Here is a quote that rightly describes the power of a Gig Economy, “The gig economy is the new normal, that offers flexibility and independence but demanding resilience and adaptability from workers.”
By the end of 2027, the gig economy is projected to have around 86.5 million workers, implying a significant shift towards flexible employment arrangements.
Gig workers earn less than traditional full-time employees, with an average of $36,500 per year as compared to $62,500 for full-time workers. This also means that Gig freelancers and independent contractors work for 25 hours per week compared to 40 hours for traditional employees.
However, side hustle income for gig workers can be quite high. In 2023, 39% of US adults claimed that they earned income from side hustles besides their primary job, with an average of $810 per month. Tech-related gig work offers some of the highest pay scales, which can reach up to $115 per hour.
Let us consider examples of sites like Upwork and Fiverr, where gig workers are available for various kinds of jobs, like content writing, graphic designing, translations, transcriptions, etc.
The gig economy is all about temporary and independent work done by freelancers and independent contractors who offer cheaper and more efficient services. Considering the challenges that these workers face regarding income, working hours, or motivation to work, it is important to offer them guidance, gig economy mentoring, and opportunities for skill development.
In 2023, it has been observed that 64 million Americans were freelancers or independent contractors, representing 38% of the total workforce, contributing approximately $1.27 trillion to the US economy.
Here is a guide about freelancer mentoring so that they can establish their brand, reputation, and higher earning capabilities, and advance career development for freelancers along with income opportunities. Let us delve deeper into how crucial mentoring these freelancers and independent contractors is!
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What is the Gig Economy?
As Intuit Rights puts it – “A gig economy is an environment in which temporary positions are common, and organizations contract with independent workers for short-term engagements.”
The term ‘gig’ has been inspired by the music world, which means short-term or temporary existence at multiple venues.
A gig economy simply means workers like freelancers and independent contractors who thrive on short-term and part-time jobs. Although this sector offers flexibility in working and good side income (now many are considering it a full-time income resource), this job role lacks security.
Gig employers save costs and offer additional benefits that full-time and traditional employees demand. On the other hand, gig workers deliver tasks as expected from traditional employees and demand low income and perks.
The gig economy comprises short-term contracts and freelance work, with key features like:
- Flexible schedules and diverse industries.
- A wide talent pool of available talent
- Opportunity for multiple jobs, remote work, and flexibility in their schedules.
- Flexibility in terms of location and the types of projects undertaken.
- Hiring for specific projects.
Gig workers enjoy the freedom to work on their terms and pace and choose their hours and projects. This allows them to earn from multiple sources and balance work with other personal commitments. They can work remotely, and offer their services from anywhere just using their talent and an internet connection.
Now, the gig economy is not as simple as it seems. It also presents challenges as freelancers and independent contractors can be vulnerable to financial instability and lack of job security. Other issues could be exploitation and difficulty in accessing legal benefits in case of disputes.
Overall, the gig economy offers both benefits and challenges, and here we explore the substantial role of mentoring in the gig economy.
The Challenges of the Gig Economy – Why Freelancers Need Mentorship
The freelancing and independent contracting journey comes with some challenges for which freelancer mentoring becomes critical. Let us look at some of the key reasons why it has become imperative to mentor these flexible employees in the gig economy:
1. Lack of Structure and Routine
In the gig economy, there is no adherence to a proper work schedule. Considering this challenge, freelancers and independent contractors find it difficult to manage time and maintain motivation to work independently.
There is no supervision or monitoring of their work, which can dissuade them from fulfilling their targets on time. Gig economy mentoring helps them with guidance to manage their routines and maintain a work-life balance effectively.
2. Client Acquisition
Another major challenge is finding clients and managing the workload. This can be quite overwhelming for gig workers, as a lack of work or an overload of tasks can reduce their productivity, mental peace, and schedule management.
Mentoring remote workers in such a case can help them develop the necessary strategies for acquiring the right client who offers good work and pay scale.
It also helps them with effective time management and workload prioritization, which eventually helps them grow their earning potential and offers them mental peace.
3. Isolation and Lack of Community
Working independently means being on your own. This means these workers are disconnected from the community and may often feel lonely and unassisted.
It is important to offer gig economy mentoring opportunities to freelance workers which can support them and help them expand their network.
4. Business Development Concerns
Another concern that can demotivate gig workers is inappropriate management of their brand marketing, pricing structures, and profile development. Freelancers may struggle with marketing their services, attracting clients, and setting competitive prices.
Mentorship offers independent contractor mentoring on branding, lead generation, and negotiation tactics to enhance business development efforts.
5. Uncertainty around Career Development
Traditional employees have the benefit of developing structured career paths. However, freelancers and independent contractors often come across uncertainty regarding their career progression and future growth.
Remote work mentorship helps them with personalized advice regarding career development for freelancers as professionals can offer them insights into industry trends. Such scope empowers gig workers to make informed decisions about their professional journey.
Also Read: Employee Turnover Rate: How to Calculate and Tips To Improve it
The Benefits of Mentorship in the Gig Economy
In the gig economy, mentorship offers freelancers and independent contractors several invaluable benefits of working independently. Some of them are:
1. Access to Experienced Guidance
Gig workers get the advantage of getting personalized support and advice from experts. This mentorship can help them work independently and face challenges. Remote work mentorship helps gig workers with the following:
- Access to experienced professionals who can offer practical advice
- Key insights that help workers make informed decisions based on the experiences of professionals.
