All you need to know about freelancing and how to make it work for you

Financial Times defines the gig economy as "The freelance economy, in which workers support themselves with a variety of part-time jobs (or freelance jobs) that do not provide traditional benefits such as healthcare." According to Financial Times, "The phrase "gig economy" was coined at the height of the financial crisis in early 2009, when the unemployed made a living by gigging, or working several part-time jobs, wherever they could."

How technology has transformed the way we "gig"

Though gig work has existed as far back as the 1920s in reference to jazz club musicians, the main difference in the current gig economy is technology's game-changing role in breaking down barriers of entry for the most unlikely people to take up gig work. Think of pensioners letting out their spare bedroom to travellers, a 9-to-5 office worker ferrying passengers home after work, or even a full-time mom picking up groceries for a busy executive.

There are an estimated five million people in the UK working in the gig economy, while a study by Intuit and Emergent Research predicts the number of on-demand workers in the US to double in the next four years, bringing the number of gig workers up to 9.2 million in 2021.

Millennials major driver of gig economy

Richard Lobo, Head of HR at the Indian IT Company Infosys, attributes the growing trend of the gig economy to the changing preference of the younger workforce. Mr Lobo further comments that "With a greater influx of millennials into the workforce, all previous assumptions of what works to keep employees engaged and motivated are breaking down." 

Driving economic growth in developing countries (especially Asia)

In Malaysia, the government is actively creating opportunities for underemployed citizens to cash in on the gig economy. The Malaysia Digital Economy Corporation (MDEC), a government organisation, has launched several platforms such as eRezeki and eUsahawan to help Malaysians make money completing online tasks and to provide them with the necessary skills to start online businesses.

Meanwhile, the Singapore Workforce Development Agency has launched initiatives to support freelancers in their hunt for work and to keep their skills relevant. Taiwan's plans to create an Asian Silicon Valley near Taipei can only be good news for their thriving gig economy, as the Valley will pave the way for increased internet infrastructure and mobile broadband services. (source: Forbes)

Now you're probably thinking, this is all fine and dandy but how do I get in on the action?

5 ways to make the gig economy work for you

1. Search online for communities or platforms that offer the kind of work you're interested in.
   Uber will be at the top of the list, but there are plenty of other options including food delivery, grocery runs, creative work, etc.

1. Only accept jobs you know you can deliver. If you hope to generate a sustainable income through freelancing, reliability and professionalism will help you make your mark.

1. Take this opportunity to try different things. The beauty of these kinds of jobs is that they are on-demand and assignment-based. You can try it for a week or two and see how you feel about it. If it's not your cup of tea, you're free to walk away whenever you choose to. You might just discover hidden talents you never knew you had!

1. Have fun! Yes, you heard us. One of the primary advantages of the gig economy is its flexibility. You can take on jobs whenever it suits you. This means you have control over when and how much you work. So smile and enjoy the ride! Your productivity will go up, and your clients will be more appreciative of your positive spirits and diligence.

1. Treat this as a trial of a freelancing career. Maybe you've been contemplating freelancing for a while but lack the confidence to commit to it full-time. By taking on freelance work on a part-time basis or a few days a week, you'll be able to start building up your portfolio and client base, paving the way for you to establish yourself as a professional freelancer.

According to Fast Company, an annual report by Upwork and the Freelancers Union revealed that 35% of the total US workforce (equivalent to 55 million people) are choosing to freelance, with 81% of traditional workers saying they would "be willing to do additional work outside of [their] primary job if it was available and enabled [them] to make more money."

All signs point to the gig economy continuing to flourish, likely becoming a status quo in the not too distant future.

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