The gig economy has now become a firm trend in the UK jobs market, with an estimated 2.6 million gig workers in the UK between 2017 and 2018. Furthermore, Deloitte predicted that by 2020, up to a third of the UK workforce would be part of the gig economy.
The simplest way to describe this type of work is that workers are paid for the ‘gigs’ they perform under short-term or freelance contracts rather than through permanent employment.
Despite common misconceptions, the rise in gig workers is not limited to companies like Uber, Deliveroo, or courier services. A staggering 44% of gig workers hold 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 flexibility, control over their hours, and, for many, to create an extra income source to support their lifestyle. For some, it’s about diversifying their earnings to build multiple income streams, which is often a crucial step toward achieving financial freedom.
But what makes for a successful side business?
Many people believe they have a great business idea and bravely make the move into entrepreneurship—which is admirable. However, a common mistake is focusing too much on what they’re passionate about, rather than what their customers are passionate about—or more importantly, what their customers need.
If you’re trying to market something only you are passionate about, you’ll likely end up losing money. It’s vital to identify what others care about, what they need, and how you can deliver value based on that demand. Once you understand this, you’ll be far more likely to build a sustainable and profitable business.
Think about it—successful gig economy models often provide essentials: think food, travel, and utilities. These business ideas have something in common—they supply products and services we simply can’t live without in today’s world.
I was fortunate to begin my business as a side project while still working full-time as a Head Teacher. While juggling both was hard work, it gave me a safety net and time to test the market. Eventually, as the business grew, I was able to leave my job and achieve a much better work-life balance—with the added benefit of creating multiple income streams and moving closer to true financial freedom.
So before you dive in, ask yourself: Do people really want what I’m offering? Be honest—because this one question could be the difference between success and failure.
To read my full story, click here.
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