I am often asked the question: What is the single most important reason for exploring the gig economy? My response has evolved to this: The gig economy is a great enabler for those who desire more freedom in the manner in which they work and/or the ability to develop multiple income streams.

Multiple income streams are a possibility for those who consider multiple income streams to be important. Whereas traditions have focused on the importance of a singular career with regard to work, advancements in the use of technology now enable us to do more with less. This also means that what would normally require a lot of time and effort may now be accomplished with the support of technology in a much shorter period of time. We are able to do somethings today that we could not have envisioned 25 short years ago.

My granddaughter has learned to play multiple instruments with the assistance of her online tutor who utilizes video technology to connect with my granddaughter who does not have to be in her classroom or studio. Her music teacher is a gig worker who is building her own music mentoring business after traditional working hours. The choices and possibilities are simply enormous as to what you might be able to do to develop multiple income streams.

On a recent trip to the Bahamas, I saw Shadina, a favorite server at one of my favorite spots on the Island. She remembered me and more importantly shared that she had started her own business since our last conversation. In our conversation last year, Shadina had shared that she was always happy and grateful but wished that she could earn more money. I shared with her that it was certainly ok to “want” to earn more, but she had to have some specific reasons that would actually motivate her to explore the possibilities.

I shared with Shadina highlights of my research on the gig economy and also what was happening in the Bahamas. I emphasized the talents she possessed – kindness, service excellence, passion, knowledge, skills, all of which can be considered underutilized assets. Shadina told me that she gave a lot of thought to what I had shared and realized that she had not been leveraging any of her time after she left her main job. She realized that she knew a lot about travel and a lot of Bahamians always needed assistance when arranging to travel outside of the country.

Last November, Shadina opened her own Personal Travel Assistance Company, here in the Bahamas, to assist locals when traveling outside of the country. She built a website, sharing the kind of personal services she provides and went about sharing her web address with everyone she met or encountered. She attracted clients almost immediately and today Shadina is very proud and very excited about being a micro entrepreneur! She did not need any special license to start a Personal Travel Assistance Co. Shadina is obviously very smart and had never thought of utilizing her assets beyond her main job.

Anyone exploring or pursuing another income stream would be wise to spend time examining their personal assets that can be converted to another income source. This is the focus of LEVERAGE, an eBook that I also authored which is free to all AFE members. 

All gig economy participants are independent contractors thus are considered micro entrepreneurs. The possibilities are many and available in many different formats: Agent, Freelancer, Skill Specialist, Direct Seller, Direct Marketer, eCommerce retailer, Transportation Service Provider, Realtor of your own property be it a car, tool, home, room, yard, etc.

By 2028, participants in the micro entrepreneurial gig economy is expected to surpass 100 million!