The gig economy has transformed the landscape of work as we know it by providing alternatives that give the flexibility or independence that most jobs do not. Many side hustles have become viable professions allowing people to even replace their jobs with their gig activities. But can gig work actually become a viable path to earn a living, or is it simply an attractive short-term solution that distracts you from obstacles or challenges?
From rideshare driving, to content creating and online reselling, people enjoy all sorts of different methods to earn money beyond the typical 9-to-5 grind. It’s easy to see the appeal of being able to set your own schedule, work for whom you choose, and escape office politics. However, while these are great tales of success, the reality of carving out a sustainable living derived from a side hustle is much more complex than it appears.
The Freedom of Gig Work vs. Financial Uncertainty
One of the biggest advantages of gig work is the ability to work when you want. For instance, freelancers can use sites such as Upwork and Fiverr to get gigs and never have to apply for a traditional job. Likewise, drivers for Uber and Lyft can drive when they choose, and also choose where to drive.
This freedom comes with a trade-off. Gig work is not traditional employment, and gig workers do not get employment benefits, such as insurance or retirement contributions. The income that gig workers receive can be highly uncertain. A freelancer may enjoy a lucrative month with lots of great paying clients, only to find little work the following month. This inconsistency makes it harder to plan for what expenses one can cover financially, especially for workers that do not have a backup plan.
In a 2021 study by the Pew Research Center, 58% of gig workers reported that they rely on their side gig as their main source of income. Although, gig workers often struggle to create a steady income for themselves to pay expenses such as rent, groceries, and medical bills. Where most job’s income is secure because of a traditional paycheck, gig workers constantly have to put themselves up for hire, find new clients, and figure out demand without securing a regular paycheck.
Sustainable Gig Work
While many gig jobs can be incredibly volatile, certain side hustles are generally sustainable over the long term. Freelancing appeals to many types of stable work: Graphic design, writing, programming, or digital marketing profiles can certainly leverage their skills to make these into longer-term jobs.
Similarly, establishing a business around e-commerce (such as dropshipping or selling handmade products on Etsy) can also yield income if the individual invests the right amount of time and resources.Online tutoring and coaching (to study professionally in their field to tutor/coach) has grown substantially, and professionals are able to capitalize on their professional skills through ventures that range from tutoring people in languages to video-based coding skills.
That said, these gigs can often allow for the types of consistency that can come from establishing a client base and growing your reputation as a quality service one.
Differentiating Gig Work from Entertainment
Because there is a fully virtual world of income generation opportunities out there, it’s easy to understand why some people perceive activities such as betting as just another option to generate income. But it’s important to understand that gambling should never be adapted to fit a reliable income or replace a legitimate, organized side-income business.
Online casinos are entertaining platforms that offer a wide selection of games, such as Poker, Blackjack, and slots; and sometimes you can earn cash. But unlike freelancing or e-commerce, gambling is inherently based on chance rather than skill.
While you might improve your odds by developing strategic knowledge about the game, in any gambling situation profit is not guaranteed. The baseline of successful enjoyment of your gaming experience is to play responsibly. Unlike a traditional side hustle, which allows individuals to build a sustainable career over time, online gambling is designed for leisure and should be treated as a form of entertainment rather than an income-generating activity.
The Best Way to Succeed as a Gig Worker
People thinking of making the transition into gig work should have a plan before making this change.
Budgeting is essential in this venture. Unlike salaried employees, gig workers need to remember to put aside funds for taxes, healthcare, and retirement savings. Many seasoned freelancers will tell you that an emergency fund is also a welcome addition to their planning.
Networking and continuing to develop skills will also matter. People who develop skills, build good connections with people, and market themselves have a much better chance of achieving success in this field.