Gig Economy - A Passing Trend or Global Phenomenon

Come December; it would be one year since COVID-19. This pandemic has brought in quite a bit of unprecedented change in our lives. Professionals across all industries and sectors are impacted. Some, however, look at this crisis as a once in a lifetime opportunity. But the question is whether we have remained stuck in our definitions of careers? 

We are amidst the 4th industrial revolution. This version, characterized by scope, velocity, and system impact, has already impacted every industry in every nation. It has ripple effects that we are already feeling in our daily lives to the global economy. COVID-19 has put the Global leaders under tremendous pressure to do the right thing for their businesses to remain relevant. This has changed how we define work itself. With COVID-19, working is not necessarily working 9-5 or not for sure about commuting or going to the office. Remote work is taking importance above all. Both businesses and people are demanding it.

The full-time job market continues to shrink, thereby leaving us to be more open to the idea of Gig work itself. Being prepared is the key!

Gig Economy has been growing at a rapid pace globally. Outside the boundaries of full-timers in India, freelancers are paving their way, choosing freedom-based contract work irrespective of where they are located and working through freelancing platforms. 

Gig Work only gives more room to pick on new skills – like it is called the skills market. This will only make you the most desirable candidate in the market.

About 3 million gig workers in India are temporary workers, including independent contractors, online platform workers, contract firm workers, and on-call workers. The number is undoubtedly small if one were to compare it with India's 500 million workers. However, the good part is that the gig world generates an estimated 56% of new employment.

As per the estimate, India is the largest freelancer market, with over 10 million people freelancing right now. Every 1 in 4-person today is opting for freelancing. People are choosing new ways to earn income from being YouTubers to running to freelance design work. 

Gig work has tremendous benefits like Flexibility, autonomy and independence for the Gig worker, great work life balance, freedom to choose the place and hour of work, time to focus on personal health and wellness and finally to decide your own income!

However, people are nervous about whether this is the right thing for them. Be it the issues around the inability to find the right opportunities, getting clients, getting paid on time, or the fear of being exploited by the industry, problems are way too many. 

I get reminded of my childhood; the famous 80's when my parents used to converse about the rise of computerization and how it was a threat to many people working full-time jobs then. Today's situation is no different. Digitization has helped us immensely but has also displaced many jobs. 

Let's address some of the critical issues of freelancers.

Getting Started the Gig Way:

Undoubtedly, clients are not easy to get, especially when you are starting new, or competing with a global pool of highly talented freelancers. It might be even harder on the freelancing platforms. 

Firstly, as a freelancer, you need to prepare. Most individuals often struggle here. Traditional ways of 'looking for opportunities' requires a rejig.

Do you have a pitch, a portfolio, or a business proposition? Be prepared on how you want to pitch a client and work samples to showcase how you can add value to them. Have a view on where you can add value to your clients. The digital world would mean you need to be ready with your 30-second elevator pitch ready all the time. 

It's not about getting the job done; its how you will do it that matters. Even if it means you work for free in the beginning. Focus on value addition, value creation, and your clients would love it!

Don't forget to collect feedback and testimonials from clients as it certainly helps in acquiring new clients. 

Importance of Networking & Relationships:

In the digitally connected world, building a network is imperative. Be it through Facebook, Instagram, or LinkedIn. But remember, its just not about making connections. Nurturing that relationship or building that relationship is significant.

Let's explore how:

• Exceptional Client Experience: Remember that being best in what you do is what builds a healthy relationship. Work systematically. Providing a consistently high standard of work is the best way to show your clients that you are the real deal. In case your clients are satisfied, they will return to you for future work.
• Value Create & Value Add: Always find ways to create value, add value to the client's business. Freelancing should not just be about money but also helping your client make money and save money in places. As they say, client values you, if you value their business.
• Focus on build lasting relationships: Finally, keep in touch with your clients. They might not have any work for you. However, there is no harm in talking to your clients occasionally to check if there is something you can do for them.

Finally, Getting Paid Well & On Time:

Most freelancers make a mistake when it comes to charging a client. This could be a huge deal breaker if you cannot convince your clients on the pay-out.

Before you decide how much to charge, you need to do some research. Reach out to other freelancers to ask what they charge for similar work. You can also use Fiverr, Upwork, freelancer.com, and others to investigate average rates for your field. 

There are a couple of other factors that play out here.

1. Borderless Working World: In case you have global clients. Understand how much other freelancers are charging in that specific country or location.
2. Duration of the Project & its Complexity: – Understand the project's scope and define how much time is needed to complete this project.

There are multiple ways you can charge your client.

1. Charging an hourly rate. Not everyone charges per hour. Most technical jobs use this model. It is pretty useful, especially when you are working with more than 3-4 clients at a time. However, you will also have to ensure that you provide proof of your work for the hours you worked. 
2. Second way of billing is project basis: This is ideal for one-time projects or those with set/limited budgets. But again, you will have to give a breakup of cost to your clients. Ensure you bill them for the components you will be delivering. But the price must be realistic. This is one place where freelancers lose on bids. It's not about quoting less. It's about quoting the right amount and allowing your client to pick the services they want to go through.
3. Monthly retainer basis: This billing method is useful, especially when working with the client on a long-term basis. For instance, you are managing clients' social media pages or a fixed number of design projects from clients, and so on. 

No matter which billing model you chose, ensure that you understand your client's requirements and quote accordingly. The bid should be a winning one. 

Key here is to negotiate well in advance with your clients on your terms of service, payment terms, scope to avoid any surprises. But, build your credibility first!

Be Your Own Boss:

It's all about the Entrepreneurial Mindset: 

Think of Gig jobs like having your company and things you need to do to make it a success. 

There are three goals here for you, 

1. Succeed in existing business
2. Ensure future business
3. Ensure financial independence 

Be Disciplined: Work on getting yourself organized to a routine and follow it. 

Be Organized: It's not merely a schedule. Create a rule book for yourself. Outline everything right from how you sign contracts to how you conduct client meetings. You will need to section your time for everything, including business development and marketing. 

Be Focused: You would deliver the best results to your clients only if you are focused. Have a plan to acquire new clients for future projects. 

Finally, Like in technology adoption, you have the innovators, the early adopters, the early majority, the late majority, and laggards; even Gig Economy adoption would require a similar approach. People who adopt early would have a first-mover advantage. The key here is how many of us are willing to adopt and adapt.

Note: All views expressed in this article are personal and do not represent the opinions of any entity whatsoever with which I am, I have been or I will be affiliated.