26 Feb Passion and Business
The gig economy has now become a firm trend in the UK jobs market with an estimated 2.6million gig workers in the UK between 2017 and 2018. Furthermore, Deloitte predict that by 2020, up to a third of the UK workforce will be a part of the gig economy.
The simplest way of describing this type of work is that workers are paid for the ‘gigs’ they perform under short term or freelance contracts rather than permanent employment.
Despite common misconceptions the trend in gig-workers is not limited to companies such as Uber, Deliveroo or courier companies. A staggering 44% of gig workers have a University degree and 28% perform professional work (the largest percentage) such as accounting or providing legal advice.
People of all generations are turning to this type of work for its flexibility, control over hours and for some, to earn an additional income to support their lifestyle.
But what makes for a successful side business?
So many people believe they have a great business idea and brave the move into entrepreneurship, which is admirable of course. However, many of these people fall into the trap of selling things that they are passionate about rather than what their customers are passionate about or more importantly, what their customers need.
If you’re trying to market something that only you are passionate about, you will most likely end up losing money. It is vital that you find out what everyone else is passionate about and earn money off this trend. Once you understand this, you’ll be much more likely to have a successful business.
Think about it; the ideas that have proven successful in the gig economy are those which provide the essentials; think food, travel and utilities. These business models all have one thing in common and that is that they are supplying products and services that we simply can’t live without in the modern world.
I was fortunate that I began my business as a project on the side of my full-time job as a head teacher. Whilst this was hard work, it allowed me to gauge the appetite of market whilst guaranteeing financial security from my permanent role. In time, my business took off and I was able to give up my job as head teacher and find a much better work-life balance.
My advice to you is to ask yourself: Do people really want what I’m offering?
Be honest with yourself because this will be the difference between success and failure.
My full story is available here.