The new economy of Individual Entrepreneurs is growing at an ever-increasing rate. This is an irrefutable fact.  With more than an estimated 70 million Americans involved and $1.0 trillion+ changing hands annually, this new economy reflects people’s desires for more flexible work opportunities and greater freedom as to how, when, and where work is performed. Our most recent research uncovered broad trends that may portend the future of the gig economy and the anticipated growth in Individual Entrepreneurship. Three of the trends we discovered are worthy of continuous attention of those seeking to explore new possibilities.

Trend #1. The desire to create multiple income streams.

First, we found a tendency for more individuals to pursue multiple gigs. More specifically, people entering the gig economy over the past few years (60%) were more interested in pursuing multiple gigs than simply working a single gig.  Research findings relating to this trend have special relevance. It is proof of the growing receptance and engagement in remote work of many types. This seems especially true because the increase in multiple gigs is correlated with less time being spent on a primary gig.  It is possible to speculate that only working one gig is becoming less popular because many gigs are complimentary to other gigs.  Since gigs often involve underutilized time, hard assets, knowledge, and skills, even passion and purpose, the trend toward working multiple gigs may also indicate a desire to leverage such assets as effectively as possible.  Moreover, multiple gigs could also be interpreted as a precursor to a recognition of gigs as being a first step toward becoming more of an Individual Entrepreneur.   

Trend #2.

We also found that gigs are more likely to be conducted through online platforms. This movement, due to both technological advances and the increasing adoption of online platforms by a variety of companies—both large and small—also would seem to bode well for those who work from home.  Online-related gigs would appear to have the potential to be inclusive of more segments in society from the youngest to the more mature. There are no physical constraints nor limitations of geography or time zone when utilizing online tools primarily. 

Trend #3.

Our research found that about two-thirds of the people entering the gig economy expected to earn less than $500 per month from a gig (and actually did so). Current research indicates that this level of income satisfaction has actually increased a bit.  About 71 percent of the gig workers surveyed in our latest research (July 2023) have that same expectation.  We do not believe, nor see anything that might indicate that the primary motivations that gig workers report for working their gigs has changed over the past year. More than 80 percent of the gig workers previously surveyed stated that paying bills, saving and investing more, and improving personal lifestyles motivated their gig work.  These characteristics seem to line up with the expectations and motivations we expect will continue to motivate those in society who may be feeling a bit uncertain in the current economic environment. This uncertainty could easily fuel the growth of more interest in flexibility and freedom in how we work leading to more growth in Individual Entrepreneurship.

In summary, the gig economy and its associated gig workers are here to stay and represent opportunities for the forward-thinking. The many choices in how work can be performed supports the needs and desires of all segments in society, from Generation Z and Millennials to Baby Boomers, who seek to return to the workforce or an opportunity to embrace alternative ways to work and use their entrepreneurial skills.

While there are future challenges, it is wise to remember that there have always been challenges, especially during times of innovation and change.  The future of work will be different in all formats. “Less is more” has become a strategic imperative and businesses are learning to do more with less.  Technology is the great enabler.  While new workers want more, perhaps they want to do less. They no longer tolerate complexity.  When they find complexity, they move to find simplicity. All forms of gig work and entrepreneurial opportunities are available without the constraints of having to work from a fixed location or conform to traditional rigid working hours. This can be a most wonderful moment in time. The choices have never been greater.