Is gig work for you?
The idea of gig work seems very inviting and easy to get into, work when you want to and be your own boss, but it is not that easy.
Sure, getting approved for gig work is a fairly easy process, it just requires registering for a few different services, but from this point to actually making a living of it involves real work. No matter which gigs you choose, they all take experience and practice to get effective results.
Here are a few concepts we suggest as you get into gig work:
- Treat your gig work as WORK. Only then will you actually succeed. You have to put in real effort to get real results.
- Know how much money you need to make, by week, by day, maybe even by the hour. These are great goals as you work toward your needs.
- Remember you are working as a 1099 Contract Worker. This means you are NOT an employee, and the service you are working for is NOT withholding taxes. It is a good idea to stash away 30% of all you make for taxes.
- You are now an entrepreneur - this means a lot of your expenses can be deducted from your tax liability. Keep track of everything. We also highly recommend using a tax accountant to do your taxes. They will know exactly what you can deduct and what you can’t - well worth it.
- Find and use a community. There is a lot of helpful information, as well as good ideas, etc. to be had by joining a community. Please, JOIN the community - this means be a part of it. Don’t just sit back and expect others to dish about their experiences and tips. Being a part of the community means you take and give.
Finally, gig work changes very often - it is key that you are willing to change with it. Don’t put all your eggs into one basket. A service doing well now may not do well in 3 months. Always be willing to try something new, and be ready to change as the gig economy changes.