Getting Gigs – 6 Tips for Earning a Steady Income in the Gig Economy

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Getting Gigs – 6 Tips for Earning a Steady Income in the Gig Economy | The casualization of Australia’s workforce has left many with irregular paychecks, and the pandemic certainly hasn’t helped in protecting our financial stability. The good news, however, is that with the right strategies, it is possible to earn a steady income in the gig economy. Follow the tips below, and you may even come out better off than you would have if you’d stuck with a traditional job. 

Upskill

You need to be at the top of your game with any skills required for your gig. Luckily, you can easily access online tutoring in Australia if you need to finish your VCE (more and more roles are requiring high school completion, even in the gig economy). If you’re particularly good at a certain subject, you could even look at approaching a tutoring company for casual employment, which can be a great income stream. 

Have Multiple Sources Of Income

Speaking of income streams, if your goal is to achieve financial stability working purely in the gig economy, you’re going to want more than one gig. For example, you may tutor during the afternoon, drive with a food delivery platform in the evening, and complete odd jobs on weekends.

Don’t Rely On Active Income

There are two types of income: active and passive. Those who achieve financial stability in the gig economy generally have at least one form of passive income. This could be in the form of dividends from shares, rental income from a profitable investment property, ad revenue from an online platform, or royalties from creative work. 

Stay On Top Of Your Taxes

When you’re operating as a sole trader in the gig economy, it can be easy to fall behind on, or make a mess of, your taxes. This can really mess with your financial stability, so it’s important that you keep on top of things. If you’re confused or unsure, find a tax agent near you to help take the stress out of the process. 

Set Hours (And Stick To Them)

This tip may seem like a given, but when you’re acting as your own boss, it can be hard to stay motivated on those days when you just don’t want to get out of bed. After all, you’re not exactly about to fire yourself, are you? 

While flexibility is definitely one of the biggest perks of working in the gig economy, it can also be the enemy of a stable income. That’s why it’s important to establish working hours and actually stick to them, no matter how badly you want to slack off. 

If this is something you struggle with, consider creating a ritual that signifies the commencement and the end of the workday. This could involve brewing coffee, setting the temperature in your home office, and putting an invigorating scent in your aroma diffuser. Over time, the ritual will trigger “work mode” in your mind. 

Define Your Workspace

This last point is for those of you who’ll be running gig economy hustles from home – define your workspace! As the pandemic has taught us, working from home is great, but it can also bring an inability to switch on and off. By defining your workspace, you help overcome this obstacle. 

By now, you should have a pretty good idea of what it takes to make it in the gig economy and how you’re going to do it. All that’s left to do now is to earn some cash! Good luck, and don’t forget to come back and share your success story in the comments.