And, that's exactly the wrong way to earn a good living through contract work.
Unfortunately, for those gig economy participants who believe that there's little opportunity. The real money isn't there.
The same strategic planning that goes into traditional positions and operating our own businesses has to be applied to contract assignments.
At the top of the list of strategies is to embrace the Pareto Principle.
That hammers that 80% of revenues come from 20% of effort.
Translated into gig economy concepts that means: Choose assignments wisely.
In addition, in the current volatile economy, a second rule to pay attention is: Figure out what specific assignments will increase marketability. Not all work will provide a platform for more work.
Yesterday in this residential complex of 600 units, a young woman was walking a neighbor's dog as a gig assignment.
As we talked, it was obvious she was contracting with the wrong service. The pay was subpar. There weren't enough hours available to make a living. And, worst of all, first-time customers for the service couldn't request a specific dog walker. That meant that the reputation she was creating in our complex wasn't building her marketability with that particular service.
Some will balk. They will say that they need each assignment and can't afford, literally, to think strategically. The answer to that is this: If you approach gig work strategically you will create a reserve in your checking account which enables you to evaluate each assignment.
Applying Pareto involves continual experimentation. What had been a great assignment when the economy was recovering might be undesirable during the current time of higher GDP growth. Also, the marketability of certain niches shifts. For example, financial writing had paid well. Now, with the space glutted, it pays less well.
Is it difficult to approach gig work strategically? Here, free to download, is my book on how to find the ramp out of a comfort zone. You can stuck in low-paying gig work just as you did one time in low-paying full-time jobs.
Contact Jane Genova for an appointment email@example.com.