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Working in the Gig Economy

Last week we took a look at the gig economy and gave an explanation for those who were wondering what it is.  When it comes to small businesses, working in the gig economy as a freelance provider has increased dramatically in recent years, especially for those who provide professional services such as writing, copywriting, proof reading, accountancy and other business support services.  Working in the gig economy basically means running your own business and, as long as you have the skills and knowledge necessary to provide a service of some sort, barrier to entry is fairly low and, for some, risks can be negligible.  For those who offer remote business services, a computer and high speed broadband are just about all you need to get started and it’s a business that can be launched as a side business whilst still working the day job, which means you can test the waters and develop your business before giving up work and going it alone.  When you are ready to give up the day job, be aware that it’s not for the faint-hearted.

Although working in the gig economy can give you more control over many aspects of your life, there will be a host of social, person and economic challenges to deal with as you begin life without the support of a traditional employer.  Scheduling and finance can be unpredictable and you’ll sometimes need to bring your courage to bear when things look a little tough.  This extra tension is not for everybody – for those who really prefer stability, staying with your employer would probably be the best option.  However, if you’re up for the adventure of a lifetime, the gig economy may be where you find it.   If your work is carried out online, you can work from anywhere in the world and for clients from all four corners of the globe.  You’ll learn new stuff, meet new people, learn about new industries and become a font of knowledge on subjects you once barely knew existed.

This type of independence comes at a price though – produce or perish is the name of the game.  Yes, you can choose work assignments that will best suit your skills and talents and, sometimes, that are closely aligned to your own interests.  You’ll be producing your own work, in charge of your own life and you only have to take on work that you want to do.  That’s the pro side of working online in the gig economy.

You have to earn enough money to cover your living expenses and there are times when the work may not be rolling in, leaving you worried about how you’re going to manage.  This means that having some saving tucked away that you can dip into to see you through is a great idea.  IN order to keep this “keep going” fund safe, make sure you repay the money as soon as you’re able to as you may need it again in the future.  Maintaining a steady cash flow is one of the biggest challenges for many working in the gig economy so next week, we’ll be bringing you some financial advice on this.  Don’t miss out on the information you need to make the gig economy work for you – follow us on Facebook or Twitter so you’re notified as soon as the article is published.