- Practical advice with a unique perspective on industry trends, market demands, and emerging opportunities
- Adaptable mentorship in the constantly advancing and evolving employment landscape.
2. Opportunities for Networking for Gig Workers
The gig economy often suffers from a lack of engagement and establishment of solid networking opportunities. Remote work mentorship helps gig workers in:
- Building a freelance business and establishing connections with critical industry contacts and potential clients
- Expanding their professional network and opening doors to new opportunities
- Connecting with key players in the industry
- Providing access to exclusive events, conferences, and communities
- Offering recommendations and referrals to help freelancers expand their credibility and visibility in their respective fields
3. Learning Best Practices
Mentorship helps freelancers learn best practices in project management, client communication, and self-promotion.
- Guides effective strategies
- Encourages skills development for independent contractors and freelancers, which helps them succeed in their businesses
- Can impart relevant gig worker coaching on technical skills and soft skills along with practical tips and techniques
- Helps freelancers resolve complex situations with confidence and professionalism
4. Skill Development for Independent Contractors and Freelancers in Business and Marketing
It could be difficult for gig workers to market their work and promote their brand value. Mentorship helps them:
- Formulate ways to enhance business development, marketing, and financial management.
- Offers expertise in attracting clients and setting competitive prices
- Provides insights into emerging trends and innovative approaches
5. Access to Resources and Tools
Remote work mentorship helps gig workers gain relevant information and knowledge about key online platforms, which can help them gain more work and remain competitive in their fields.
- Helps them with personalized learning plans based on their unique needs and goals
- Can help them with key resources and tools like relevant software, industry databases, and relevant online communities where freelancers can collaborate well
6. Boosting Confidence and Motivation
Working independently can be quite challenging for freelancers and independent contractors. Mentorship helps them:
- Face uncertainties and self-doubt
- Offer encouragement and reassurance to boost their confidence and motivation
- Celebrate their successes and encourage them during challenging times
- Share motivational use cases and help them set achievable goals
Finding a Gig Economy Mentor
What is the best way to find professional mentors on genuine platforms? Let us look at some highly recommended ways to look for an experienced and professional gig economy mentor:
1. Explore Online Platforms
You must consider online platforms like Mentoring Complete which is exclusively designed for connecting freelancers with experienced mentors. These platforms come with exclusive features like:
- Profile matching
- Messaging capabilities
- Scheduling tools.
Elite platforms offer freelancers to connect with mentors who encourage professional growth and development.
2. Reaching out to Established Professionals
The first step is to research renowned and well-established professionals in the respective field and industry. These professionals can help gig workers send outreach messages and offer value in return.
3. Exploring Industry Associations and Online Communities
These platforms help gig workers connect with experienced professionals through mentorship programs, networking for gig workers events, and online forums. Gig workers can build relationships with potential mentors and gain valuable insights to succeed in the gig economy.
4. Attending Industry Events and Conferences to Network with Potential Mentors
You can create a solid network and find the perfect gig mentor by visiting various events and conferences. This way, you can meet the professionals in the industry who are well-acclaimed and have the experience of working with top gig workers.
Some Tips for Creating a Successful Gig Economy Mentoring Relationship:
If you want to build a robust relationship with mentors in the gig economy, it is required to maintain respect, open communication, and extreme professionalism from both ends. Here are some tips:
- Conduct thorough research and start by creating clear goals.
- Approach potential mentors with respect and professionalism.
- Establish mutual expectations.
- Actively listen to mentors and be open to feedback.
- Take initiative, and show appreciation and gratitude.
- It benefits both parties to be patient and persistent.
- Always maintain confidentiality and trust to establish a successful mentoring relationship.
By following these tips, gig workers can cultivate meaningful mentorship relationships that contribute to freelancing success in the gig economy.
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Making the Most of Your Gig Economy Mentorship
Let us follow the steps to make the most of gig economy mentorship:
Step 1: Set Clear Goals and Expectations
Define the objectives of the mentorship program and make room for effective communication and gig worker coaching. If both the workers and mentors understand what is expected of them, they can work together towards shared goals.
Step 2: Develop a Communication Plan
It is important to establish the most conducive mode of interaction between the mentor and gig workers. It is also substantial to assess the frequency of training and preferred methods of communication throughout the mentorship journey.
Step 3: Be Prepared for Meetings
Always come prepared with specific questions and topics for discussion. Review previous discussions and identify priority areas. It is equally critical to do your homework and gather relevant materials to facilitate productive conversations with mentors.
Step 4: Actively Listen and Implement Advice
Freelancers and independent contractors must actively listen to guidance and gig worker coaching. They must ask questions and take down notes on valuable insights. They must implement actionable advice and enhance their personal and professional growth.
Step 5: Maintain Open Communication
One of the most critical steps while undergoing mentorship for gig workers is to be open about qualms and implementation strategies. Also, they are recommended to express gratitude to strengthen the mentorship bond.
Conclusion
The gig economy is significant in all industries. It has been researched that 79% of freelancers and independent contractors have expressed job satisfaction compared to their traditional employment experiences.
Remote work mentorship is the backbone of the gig economy which offers personalized independent contractor support and professional guidance and advice considering the complexities of the gig economy. This motivation is crucial for gig workers to flourish and gain a wealth of wisdom from seasoned professionals.
Choosing Mentoring Complete as your trusted advisor. The experts with provide gig workers with their industry insights and encourage them to surmount obstacles. Now, gig workers can leverage opportunities and achieve freelancing success with the professional help of such experts.