3 Tips for New Gig Workers
The gig work industry has millions of part-time and full-time openings available, and you’re ready to take some of them on.
Freelance jobs like delivery and rideshare driving have been booming since the pandemic. But almost anything can be done in a gig work capacity if you have the skills and can find the clients.
Before you jump into the wide world of self-employment, there are a few things you should know. Use these three essential tips to turn your side gig into a successful and lucrative career.
1. Set Realistic Expectations
First, do some cursory research to find out what the average gig worker in your position does. What kind of skills do they have? How much money can they make with that level of talent?
Here’s what often happens when you go into the job without doing this step. You hear your friends tell you about someone they know who makes tons of money doing the same thing you want to do, and they seem like they hardly work at all!
The problem is that this same person may have a degree you don’t, or could have started from the dregs at the bottom and worked their way up the ladder. Maybe as a rideshare driver, they have a luxury vehicle and can charge more for their services.
Don’t think about what other people are doing. Find out what you can expect to be doing at your current level. That is, just starting out, without a lot of knowledge on how to do the freelancing side. Armed with this info, you’ll be able to move forward with more confidence.
2. Get Your Day (and Yourself) Structured
The flexibility of setting your own schedule is one of the most coveted benefits of the gig work job. There’s a downside to this, though: You are the one who determines your day, and if you’re not structured, you could sabotage yourself.
If you don’t work, you don’t get paid. There aren’t sick days or paid time off funds you can tap into—until you’re able to fund them yourself.
The potential to make more than you’d earn as an employee is there. You won’t always be able to rely on yourself to be “in the mood” to work or get motivated. To capitalize on the possibilities of success, you must get yourself structured.
Habits and Structure Beat Motivation and Determination
Set a schedule, including a morning routine and time for your wellness. Self-care is a priority when you’re the one in charge of your finances. If you don’t include a few minutes every day to destress and do something enjoyable, you’ll feel it later when you’re overwhelmed at the worst possible time.
With this daily schedule in place, the time blocks become habits. These habits help you to have a structure to follow whether you’re motivated or not. You might not reach all the targets you had that day, but with a guide, you know what you’re supposed to be doing.
3. Get the Business Side Organized
On top of the skills you use in your job, there’s a business aspect to being self-employed. You’re going to have to file taxes, so the better organized you are from the start, the easier this part will be.
You’ll be buying supplies, like gas, electronics, home office necessities, etc.
Create a system to store receipts for all your expenses, even if it starts out as simple as a shoebox. Anything you use for your job can be written off as an itemized tax deduction.
Optimize Your Business’s Legal Structure
If you are only self-employed, you’re going to have to pay taxes. These itemized expenses can lower your payment significantly.
As you get comfortably established in your new role, you might want to consider setting yourself up with the IRS as a sole proprietorship or a limited liability corporation.
These business structures have financial advantages, like separating your personal and work assets and changing your allowable deductions.
Conclusion
The role of a gig worker has the potential to bring you exponential success. The key to how well you do lies in setting up your foundation now, before you get started.
With these three tips, you’ll be establishing habits that will let you focus on maximizing profits and minimizing obstacles.
Freelance jobs like delivery and rideshare driving have been booming since the pandemic. But almost anything can be done in a gig work capacity if you have the skills and can find the clients.
Before you jump into the wide world of self-employment, there are a few things you should know. Use these three essential tips to turn your side gig into a successful and lucrative career.
1. Set Realistic Expectations
First, do some cursory research to find out what the average gig worker in your position does. What kind of skills do they have? How much money can they make with that level of talent?
Here’s what often happens when you go into the job without doing this step. You hear your friends tell you about someone they know who makes tons of money doing the same thing you want to do, and they seem like they hardly work at all!
The problem is that this same person may have a degree you don’t, or could have started from the dregs at the bottom and worked their way up the ladder. Maybe as a rideshare driver, they have a luxury vehicle and can charge more for their services.
Don’t think about what other people are doing. Find out what you can expect to be doing at your current level. That is, just starting out, without a lot of knowledge on how to do the freelancing side. Armed with this info, you’ll be able to move forward with more confidence.
2. Get Your Day (and Yourself) Structured
The flexibility of setting your own schedule is one of the most coveted benefits of the gig work job. There’s a downside to this, though: You are the one who determines your day, and if you’re not structured, you could sabotage yourself.
If you don’t work, you don’t get paid. There aren’t sick days or paid time off funds you can tap into—until you’re able to fund them yourself.
The potential to make more than you’d earn as an employee is there. You won’t always be able to rely on yourself to be “in the mood” to work or get motivated. To capitalize on the possibilities of success, you must get yourself structured.
Habits and Structure Beat Motivation and Determination
Set a schedule, including a morning routine and time for your wellness. Self-care is a priority when you’re the one in charge of your finances. If you don’t include a few minutes every day to destress and do something enjoyable, you’ll feel it later when you’re overwhelmed at the worst possible time.
With this daily schedule in place, the time blocks become habits. These habits help you to have a structure to follow whether you’re motivated or not. You might not reach all the targets you had that day, but with a guide, you know what you’re supposed to be doing.
3. Get the Business Side Organized
On top of the skills you use in your job, there’s a business aspect to being self-employed. You’re going to have to file taxes, so the better organized you are from the start, the easier this part will be.
You’ll be buying supplies, like gas, electronics, home office necessities, etc.
Create a system to store receipts for all your expenses, even if it starts out as simple as a shoebox. Anything you use for your job can be written off as an itemized tax deduction.
Optimize Your Business’s Legal Structure
If you are only self-employed, you’re going to have to pay taxes. These itemized expenses can lower your payment significantly.
As you get comfortably established in your new role, you might want to consider setting yourself up with the IRS as a sole proprietorship or a limited liability corporation.
These business structures have financial advantages, like separating your personal and work assets and changing your allowable deductions.
Conclusion
The role of a gig worker has the potential to bring you exponential success. The key to how well you do lies in setting up your foundation now, before you get started.
With these three tips, you’ll be establishing habits that will let you focus on maximizing profits and minimizing obstacles.
