Recent events, like the COVID pandemic, have prompted a spike in gig workers – and it doesn’t seem like freelancers are going anywhere. The gig economy is transforming the way that we think about work, but despite the popularity of gig work, there are some things you should know before you quit your day job and start a small business.
We are going to talk about the gig economy and all the opportunities and challenges that come with freelance work, here. We’ll go over all the perks that freelancers have in their careers, and then, we’ll go over some of the downsides of freelancing. By the end, you’ll know if freelancing is right for you.
What Is the Gig Economy?
The gig economy refers to a labour market where workers are completing contracted or short-term freelance work. Gig workers go from gig to gig, and this differs from traditional corporate employees, who are usually working on a long-term contract. Because gig work is growing in popularity, let’s talk a little bit more about why that is by going over the pros of being a freelancer.
The Benefits of Gig Work
There are so many reasons why you’d want to get into gig work. As you might see on social media, gig workers always seem to be adhering to their own, unique schedules. Those of us in the corporate world might long to go to the grocery store at 10 AM on a Tuesday, and gig workers can do just that! These are some benefits of freelancing:
- You Can Work Whenever You Want: Although there are some parameters involved in freelance work, like your clients’ schedules and due dates imposed on you by clients, you can largely decide when you’re going to work. If you want to work on your current projects at midnight, you can. But if you want to work on your current projects at 2 PM, you can do that, too.
- You Control Your Own Employment Status: Gone are the days when you have to worry about getting fired. As a freelancer, you’ll always be employed, because you are your own employer.
- You’ll Have Diverse Streams of Income: Typically freelancer workers have multiple streams of income. So, unlike traditional employees, if you lose one stream of income, you’ll have others to fall back on.
The Cons of Gig Work
While the pros of gig work are incredible, nothing comes without cons. Let’s go over some of the downsides that come with freelance work:
- There Is Frequent Instability: Although you’re always employed as a freelancer, you might not always have stable work. It can be hard to find new jobs, and you’re the person who has to find them—you don’t have an employer to fall back on!
- You Don’t Get Benefits: Typically employees get benefits from their workplaces, but freelancers do not. They have to fund their own health insurance and save for retirement on their own.
- Your Income Isn’t Guaranteed: You won’t get paid the same amount via direct deposit every two weeks as a freelancer! Your income will vary—sometimes you’ll get more, and sometimes you’ll get less.
Ready to Market Yourself? Choose Oracle Tree
You know a lot more about the gig economy, now. If you’re ready to start freelancing, then our team at Oracle Tree is ready to support you. In order for you to succeed as a gig worker, you need to market yourself, and Oracle Tree knows how to do just that. For more information about our marketing services, don’t hesitate to contact us.
