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Gig Economy: How to Make a Career Working for Yourself

Rand Holyoak   | 

personal bookkeeping Orem Utah

In today’s increasingly individualized, tech-centered society, more and more people are finding themselves on a self-employed career path. Working for yourself can be a liberating experience and, when done correctly, you can make a nice living for yourself. Short-term, or freelance work are both part of the rapidly growing gig economy. Writing, dog walking, and rideshare are all popular jobs that people have taken on full or part-time in order to have more control over their personal finances and time.

The secret to really making a splash in the gig-based economy is by creating a strong base for yourself. Success rarely happens overnight, so you need to be prepared for the long haul and be open to seeking new ideas and opportunities to grow your business. If you are interested in taking a stab at the gig economy, here are a few things to keep in mind.

Know How Much Time Your Business Needs to Succeed

There are a lot of similarities between time and money. Like money, time is valuable and every day you make investments in how you spend your time. If you are considering dipping your toes into the gig economy, then you are probably wondering whether your time could be better spent. As a general rule, the more time you invest in something, the more it can pay off in the long run. If you decide to take up a second part-time job, or even switch career paths to start one all on your own, you need to think wisely about how much time you will need to make your business flourish.

If you decided to pick up a second job as a rideshare driver, then you wouldn’t want to drive just one or two people a week. When you have to pay for your own fuel, you’d actually be losing more money than you made on a given night. To really see your work pay off, you would need to work longer hours, making more trips in order to increase your revenue.

Not only is it about how much time you invest in your project, but also how to most efficiently make use of your time. Using the same example as being your own rideshare driver, you would want to work during peak hours such as early mornings or evenings to increase the volume of trips you accept. By being efficient with your time, you will maximize the profitability of your self-starter business.

Bring Big Business Ideas into Your Own Small Business

When you decide to jump ship and start working for yourself, you shouldn’t abandon all of the practices of well-established businesses. For instance, traditional workplace environments are practically engineered to reduce costs and maximize the efficiency of employees. When you start your own business, you should carry this philosophy over to your own place of work. If you are working from home as a freelance writer, then you need to create a home office that is free from distraction and interruption in order to maximize the quality and quantity of your work.

Another big business practice you should adopt into your own business is keeping a thorough timetable. Scheduling is essential to staying organized and though you may not be overseeing an entire floor of employees or shipping your product across continents, bringing organization into your own small business will make your life a million times easier. Keep records of how much you make, how much you spend, who is buying, and when they are buying. By collecting smart data and keeping thorough records, you can build strategies to maximize the reach and efficiency of your business in the future.

Working for yourself is not easy. It takes hard work and discipline to be able to oversee and manage your own business. However, if you’re smart in the beginning, make a strong foundation for yourself and give your business time to grow, eventually you will reap the benefits and start seeing your time and perseverance pay off.

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Article Courtesy: Lucy Reed