Make Your First Million: Gig Company Business Success Revealed

We are currently living in a gig economy and it comes as no surprise. With the fast-paced growth of innovation and technology, the traditional 9 – 5 work routine is taking a disruptive turn.

Despite how much you like your current job, you are probably aware of how fewer and slower raises come. Unless you get a quick promotion or a major work surprise soon, you will have to get used to your present level of income.

But it doesn’t have to be this way.

Today, many Britons are leveraging the budding gig economy. Whether you are employed or not, the gig economy provides a great alternative to boosting your income levels. And if you play your cards right, you just might earn your first million this way.

What is a gig economy?

Before we dive into the basics, it is important to understand first, what a gig economy truly is. It simply means work you can do on a freelance basis. Instead of being an employee in another company, you become an independent contractor. It is worthy to note that a gig job doesn’t necessarily come with a formal contract.

While there are full-time freelancers, the gig economy also covers people who work 40-hour jobs and make an extra income “gigging” on the side.

How can you join the gig economy?

Don’t be worried if you can’t immediately think of a gig job you can do now. There are many ways to make some money on the side, even without a specific marketable talent. All it requires is some insight and willingness to work. Perhaps the most popular example of gig work is an Uber. With a car and a smartphone, you can make some extra money on the side.

Do have an extra room in your home? With Airbnb, you can lease it out temporarily to tourists in your country. Or if you want to make more money, you can crash at your friend’s place while you lease out the whole house to them. Even investing in a white van is a good source of income from courier services, as long as you’re a good driver.

Securing a gig job based on your talents

Uber and Airbnb are just two ways many people cash in on the gig business, but there are several alternatives. If you recognise an innate talent within, you can put it to good use.

However, don’t be quick to write yourself out if your skills aren’t sharp. According to John Maxwell, practice leads to discovery. Start small, take the less demanding (often modest paid) tasks and work your way up. As you continue, you will develop your skill enough to start commanding significant rates.

Are you a creative person? The following sites; Freelancer, Upwork and Fiverr are great places to get projects from.

Using the money wisely

This is the important part. While gig jobs traditionally don’t have formal contracts, it is advisable to get a lawyer to draw up some written agreement to be on the safe side. It doesn’t have to be voluminous- a one/two-page MoU is sufficient.

Prepare a good monthly cashflow to avoid running into financial trouble. Gig jobs don’t typically come with retirement benefits, so it is essential to put aside money regularly for the future.

As you navigate your way around the gig environment, you will land jobs that can put you in the echelon of your industry and well towards your first million. It is possible!