Working Your Gig: Tips on Setting Up a Freelance Business

According to estimates, freelancers/contractors will comprise 43 percent of the workforce by 2020. Partly an outgrowth of the technological revolution and partly a reaction against the strictures of the 9 to 5 grind, the “gig economy” offers the freedom to do work you enjoy and the flexibility to do it at home (or wherever you want), and to make your own work hours. It’s a great option if you’re looking to make a career change, a single parent, a retired person needing to augment income, or just one of the staggering number of people who say they hate their jobs and working for their bosses. The gig economy comes with its own stresses (the work isn’t always steady). It takes self-discipline and the determination to make your vision come true. A careful and thoughtful approach is needed so that you’re not diving into it without considering all angles. But the sheer number of people who work in the gig economy bears witness to the growing popularity of the freelance lifestyle.

Budget

One of the first things you’ll need to determine is how much work you’ll need to maintain your budget. People who are really committed to this lifestyle sometimes work several “gigs” to meet their financial needs, yet don’t mind it since they love the freedom and flexibility of working in this manner. Consider building up a “nest egg” before you commit to freelancing in case, you’re not able to find work on a consistent basis at first, bearing in mind that it can take some time to develop a productive network of contacts. One of the most important financial considerations for any freelancer, and one that’s often overlooked, is the need to pay taxes on a quarterly basis since you’re no longer working a “W2” job, one in which taxes are withheld from your paychecks.

How do you get started?

Knowing what kind of work, you want to do is the first thing you’ll need to decide. It should be something you truly enjoy and something at which you have some experience. Many freelancers are people who’ve worked at a 40-hour-a-week job for years, wishing they could be a writer, computer programmer, landscaper, or some other longed-for occupation. In other words, they come to the gig economy with a good idea of where they want to go with a freelance career. Some of the happiest freelancers are those who are very good at what they love doing. Think back to all the time you spent sitting miserably at your cubicle, imagining something better for yourself. If you’re making the commitment to enter the gig economy, you might as well love what you’re doing. There are more opportunities for freelancers than ever before, so don’t limit yourself. If you’re not sure where you want to concentrate your energies at first, you can always begin as a mystery shopper, or take surveys for paywhile you figure out your next steps.

Keep looking

Remember, being a freelancer means you should always be on the lookout, working your network and contacts and trolling job sites every day. You never know when the ideal gig may come along. One of the greatest outgrowths of the gig economy is the proliferation of freelance websites, online job boards that put you in direct touch with people looking for freelancers to fill some niche. Elance, Upwork and Craigslist are just a few of the more popular freelance job-sites. Outsourcing is a major need for many companies these days, and it’s a great way for them to stay within budgetary parameters while getting the quality work they need from people who have the flexibility to work on projects as needed, often with little or no advance notice. Remember, the more you’re able to do this, the more popular you’ll be with companies and the more work you can expect.

Workspace

Some freelancers struggle at first with working on their own without a supervisor looking over their shoulder wondering when you’ll have it done. Establishing your own workspace is important because it defines a dedicated area that’s for work only. When you’re in that space, you’re not watching TV or visiting social media sites. It should be in a quiet and pleasant part of the house, with a desk big enough to accommodate a computer, printer, and any other object you need to do the work.

Stick with it

If you’ve decided to join the gig economy, you’ve taken the first step toward a happier, freer lifestyle. Stick with it! The first few months can be difficult. Keep working your network and respond to as many online freelance projects as possible. It’ll pay off in the end.

By Lucy Reed         Contact her at gigmine.co

Photo Courtesy of Pixabay.com