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Entering the Gig Economy: Tips for Success

If you aren’t familiar with the gig economy, it’s time that you got up to speed. More and more people are starting their own gig-based businesses as a way to supplement their income, explore new interests, and even increase job security. According to a study conducted by Upwork, in 2016, there were 55 million people participating in the freelance workforce, earning a whopping $1 trillion in total income. What’s even more interesting is that 63 percent of these individuals took up freelancing by choice. So, what led these people to explore the gig economy? It seems that people are being drawn to the idea of having a flexible work schedule, job security via clients, and the feeling of success and engagement from doing something they enjoy. If at this point the gig economy has you intrigued, check out these tips for success.

Narrow down your audience
With 55 million people in the gig economy, it’s easy to get lost in the crowd, especially if your target audience is way too big. Unless your side gig is something as unique as making skis for squirrels, it’s highly likely that someone else is offering the same product or service as you are. To separate yourself from the others and gain a unique following, define your specific target market up front. For example, if you make handcrafted beads, you could explore making jewelry targeted at business women looking for beautiful pieces that aren’t too flashy for work. If graphic design is your expertise, choose a niche, such as book or poster design. As your business gains clients, you can expand your reach, but it is best to start small to avoid blending in with everyone else.

Utilize online marketing tools
Chances are, you don’t have the funds or the time to dedicate to large-scale marketing, especially since this venture is something you are doing on the side. However, the internet is a wonderful place, and with it comes a plethora of free marketing tools at your fingertips, either through a business-savvy site like Oberlo or on the social media channels you likely already use every day. Create a business page on Facebook or Instagram to garner interest, gain clients, and showcase your work. Start a blog detailing your journey in the gig economy, and be candid about your successes and failures. Ask friends, family members, or your own social media followers to share links to your business. Perhaps only five people take the time to click on the shared link, but five people per shared link adds up quickly. Whatever marketing tool you use, be sure to link it to your official business website.

Get in the right mindset
A side job requires plenty of motivation, and with a regular 9-to-5 on top of it, it can be a little bit overwhelming. Plenty of people have turned a side gig into a full-time job, but if you ask them about the hard work and characteristics it took to get there, they’ll have a long story to tell. In the gig economy, you are your own boss, which means you get to set your own goals. Take control and write down what you want to achieve, whether it is daily, weekly, or monthly goals. Understand that there will be failures and hiccups, but this isn’t a reason to throw in the towel. Learn from your mistakes and adjust. Starting your own business will come with its fair share of surprises, but this all adds up to a fair share of success, learning, and opportunity too.

The gig economy is here to stay, so why not give it a try? To maximize success, start with the right plan: choose your audience, market your business, create a professional image, and change your mindset to set you on the path to victory. Then, take a deep breath, and dive right in.