Gig Worker
There are some potential risks to being your own boss or being a freelancer. In order to succeed and find customers/clients, businesses have to market themselves. When you think of yourself as a business, you have to do the same thing.
The gig economy was already growing at a rapid pace even before COVID-19. Now, even more people are working remotely and taking on freelance jobs. So, you’ll need to find effective ways to stand out above your competition.
Make sure you’re active on social media, create a website for yourself and pay attention to SEO. Additionally, look on job boards for people looking for gig workers. They are more in-demand now than ever before, and if you can get a few steady clients, word-of-mouth advertising can make a big difference!
Another potential drawback is that you’ll have to take care of everything on your own when you work in the gig economy. You’ll have to pay for your own insurance, there are no benefits, 401k retirement funds, or “sick days”. If you don’t work, you don’t get paid.
With all of that in mind, the benefits often greatly outweigh the risk since the work is so flexible and you can do something you truly have a passion for.
Whether you’re choosing to make a career switch or you’re doing so because you don’t have a job to go back to, consider working in the gig economy. If you have a specific skill or talent, you might be able to find work right away and build up a solid client base while working from home and being your own boss.
Credit: Free-to-use photo by Per Lööv on Unsplash