Gig Economy Explained and Examples

Gig Economy Explained and Examples
  • Opening Intro -

    Everybody is sick and tired of their jobs. Most people are stuck in the rat race or just stuck in a job overall.

    It almost seems like there is nothing else left to do except stay in that single space and earn a fixed income.

    Luckily, in the past few years, we have seen a rise in what is now called the gig economy.

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There is no general definition of what the gig economy is. Still, everyone understands it by example and by a few comparisons. Freelance work is considered a part of it. That means that you get hired for a specific project or service, and you get paid for how much you work. This is fantastic rather than getting the same amount of money no matter how much work you put in.

This is both a social and economic change for the world. Now, nobody looks forward to life as getting a job and being set for life. Nobody wants to stay in the same place for the next forty years. And, even if some people do want that, these side hustles can make them more money. As well as that, there have been numerous actors, Senators, and pro basketball players who have done the same thing.

Where did it all start?

This type of temporary work has been around for a very long time. Musicians are a prime example of it. They have work when they have tours or when they are working on a new album. It’s a contract based job.

The same goes for truck drivers. They drive when it’s needed to operate, and they get paid for the whole trip or the hours required to complete it.

The main deciding factor nowadays is the rise of the Internet. Now it’s easy, and everyone can do it. There is also a log of companies already looking for freelance workers, which makes the entire process much more comfortable.

What are some examples of it today?

There are tons of examples, but we will focus on a few major ones to make it more transparent. The first example is Uber. When you think about it, Uber has no cars of their own, but they make a lot of money.

So, how do they do it? Well, they do it by letting you in on the profits as well. You can install their application on your phone, and then you can start driving for them.

You can choose to work when you want, and how much you want. It’s much better than being a taxi driver since everything is automated, and you don’t have to worry about anything. Also, you get to communicate with people who will make them more likely to leave your tips.

Another excellent example of this is the company Lyft, which is a competitor to Uber. They claim that during peak hours, their drivers make over 35 dollars per hour. Now, that’s quite a good income if you have even two hours per day to spare. Click here to read more.

Going in another direction, but still being related to cars, is Turo. This is a great platform where you can rent out your car and get money for it.Depending on the year it was made, and the market for it, you will get a rental price for it. Furthermore, all the people that want to rent your car are already screened so you won’t have to worry about it. It’s a great thing because you list it online, and it’s done.

Airbnb has also seen a rise in popularity. This is one of the best ways to travel, and it makes sense too. Locals are renting their homes to travelers through this app, and that makes it so much cheaper than hotels. This changed the way people travel because almost no one is going to hotels anymore.

You get the feeling of every place you travel to. Sometimes you even get to meet the hosts and experience the culture in a new way. If you have a place that you can rent out, you can try and see how a bit of extra cash works out for you.

Other types of gigs

Apart from this, you can also do work with the skills you have acquired. You can go online and do data entry jobs or write articles in your free time. There is a huge demand for work these days, and some people are using it to make a high income. Sometimes, doing side projects can become a full-time job.

other valuable tips:

It will give you a lot more free time because you can do the work from home. And, as soon as you build up enough knowledge, you can try to create a course to teach other people. Here’s some more info: https://www.wonolo.com/blog/gig-economy-definitive-guide/

This is the best way to earn a passive income and maybe one day become financially free. You just put in the work in creating something once, and as the years go by, you only reap the benefits. This will teach you a lot of things about marketing and selling too. And it will make you more confident in your skillsets.

By doing this type of work, you also build up a portfolio that will stay for a lifetime. You have a set of skills that might even allow you to switch a job to something you really love.

Image Credit: by Pixabay

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