How to Know if the Gig Economy Is for You
**Originally published at Young Upstarts
You’ve just been fired. You don’t know if you will get enough severance to make ends meet. You have no idea how long you’ll be out of work, and the groceries at the store cost more than ever. You even heard a rumor your rent is going up. Should you take on gig work? Gig work — that is freelancing on work as a consultant — is short-term and project-based.
But what are the pitfalls? How do you even get it? When you got your college degree, did you know that only about half of new grads with a BA degree land a career-level job within a year of graduation? You didn’t exactly sign up for being an entrepreneur. You don’t want to work 60, 70, 80 hours a week. You also don’t want to starve.
Is there any job security in gig work, or does it just involve scrounging for new projects all the time?
Like everything else, gig work has its plusses and minuses. First, consider the positives:
Provides ultimate flexibility. Before you commit to a full-time position, you get to decide when, where, and how much to work. Say you envision hiring out as a social media specialist. All you’ll need is a computer and an internet connection, which gives you a vast number of locations from which to work. What’s more, if, say, alongside starting your gig wok you’re also training for a triathlon, you can decide how many clients to take on to support both pursuits, and choose a setting amenable to swimming, biking, and running.
Can pick and choose your projects. Gig work provides a level of independence that allows you full control over the projects you take on. You may be in between jobs as an accountant. You could seek short-term gigs that help small businesses you care about with tax preparation or with drafting their financial statements.
Work your way into a full-time role. If you have your sights set on a particular industry, target your gig work toward the job you hope to attain. If working on the production team for a film studio, you could become a virtual gig worker who assists production directors with sourcing sites, scheduling and planning meetings, making travel arrangements, and more. Once your name is out in the industry and you’ve proven your strong work ethic and ability to problem-solve, you could be a known candidate for any job opening.
All these examples paint a rosy picture of gig work. Next, however, are some potential downsides.
No on-the-job training. New hires in a company, especially new grads, are provided training. As a gig worker, you won’t be. You must already have both the expertise to do the work and the equipment or technology. If, for example, you set out to offer transcription services for legal firms, you must have an understanding of the preferred format and expertise in the software platform typically used — not to mention a firm grasp of legalese.
You are your own HR department. Becoming a gig worker means you’re the person in charge of finding health insurance and paying self-employment taxes. Depending on the service you provide, you may also need liability insurance. Managing these administrative tasks can cut into your productivity. Think about it: you’d be the one who has to sit on hold when you want to file an insurance claim.
The hustle for new clients is ongoing. Savvy and successful gig workers don’t rely on projects from one client alone. That means you must devote time to looking on job boards and networking to establish a sufficient client base. If the drawn-out process of trolling for full-time employment gets you down, habitually putting yourself out there to attract new clients may spoil the appeal of becoming a gig worker.
Gig work offers many upsides for those who have the moxie to capitalize on a skill and be their own boss. But make sure you can also navigate the challenges of gig work. Reach out to any gig workers you know and find out how they manage the pros and cons of the gig economy. You may thrive as your own boss dictating your own hours and choosing your own projects — but only if you go into gig work with your eyes open.
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Vicky Oliver is a leading career development expert and the multi-best-selling author of five books, including Live Like a Millionaire (Without Having to Be One) (Skyhorse, 2015), 301 Smart Answers to Tough Interview Questions (Sourcebooks 2005), named in the top 10 list of “Best Books for HR Interview Prep.” She is a sought-after speaker and seminar presenter and a popular media source, having made over 901 appearances in broadcast, print, and online outlets. Vicky Oliver is the Nonfiction Editor at LIT Magazine, the Journal of the New School Masters in Fine Arts Creative Writing, and teaches essay writing at the New York Writers Workshop. For more information, visit vickyoliver.com.
