The rise of the gig economy and how you can make money from it

In recent years, the gig economy has witnessed exponential growth, reshaping the way people live, work and earn their livelihoods. The gig economy, characterised by short-term contracts, freelance work, independent contractor roles and part time businesses, has become a prominent feature of the modern labour market.

This blog intends to delve into the reasons behind the rapid rise of the gig economy and explore the most popular types of gigs that people are choosing in this evolving landscape and of course, how you can make money from gigging yourself.

The gig economy is criticised by certain quarters for its inherent lack of job security and employer accountability. Of course, it’s true that as a gig worker, you won’t receive statutory employment rights, annual paid holiday or an employer pension contribution. It’s also true that you will become responsible for filing a tax return (or getting someone to do it) and paying your income tax and national insurance on your earnings. Whilst these points combined could be regarded as a negative for some, we should also consider some of the many positives of being a gig worker. Many now believe the positives of gig working strongly outweigh the negatives making the so-called protections offered by the state laws seem largely antiquated.

The gig sector now touches almost every industry sector from events to manufacturing to hospitality to the creative industries – there’s now a gig for everyone at every career level. Of course, many gigs are lower paid and casual but it's important to know that many gigs offer highly specialist and extremely well paid, rewarding work.

There now are many reasons you might seek to gig overtaking a full-time role. Here are just a few:

Variety

Gigging gives you the freedom to work several different roles. As a gigger, it's unwise to rely on just one income stream so many people gig in several different capacities. These don’t have to be in related industries and can combine to make for an interesting career and lifestyle. Many love the security of multiple independent income streams.

Try something new

You may have dreamt of working in a particular field but you’ve never quite built up the courage to make the break from your sector into something new and untested. Gigging allows you to tip your toe into the water. Take on a few mini assignments alongside your full-time role to see what it’s like.

Earn money and get fit

Many people use delivery gigs to maintain fitness. City-dwelling cyclists cover vast distances fast whilst delivering food or packages. Why not earn money as you finesse your fitness?

Work around family life or studies

You may have young children or be working on a new qualification, perhaps you only have time to spare in the evenings or here and there. Gigging is for you.

Take a break on your own terms

If you’re a full-time gig worker it’s easy to take time out on your terms. There’s no boss remember and you're in control!

Many gig-based roles don’t require you to report to a set location and can be carried out from anywhere. Provided you are contactable and connected you can likely be located pretty much anywhere with a decent Wi-Fi connection on hand. See you on the beach for sundowners after work!

The Gig Economy's Meteoric Rise

1. Technological Advancements

One of the primary drivers of the gig economy's growth is the advancement of technology. The proliferation of smartphones, web technology and high-speed internet has made it easier for individuals to access gig platforms and find short-term work opportunities. Mobile apps and online platforms like Uber, Deliveroo, Upwork and TaskRabbit to name just a few have become synonymous with the gig economy, enabling workers to connect with potential employers effortlessly.

2. Flexibility

Flexibility is a key factor attracting people to the gig economy. Traditional 9-to-5 jobs often come with rigid schedules that may not suit everyone's lifestyle. In contrast, gig work allows individuals to choose when and how much they want to work. This flexibility appeals to students, parents, retirees, and those seeking to supplement their income with part-time work.

3. Economic Uncertainty

Economic uncertainty, exacerbated by factors like the 2008 financial crisis and the COVID-19 pandemic, has pushed many individuals to explore alternative or additional employment options. Gig work provides a safety net for those who may not be able to secure stable, full-time positions. It offers a way to make ends meet during tough times as well as some added spending money.

4. Diverse Opportunities

The gig economy encompasses a wide range of job opportunities, making it accessible to people with various skills and backgrounds. From driving for ride-sharing services and delivering food to freelancing in fields like graphic design, writing, and programming, there are gigs to suit almost any skill set.

Popular Types of Gigs in the UK

1. Run your own speed dating night on Fanciful Of course, we’d advocate for this one – it’s our business, but starting and running your own local speed dating event can be a fantastic money-earning gig. The number of events you organise dictates your workload. Some people chose to organise a one-off event and others make a business on Fanciful. The point is that it’s up to you but with the average speed dating event bringing in £600 it’s well worth considering if you feel you’ll have a knack for events and you can get the word out. Apply to run events with us here

1. Ride-Sharing and Delivery Services

Companies like Uber, Lyft, and Deliveroo have made ridesharing and food delivery gigs incredibly popular. These opportunities provide drivers and couriers with the flexibility to choose their hours and earn money using their own car, scooter or bicycle.

2. Freelancing

Freelancing has become a staple of the gig economy, with professionals in fields like web development, graphic design, content writing, and digital marketing offering their services on platforms like Upwork, Freelancer, and Fiverr. Freelancers appreciate the autonomy and diversity of clients that this work brings.

3. Task-Based Platforms

Task-based gig platforms like TaskRabbit and Airtasker allow people to earn money by completing various tasks, from assembling furniture to running errands. These platforms cater to those who enjoy variety in their work.

4. Gig-Based Retail and Hospitality

Many retail and hospitality businesses now hire on a gig basis to cover shifts during peak periods. This allows individuals to work in industries like catering, events, and retail without the commitment of a full-time job.

Conclusion

The UK gig economy's rapid growth is a testament to its appeal to a wide range of workers seeking flexibility, economic stability, and diverse opportunities. As technology continues to advance, the gig economy will likely continue to expand and evolve. However, it's essential to address the challenges and concerns that come with this growth, such as worker protections, benefits, and job security, to ensure that the gig economy remains a viable and sustainable option for workers in the UK. Perhaps now is the perfect time for you to dip your toe into the water.