Gig Economy

Enjoy the flexibility, growth of skillsets, freedom of choices and multiple stream of incomes from the gig economy opportunities. Browse top gig economy jobs on PanelPlace.

What is Gig Economy?

Gig economy refers to a labour market that contains a pool of employees known as gig workers, and have entitled themselves to either freelance or short-term contracts through technology platform companies.

The gig economy can benefit workers, businesses, and consumers by making work more adaptable to the needs of the moment and demand for flexible lifestyles. A wide variety of positions fall into the category of a gig. The work ranges from driving for e-hailing apps, delivering food, writing code or freelance articles to doing market research paid surveys.

Why should we have side hustles?

Gain flexibility: A side hustle is typically something that an individual manages, which means they have control over their side hustle’s schedule. You can fit your side hustle around your full-time job and any other activities or commitments you have by controlling your calendar.

Earn extra income: A side hustle is a means to supplement your income while working full-time. It may be easier to pay bills, contribute to savings, or help with other obligations with the extra cash. Your side hustle may be able to flourish as a result of the additional income.

Expand network: Expanding your network is one of the most effective strategies to advance professionally and to build your career. A side hustle can help you connect with people you wouldn’t otherwise meet. Whether it’s through customers or vendors, a side hustle can help you meet new people.

Build new skills/experience: Many people use their side hustle to pursue their passions. Pursuing your passions as a side hustle may provide you with the possibility to turn your hobby into a job. You can also learn new talents that will aid in the success of your side hustle.

What are the considerations when doing side hustle?

Being able to earn extra income is empowering. Multiple streams of income provide the financial security and the peace of mind that is crucial in our overall happiness. While planning to start a side hustle to increase our income, there are a few areas worth considering:

Identify your skills and areas of interest: To stay motivated and productive, your side hustle should entail an activity that you enjoy. Remember that you’ll be working on your own schedule, so choose an activity that aligns with your passions, skill level, and interests.

Set aside time: A side hustle goes beyond just having another job. You may find yourself working an extra 15 to 20 hours a week or even more depending on the nature of your side hustle. And these aren’t the hours spent doing menial activities that come with working part-time. Rather, your mind is focused on strategy, vision, execution, and being resourceful. You should be honest with yourself about how many extra hours you can devote to your side hustle. It’s not about how much time you have; it’s about how effectively you spend it.

Consider your level of commitment: It takes effort to stay committed to any work, let alone the grit and grind of a side hustle if you don’t have the passion for it. Oftentimes, you will return home exhausted from a long day at work and then have to muster the energy to begin your second job. If you’re set on starting your side hustle, you must really want it. When you’re tired, think about your long-term goals, vision, desired influence, and potential payoff.

Make sure you have no conflicts of interest: If you’re currently employed, make sure your side business won’t conflict with your regular employment. Is your idea in any way competitive with your current employer? Is there a potential for a conflict of interest? These factors may be covered in the employment agreement, so before you start, double-check the details of your employment contract.

Who can do side hustle?

Students: Having a side hustle is an opportunity for students to make some extra money. Besides the monetary benefit, there are some significant social and developmental benefits that make a side hustle worthwhile. A side hustle teaches students to become confident in new environments and helps them understand the importance of having a diverse portfolio.

Stay-at-home parents: Being able to stay at home with your children is an amazing opportunity for parents, however, sometimes that isn’t financially feasible. With side hustles, both online and offline, parents can enjoy their time with their kids while earning an income.

Workers going through a career change: Side hustles are a smart way for professionals to build on their passions and skills, and then transition to a new career. It can be a low-risk, low-investment way to explore new careers. Whether it’s five months or five years, trying out a side hustle for a period of time can be the perfect option for those who want to test a new career.

People who want to develop multiple streams of income: There is potential for earnings depending on what your side hustle is, and that extra money is a terrific way to start building your savings or paying off your student loans. Alternatively, you can put the funds into your current business. Making some additional money on the side can also help relieve financial stress, allowing you to live a happier life rather than one filled with worry about making ends meet.

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