Work on Your Time Freelancing in the Gig Economy

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Guest Post by: Lucy Reed

The American Gig Economy

 
According to an ongoing research project between Intuit and Emergent Research, 34 percent of working men and women participate in the gig economy. This percentage is expected to jump to 43% by the year 2020. Clearly, this part of America’s labor force is not going anywhere.
There are many reasons people like working freelance. It eliminates the drama of office politics and the dread of Monday morning. Freelancers get to make their own hours and work without a supervisor breathing down their neck. Plus, it takes the kind of enterprising spirit this entire country was built on.
 
Are you interested in getting your start in the gig economy? It takes discipline and commitment, but with the right attitude, it is within your grasp. Read on for tips on how to make money freelancing in the gig economy.

Tips for Starting a Successful Gig-Based Business

• Stay Organized - When it’s just you working, there is no one else to help when it comes to managing your schedule, finances, deadlines, social media, and more. Thankfully, there are plenty of online solutions to your organization's woes. When you can’t rely on other people, use all the tools at your disposal for assistance.

 

• Create a Cohesive Brand - Crafting a brand isn’t exactly second nature for most people, which is why marketing and advertising are multibillion-dollar industries. However, creating a cohesive brand is essential to your freelance business’s success. No matter what your specialty is, you want to stand out against the competition. Your brand tells potential clients who you are and what they can expect. If you are determined to brand your business yourself, stick with simple design elements. However, if you want something more unique, set aside money in your startup budget for hiring your own graphic designer.

 

• Setting Up a Home Office or Workspace - No matter what you do, it’s a great idea to have some space set aside at home where you can focus and work. Ideally, you have an extra room you can turn into a home office, but even a quiet corner will do for a workspace. The goal is to have a space where you can separate your home life from your work life. Of course, your workspace also needs the right technology. Working from home is only sustainable if you have reliable communications and tools for operations. Beyond that, make sure your area is free from distractions and conducive to working.

 

• Start Saving - Working on 1099 contracts means you don’t have an employer withholding taxes from your paychecks. That means you need to set aside taxes from each check yourself. Putting aside a third of your pay for each check will give you enough to pay your total tax bill come April. Beyond taxes, you are also responsible for any retirement savings you want to make. Look into freelance retirement options and begin making contributions immediately if you don’t want to work for the rest of your life.

 

• Join a community - Just because you work on your own doesn’t mean you can’t benefit from the resources and support a community provides. Freelancers from all types of industries join online communities to help beat isolation and create camaraderie and creative energy. Making connections in your industry can also help connect you to potential clients and other opportunities.

The gig economy gives people the freedom to work on their own schedules without the stress of office life and politics. However, freelancing takes a great deal of dedication and discipline to pull off.

If you are interested in getting your start in the gig economy, be sure to have the resources to start your business. Stay organized from the get-go and use the tools at your disposal.

Create a cohesive brand that clients can recognize, and set up a home office where you can dedicate time to work. Saving for taxes and retirement is all on you when you are a freelancer, but you don’t have to be on your own when it comes to camaraderie and creative energy.