I will keep saying this and shouting it to the top of my lungs, but we’re living in the best of times as independent contractors, self-employed, giggers, side-hustlers, small business owners, etc. It is as if this time was created specifically for us all and though this time of opportunity is abundant it does come at a cost and readjustments.
For well over a year or two I have been speaking of the importance of gig workers establishing LLC’s. of their own and building a “gig business” of their own. I foreseen the need of the gig economy growing immensely. Some times thinking my calculations may be wrong I always ended up back to the the reality that the gig economy is here to stay and will be the new norm! Now, with Covid-19 my predictions reigns even more true!
So what is the cost of all this? The cost is moreso of an internal one causing for a mental shift and acceptance of this type of work life. As a gig strategist and gig coach the biggest thing that get in the way of most giggers is their need for immediate gratifications and lack of creativity on the platforms. They don’t see all the various aspects of the gig economy that can make them even more profitable, the great thing about this is many of them are exiting the gig economy in droves! This great exodus will become another profitable factor for those of us that do see the massive opportunities within this sector of work. We will begin to see a massive infusion of the professional turned gigger!
In many of my other writings I spoke of mainstream traditional employers embracing the template of the gig economy here’s how/why:
- Contracting / Outsourcing employees (in high demand).
- Less financial risk with contracted employees.
- On-boarding process is quicker.
- Doesn’t have to provide traditional incentives for employment.
- Serves as a trial run for potential hiring on employees full-time.
Why many contractors are taking advantage of the gig economy:
- Flexibility! This is a major one,
- Less commitment.
- Earn more upfront and use the money to pay into outlets of their choice i.e. retirement, assets, healthcare, etc.
- Many can work from home or remotely in the field.
- Less demand from authorities and oversight.
- Work freely.
The gig economy is not to be limited to delivery services of food and goods, nor limited to rideshare. The gig economy is made up of software engineers, truckers, administratives, virtual assistants, bookkeepers, etc. Covid season has proven this. With the majority of employees working remotely from home this proves to be true. So with this being the case why wouldn’t a business or corporation take this opportunity to minimize costs such as overhead, pay employees more, but as independent contractors? Is this possible? I think it is and know it is! Though with traditional employees still wanting employers to offer great health care options, 401k, and retirement types, that incentive is dying out massively; and employees are preferring their money upfront with the choice of purchasing their own options.
There will be a learning curve and many adjustments as this progress, but I believe if one educates themselves on these options and embrace the gig economy right, they can become highly profitable and more in control of their lives and earnings. The gig economy has a sexiness about it that can catapult you into abundance or serve as a great destruction. What is key is discipline, money management, and creating safe holdings of finances for unexpected issues.
THE CEO DRIVEHER 