Starting a small business in the Gig Economy

Starting a small business in the Gig Economy

The gig economy is massive and just as important as any business there is right now. I’m in it as well and I freaking love it. Earning in the gig economy is basically about identifying opportunities and growing your path to being average to becoming big. It takes patience, a lot of it, so here’s 5 tips to take note of:

Tip # 1 – Just start somewhere even if you’re not ready.

I guarantee you, and I speak through experience, your first client or gig will be something worth remembering, good or bad. It will be a solid milestone for you. You’ll probably post about this on your social media accounts and get so ecstatic about this. Landing it might and most likely will offer special pricing or a huge discount. I took my first consulting gig with a billionaire getting paid Php 20,000 a month for 4 months back in 2008. A far cry on how much I average on an hourly basis now. Not to mention, this first consulting gig opened up a huge long term consultancy gig (more than half a mil per month) with the same company this client of mine give me in 2018.

Tip # 2 – Quantity first over quality

Now many of you will raise an eyebrow with this tip, but let me explain briefly what this means. Many clients are more likely to get you once you have a proven track record with gigs and clients. Those may not be your best works, but at least you have a ton of experience under your belt. Just go back to tip number 1 on how long it took me to get to the upper echelon. Take as many jobs as you can as early as now and use them as your proof of work, that you’re effective and worthy of the trust.

Tip # 3 – Learn how to UPSELL

This is something I mastered throughout the years of how I learned how to sell myself to clients. I gave them a piece of the pie, not the entire pie. Now that they’ve tasted it, you can now sell the entire pie of what service you’re offering. It’s all about enticing your clients. Offering a 20-25% discount on your first 1-3 months of service if they sign you up for a year instead of just 6 months is a good solid UPSELL.

Tip # 4 – Know how to keep your clients and sales (repeat customers)

I must admit, it’s so much easier to retain a customer that’s happy or a client that is impressed with my work than to convert a brand new one. Learn how to put your focus on growing a recurring clientele. In retail business, we call it “same store sales” or SSS.

Tip # 5 – The goal is to diversify your revenue streams

You must never forget this one because this is critical. It’s important that you diversify your revenue by taking note of the many ways you can make money for as many hours as you can, value cost for products or services and value cost for expertise in certain niches. In other words, find many ways you can earn revenue with your money making skills.

Alright, that’s all the tips I can give you based on experience. I hope you found massive value in this one. If you did, please make sure to share on your social media accounts and tag me! Appreciate it as always!

Question of the day: How many gigs have you handled so far? Share them in the comments section

Bonus: I get a lot of gigs just by crushing it on LinkedIn. I’m able to connect to the top management people in these companies through LinkedIn. Worth a try. Good luck!

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