Business Tips from SCORE: How to make it in the gig economy

According to CNBC’s 2022 study of the gig economy, 36% of U.S. workers play a part in this $57 billion industry. The Brookings Institute study in 2022 reported that 52% of workers who plan to quit their jobs admit they are considering a freelance career instead of their more stable, secure corporate life. This same study reported that the gig economy has grown by 15% in the past decade.

What kinds of work is defined as “gig”? Caterers, videographers, business consultants. life coaches, web designers, graphic designers, brand marketing specialists, writers, editors and proofreaders, entertainers and building/remodeling contractors.

If you are considering “gig” work there are benefits:

You set your own schedule. You can decide when you work, for whom you work and whether you take an assignment or not.

You can decide how much work you accept. If you want to work four days a week, you can accept or reject assignments depending on your desired workload.

You can decide the type of work you accept.

There are also some drawbacks:

Business runs in cycles, i.e., economic and seasonal. On the Cape you have to consider being busy during the season, so how will you generate enough income in the off-season?

There is no paycheck. You have to generate enough business to create a positive cash flow to cover your expenses and pay yourself.

There are no benefits. No vacation, health insurance, disability, sick leave, or pension. How will you cover the loss of these safety nets?

To be on your own as a “gig” entrepreneur you have to be highly motivated and a self-starter.

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There are four connections that freelancers in the gig economy need to make.

A place to work. Unlike the office where most workers occupy space, freelancers need to find locations that are protected from distractions and are secure enough to avoid feelings of being unconnected. This may seem contrary to the image of a freelancer who is perched on a bench at a local Starbucks with their laptop pounding out copy for a new brochure or advertisement. Gig workers need to have a space to create that is separate from the chaos of the everyday world.

Mine was a room above our garage with a door that when closed was a signal to our young daughters that “dad was at work”. It was self-contained with a bathroom and an easy chair so I could work, take breaks, communicate in privacy with my support team and concentrate on client projects.

Set up routines. In organizations, routines are created to enhance employee focus and productivity. Gig workers have their own routines that best suit their personal “clocks”. Sometimes keeping to a schedule helps with one’s workflow, creating a to-do list, and doing end-of-day activities that allow one to focus on the next day’s priorities. These rituals enhance one’s sense of order and control.

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When I left the corporate world for our own small business, I did not change my routine. Got up at the same time, got dressed in business attire, had breakfast and “left” for work at the same time even though it was through a door in the garage. I worked until lunchtime, took a break and returned to the desk after lunch and an afternoon physical break from the “office”. If traveling, which we frequently did to tradeshows and events, our schedule was critically different.

My to-do list was created before leaving the office at 6 p.m. I tried not to return after dinner since that was not the routine that was most productive for me or our family. Sometimes a break was needed for a personal errand. That time was “made up” at the end of the day or evening or weekends if work was left undone. Since much of our work was weekend work at events, we scheduled our “weekend” on Wednesday or Thursday. French novelist Gustave Flaubert was quoted as advising, “Be regular and orderly in your life … so that you may be violent and original in your work.” Find your routine.

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Focus on purpose: For many gig workers, leaving the safety and security of corporate life was grounded in following their passion for some interest or another. For them their work had purpose and they avoided assignments that were not grounded in their passion. The work for many freelancers is more than just “earning a living”. It is a means of satisfying a passion for a mission.

For us, the origination of Marketech360 was to provide stability for the family so that we were not being transferred periodically, but also to help small- and medium-sized businesses focus their marketing initiatives to improve their productivity, competitiveness and efficiency. For many, the mission of “making a difference” has a stronger draw than the income that is derived from actually making a difference.

Create a network of colleagues. Freelancers just like all other workers are social animals. However, one of the major downsides to becoming a gig worker is being impacted by loneliness. You can have all the discipline needed to create a workplace, have routines that are mission focused and still suffer from loneliness. There is a simple solution, find two, three or four other freelancers and talk to one or more at some time during each day. Use them as sounding boards and they you. Share issues facing you. Make them a part of your network.

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People in the gig economy must pursue a different kind of success — one that comes from finding a balance between predictability and possibility, between viability — the promise of continued work — and vitality —feeling present, authentic, and alive in one’s work.

Contributed by Marc L. Goldberg, Certified Mentor; For assistance in planning and executing your “gig” business, contact SCORE Cape Cod and the Islands, www.score.org/capecod, capecodscore@scorevolunteer.org or 508-775-4884. Sources: Wonolo, Brookings Institute, Gig Economy is Growing and Here’s How Much.

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This article originally appeared on Cape Cod Times: Four concepts to keep in mind for working in the gig economy