What You Need To Know To Get Started In The Gig Economy

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With more and more Americans realizing how wonderful it is to work for themselves, it’s no wonder the gig economy is booming. While not everyone can quit their day job and pursue a new career, many people have found that they can start their own business on the side as a way to make extra money while still working a full-time job. 

Dr. Scott’s Business Blog is dedicated to helping you prosper in your pursuits. With that in mind, whatever your needs are, there are so many gig economy options out there that you’re likely to find one that works for you. 

The key is to know the market you want to go into. What’s the competition like? What will the startup costs be, if any? Will you be able to work out of your home, and if so, can you write off a workspace there as a tax deduction? There are a lot of questions to consider, but this guide will help you find some answers. Keep reading for some great tips on how to get started in the gig economy.

Assess your needs

The first thing you’ll need to do is assess your needs. If you have a busy schedule or are living with a disability, you may need something that is very flexible and allows you to work from home. Also think about any startup costs and whether you want to quit your day job to pursue this line of work. If you do, are there adequate savings to tide you over until you start making money with your new gig? Sitting down to work out a good plan ahead of time will help you avoid any potential disasters down the road.

Start slow

If you’re unsure of what sort of business you want to go into, consider a compromise. For instance, you can work with a company that allows you flexibility and freedom if you’re not quite ready to take the plunge into business ownership right away. You might look into becoming a dog walker or pet sitter, both of which will give you the chance to work with sweet animals, boost your mental health, and even get some physical exercise. 

Stay productive

As Inc. explains, it’s important to stay productive when you work for yourself or from home, since there can be many distractions. Create a distraction-free zone in your house where you can work without being disturbed, and set a schedule for yourself that will allow you to get things done during a certain timeframe. Sticking to a routine will help you be productive while ensuring that you aren’t losing precious time with your family members. 

Check out the competition

Knowing the competition will not only help you get a feel for what business model may work for you, it will allow you to make contacts and connections in that world, which can be invaluable. Look online to find similar businesses, head to conferences and conventions, and check out brick-and-mortar stores near you, if possible. Forbes notes networking is one of the first rules of small business ownership, and it can help you find support within your local community or online as you venture out into this new and possibly overwhelming process.

Remember to make it legal

There are many things to consider when starting a business – whether you need retail or physical office space; what type of marketing tactics you will employ; where your first clients or customers will come from; decisions on a website and marketing materials, and so on. Often in all of the hustle and bustle of launching a business, there’s one task that’s often the most dreaded and procrastinated: forming a legal business entity. 

For those businesses that don’t need massive teams and huge offices, forming an LLC is often the path of least resistance and also offers flexibility and protection. Forming an LLC is done through the state so requirements can vary, but generally an LLC can be set up in about 5 steps.

Getting started in the gig economy can be a big process, and it can take some time. Try to stay patient as you learn the ins and outs of the business world, and do your research to ensure that nothing gets overlooked. With detail-oriented planning and a little help from your fellow business owners, you can get a good start with your business. 

Connect with Dr. Scott’s Business Blog for more tips and information that can help your new venture grow!

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