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Pros & Cons of Independence

Like any kind of job or employment, being a gig worker comes with its own set of ups and downs. In this blog, we'll cover both sides of the gig working coin and lay out what parts people love - and hate - the most.

April 20, 2024

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Like any kind of job or employment, being a gig worker comes with its own set of ups and downs. In this blog, we’ll cover both sides of the gig working coin and lay out what parts people love - and hate - the most!

Pros:

  • Flexibility - One of the biggest appeals for working in the gig economy is the ability to set your own schedules and work on your own terms. This is particularly appealing for those who prioritize a work-life balance or have other commitments, such as caring for young children or furthering their education.
  • Variety - Gig workers often have the opportunity to work on a variety of projects for various clients, which can help avoid the sense of monotony that can come with working in a traditional environment.
  • Autonomy - Many independent workers have a high degree of autonomy and control over their work. They can choose which projects to take on, how much to charge, and how best to execute their responsibilities.
  • Increased Income - With being your own boss, or the sole person in your company, you are responsible for setting your rates and costs. This can mean a comfortable source of income that you can increase as needed especially if you’re in a specialized industry.
  • Skill Improvement - The variety of work that you can do gives you the opportunity to improve your abilities in areas you might not touch otherwise. The more experience you have, even just within one specific service, increases your value to your clients over time.

Cons:

  • Inconsistent Income - It is entirely up to you to keep your income, well, incoming. Most gig workers do not have a steady or predictable source of income and need to schedule or budget appropriately.
  • Lack of Benefits - Gig workers are typically responsible for their own benefits, and that includes health insurance and retirement savings. Without access to employer-sponsored benefits, gig workers are sometimes forced into plans with higher costs or less ideal coverage.
  • Minimized Job Security - Because you don’t have the protection of a big or established employer, you may find yourself in less-than-ideal situations with clients. You can lose contracts or potential clients anytime, even over something that’s not your fault.
  • Networking - In order to secure projects and keep your income, it’s up to you to engage clients and network to keep things on track. This can be challenging for those who aren’t comfortable with self-promotion or do not have a strong professional network.
  • Isolation - Even if you’re not working from home daily, you are probably working by yourself or with a very small group of people. This can lead to feelings of loneliness or disconnection from your broader professional community, or even your family.

While Gig Worker Solutions can’t help with everything that you may face as a gig worker, we can help you feel more confident in your protections and insurances. Whether it’s legal protections for your business, insurance for you and your family, or retirement planning, Gig Worker Solutions offers various options to give you the exact coverage and peace of mind you’re looking for.

You May Qualify For Up To $32,200 With The Self Employment Tax Credit.
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