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What is the Gig Economy?

What is the ‘gig economy? A gig economy is an open market where individuals can earn income through short-term, on-demand tasks or jobs. Many gig economy workers are able to find work through apps or online platforms.

Workers in the gig economy are not employees. They are self-employed contract workers who work for many clients. Although this type of work is not new, it has seen a lot of change in the last few years.

The word “gig” comes from the performing arts world, where performers, musicians and comedians are paid for their individual performances.

Types of gig workers

The definition of gig economy includes many types of gig workers from virtually all industries.

While some gig economy jobs are newer, others have been around since the beginning of commerce. Here are some examples of different gig workers:

Freelancers can provide services to multiple clients
Consulting: Offer guidance to clients
Independent contractors: They look similar to traditional employees but are independent
Temps: Temporary independent contractors
Seasonal workers: Offer temporary services as independent contractors

What does it mean to be a gig worker?

A gig worker makes money by doing small jobs for many clients. These clients could be individuals or companies.

The scope of gig work is varied and can include everything from programming to running errands. After a gig worker finishes a job, they can move on to the next one.

Some gig economy workers make money an hour while others earn money for each project or task. A gig worker can choose how long and when they work, even if they earn money an hour.

Many gig workers have a part-time or full-time job and gig work to make additional income.

Ten of the Top Gig Economy Jobs

There are many types of gig economy jobs. To illustrate the many opportunities, here’s a quick overview of 10 gig economy jobs.

1. Taxi driving and ridesharing

You only need a car and a smartphone to apply for ridesharing apps such as Uber and Lyft. You can earn money side-by-side if you are eligible

2. Education and Training

Many tutors, teachers, and instructors work as independent contractors to provide education for multiple clients.

3. Deliveries

There are many food and parcel delivery apps like Postmates and Grubhub, similar to ridesharing apps. To make deliveries, gig workers use motorbikes, cars and vans.

4. Administrative

In the gig economy, administrative jobs are very popular. Virtual assistants are able to complete tasks for many clients.

5. Software Development

Software developers are often independent contractors or consultants who help small businesses create websites, apps, games, and software.

6. Accounting and Finance

Many gig workers do accounting and finance-based tasks for clients such as bookkeeping or tax return preparation.

7. Digital Marketing

Many digital marketing jobs are available in gig economy. These include running Facebook ads and performing search engine optimization (SEO).

8. Project Management

Many industries have project managers who oversee and direct projects from beginning to end.

9. Writing

In the gig economy, there are many freelance writing opportunities. These jobs can include improving CVs and creating advertising copy.

10. Events Staffing Jobs

Temporary workers are needed by many event planners for weddings, parties, conferences, and other events.

The pros and cons of working in the gig economy

There are many benefits to the gig economy that traditional work does not enjoy. There are some downsides.

Let’s have a closer look at the pros and cons of the gig economy.

5 Gig Economy Benefits

Let’s start with five benefits of the gig economy.

1. Entry Requirements: Low Barriers

It is very simple to get involved in the gig economy. Many gig economy jobs are easy and don’t require any previous experience or qualifications.

2. Flexibility

Workers in the gig economy have the freedom to choose when and what clients they work with. Many gig economy workers prefer to work at home.

3. Variety

Many gig economy workers work multiple jobs for different clients. This can be a great way to avoid monotony and keep work exciting.

4. Independence

Workers in the gig economy are self-employed. A gig worker is her boss. Most gig workers are free to work from home and don’t need to be present at meetings or handle office dramas.

5. Opportunities to try new jobs

Many people have an idea for a small business that they want to start, but it’s not practical to stop earning their primary income in order to do it. You can try out different jobs in the gig economy with little risk.

Five Gig Economy Drawbacks

Every job has its drawbacks. These are the five drawbacks of working in the gig economy.

1. Modest pay

While gig economy workers can make good money, it can be difficult to generate a substantial income from small jobs. This is particularly true for unskilled jobs like delivery driving and grocery shopping.

2. Inconsistent Income

Flexible work hours also mean a flexible income. Workers in the gig economy often see fluctuations in their income depending on how much work they do.

3. Inadequacy of benefits

Self-employed people are responsible for their own health insurance and retirement plans, even if they don’t have an employer who provides them with benefits.

4. Taxes and Expenses

Individuals who are self-employed must also manage and pay taxes on any money earned from gig work. Gig economy workers often need to buy and maintain the equipment and tools they require, including smartphones, computers, smartphones and plans.

5. Potential stress and burnout

It can be exhausting and stressful to work in the gig economy. It’s not for everyone to manage multiple jobs and clients. It can also be stressful not knowing when your next job is going to come up.

7 Gig Economy Platforms for Online Employment

Are you interested in how to get into the gig economy? These are the top seven gig economy sites to search for online jobs.

Upwork Gig economy jobs available to freelancers (featured below).
Freelancer – Another freelancing platform
Fiverr – Designed for gig work of a bite size – many jobs pay a “Fiverr”!
Fancy Hands: Virtual assistant gig economy jobs
FlexJobs – Find jobs online with reputable companies
Guru Gig economy jobs for gig workers
Toptal – A gig economy platform connecting freelancers and businesses

12 Best Gig Economy Apps for Finding In-Person Employment

Do you prefer to work in person and avoid computers? These are 11 top gig economy apps that can help you find work.

Uber – Become a modern-day driver of taxis
Lyft is another ridesharing app similar to Uber
Instacart – Shop for groceries, and have them delivered to your clients
Amazon Flex – Deliver parcels
Postmates: A complete delivery service app
<a href="https://wagwalking.com/dog-walker? WAG: Walk other people's dogs and make money
TaskRabbit – Find gig work such as home repairs and shopping
Handy – Make money cleaning or assembling furniture
Dolly – Help people move homes
Uber Eats – Pick up and Deliver
Grubhub – Another food delivery app
DoorDash – Another app for food delivery (featured below).

Summary: What is the Gig Economy, and how can it be used to create jobs?

There are many opportunities in the gig economy to make extra money by doing small, on-demand jobs.

Gig work is a tradition that has existed for many years under various names. There are many types of gig workers: consultants, freelancers and independent contractors.

Workers in the gig economy can have low salaries and inconsistent income. They are also responsible for their taxes and benefits.

But gig economy jobs are flexible and independent and have low barriers to entry.

Consider becoming a gig economy worker if you are looking for a side hustle.

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Author: Thomas J Law

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