The Gig Economy: it’s sexy, liberating, and scary. So how do you know if you’re doing it right?
I recently went through this three-step exercise with a client to create a clear understanding of how she is currently spending her time and effort and shift to spending if more effectively.
1 – Establish Clear Career Objectives.
We have to identify objectives for so much of our traditional full-time work; don’t give that up when you transition to Gig work. Some Career Objectives that may have you shifting to Gig Work could be location independence, work you are passionate about, additional income while starting your business, or reduction of hours working.
Keep these objectives front and center through this exercise.
2 – Create a List of each Gig with your pay information.
Pay. Your pay may be a flat fee or hourly rate.
Time. How much time do you actually spend to earn this money? Consider unpaid travel time, how often you wake up in the middle of the night with racing thoughts, preparation time before a meeting, completing time sheets or invoices. My former manager in my agency life would ask, “If you weren’t on this project, what would still be doing this (driving, prepping, etc)?” Consider how much time you are spending if this is ongoing work. While you can include any upfront costs of sales efforts to get this Gig or administrative work; I generally look at those at sunk costs. I consider them in my annual analysis but not in this snapshot.
Actual Hourly Rate. Divide Your Pay by your Time.
3 – Identify a Value for each Gig.
Value. On a scale of 0-10, how much value do you receive from this work? Your cost is the more qualitative side of your Gig. Value can come from your passion for the job, whether you are building foundational content that can be resold or reused if this Gig gets you closer to your goals, and any other considerations while thinking of value?
Considerations. Is there anything else you can to note about this Gig? All the factors will roll up into the score you select for value, but this is a pause point for you to get out anything else that is on your mind about this Gig.
4 – Visualize Your Gigs on a Scatterplot
Whether you use excel or paper and pen, see where your Gigs land.
The X-axis: Your Actual Hourly Rate
The Y-axis: Your Value Score
This Scatterplot will show you your High Pay, High-Value Gigs. How do you do more of that? Should you stop any of the Low Pay, Low-Value Gigs? Can you adjust your expectations and stress for the Low Pay, Low-Value Gigs to remind yourself these are temporary and helping pay the bills for now while making your energy is going to grow your High Pay, High-Value Gigs.
The Gig Economy is varied and messy. There’s not one path where you are solely doing your High Pay, High-Value Gigs. Having clarity and awareness of your current situation is essential. And be deliberate in moving towards your goals in the future. If you are stuck on this exercise and want to complete it together or if you finished this exercise and want to create a plan to move forward, contact me for a 1:1 Coaching Session.
Photo: SELF Journal by Best Self Co. Check out their amazing tools. Use code BGSDSelf to get 15% off your order!