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With the gig economy -- meaning short-term or freelance work -- booming these days, it’s no wonder more and more people are starting to work for themselves. Starting your own business isn’t the unreachable dream it used to be; with advances in technology and companies discovering how much easier and fiscally responsible it is to hire self-employed individuals, it’s become more popular than ever to work from home.
There are several things to consider before you get started, however. Being self-employed means you’ll need to stay on top of your tax responsibilities, apply for a business license in your city, and create an area in your home that will allow you to get work done without distractions.
This can be difficult to do, especially if you have children or another job to take care of, but it’s important to make sure you can stay on top of your work in order to keep your clients happy.
Keep reading for some great tips on how to get started in the gig economy
Figure Out What You Want to Do
Getting started in the gig economy means knowing what you’re good at. There are plenty of jobs out there waiting to be filled, but you’ll want to choose something you’re familiar with; not everyone can be a writer -- no matter how easy it may seem -- and even if you have a creative eye, that doesn’t mean you’ll be successful at selling artwork or photography.
If you’re organized, consider applying for a job as a virtual assistant; if you have patience, think about becoming a medical transcriber. While some of these jobs require classes, in most cases, you can start earning within six months to a year.
Create a Workspace
Having a quiet place to work inside your home will allow you to stay organized and focus on what needs to be done, allowing you to remain successful no matter what job you take on. Whether you have a room that can be transformed into an office space or just a desk where you can keep paperwork neat and at your fingertips, it will help to have a place that’s just yours.
Talk to your family members about the rules -- such as letting you work in peace when you’re in your office -- and go here for some great office design tips.
Figure Out Your Tax Liability
Working for yourself means you have to stay on top of your tax liability since the companies who hire you won’t take taxes out of your paycheck. Have a professional go over your tax forms every quarter so you can pay what you owe a little at a time rather than in a lump sum at the beginning of the year, and start a savings account just for the money you’ll use to pay.
Taking a little out of every check will help you avoid having to pay back a large amount at once and will keep you in the good graces of the IRS.
Know the Market
One of the most important aspects of starting your own business is knowing the market and what the desire is for your line of work. Get to know the competition, and figure out in the beginning what your going rate will be. Remember to factor in not just the time you spend working on a project, but what your skills are worth.
Getting started in the gig economy doesn’t have to be stressful or frustrating; starting with a good plan will help you figure out what you want so you can begin building your business from the ground up. Stay organized and remember to have fun!