Tips for Thriving as a Gig Entrepreneur

The Philippines is now becoming a country of choice for foreign companies looking to outsource work. During the COVID-19 pandemic, Filipinos have become aware that working from home is now a viable option, given how heavy the traffic is in metropolitan areas such as Metro Cebu. Since then, more and more Filipinos are venturing into being gig entrepreneurs, offering their specialties and services for independent contractual work with foreign companies.

According to a report by remote staff hiring firm Beepo, freelancing experienced a boom during COVID-19, in which 75 percent of new freelancers looked for jobs for financial stability.

This resulted in over a billion freelancers globally, of which around 1.5 million are Filipinos.

Moreover, American financial services company Payoneer in a joint research with Filipino financial technology company GCash said that the country has been experiencing a rapid growth in freelancing.

“Philippines has shown rapid growth for the past few years. In Payoneer’s 2019 Global Gig Economy Index, the Philippines placed sixth in the world as the fastest-growing market with a 35% growth in freelance earnings,” the report said.

Looking to be a gig entrepreneur? Here are some tips to help you get started:

Building a Strong Personal Brand
Your personal brand is crucial to attracting clients and standing out from the competition in the gig economy. Establish a compelling online presence by creating a professional website, optimizing your social media profiles, and showcasing your expertise through engaging content.

A strong personal brand not only helps you gain clients but also fosters trust and credibility among your target audience.

Leveraging Digital Platforms and Technology
Embracing digital platforms and leveraging technology can significantly enhance your business operations as a gig entrepreneur. Utilize project management tools such as Notion and the Google work apps, communication platforms such as Slack and WhatsApp, and online collaboration software to streamline workflows, communicate with clients efficiently, and deliver projects on time.

Additionally, explore online learning platforms to acquire new skills and stay updated with industry trends.

Balancing Multiple Gigs
As a gig entrepreneur, it’s common to juggle multiple projects simultaneously. Effective time management is key to maintaining a healthy work-life balance and maximizing productivity. Prioritize your tasks, set clear deadlines, and allocate specific time slots for each gig. Consider using time-tracking tools to monitor how much time you spend on each project, ensuring that you are meeting client expectations and delivering quality work on time.

Embracing Continuous Learning
To thrive as a gig entrepreneur, embrace a growth mindset and commit to continuous learning. You won’t enjoy the mentorship you’ll get in a typical corporate environment. You’ll have to learn things on your own to stay ahead of the pack, in this case, you’re in competition with around 1.5 million Filipino freelancers.

Stay updated with the latest industry trends, technological advancements, and best practices. Enroll in online courses, attend workshops, and participate in webinars to enhance your skill set and offer diverse services to clients. Continuous learning ensures you remain competitive in the ever-changing gig economy.

Managing Finances and Taxes
Most importantly, as a gig entrepreneur, managing your finances and understanding your tax obligations is crucial. You are not in a corporate setting where your mandatory government deductions are in the Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), and the Home Development Mutual Fund (Pag-IBIG). You’ll have to set up payment voluntarily so you still have your social pension, along with other possible government benefits in healthcare and housing.

If you’re looking to travel outside the country, you’ll also have to file your income tax return (ITR) with the Bureau of Internal Revenue (BIR). You’ll most likely be asked for an ITR when traveling abroad, so register with BIR as an independent contractor.

Remember to always pay your taxes as part of being a responsible citizen.

Consider using financial management tools or hiring an accountant to ensure accurate bookkeeping and tax compliance. Being financially organized allows you to focus on your work and achieve financial stability in the gig economy. (GFB)