Traditional nine-to-five employment is no longer the only choice for making a living, thanks to the flexibility of WFA (working from anywhere) arrangements. That is why many in the workforce have recently become interested in the gig economy. The gig economy enables individuals to make the most of their abilities and talents to make money on their terms, and this has started to draw full-time employees.

At the same time, it’s not that easy to get into the gig economy, as it requires some upfront spending. For example, having the right internet tools, having certain abilities, understanding the ins and outs of marketing, or even just being able to pay for living expenses initially.

Now that you know what’s coming, let us be your backers before we get down to gig economy hustling and show you how loans can help you succeed. We’ll also recommend how legitimate money lenders in Singapore can assist in pursuing this.

What is the gig economy?

Perhaps some of you just heard about the gig economy from this article. The gig economy, according to Investopedia, is a labor market that mostly relies on freelancers and independent contractors to fill temporary and part-time positions instead of hiring full-time permanent staff members.

Even while the gig economy increases and provides flexibility, it cannot be considered stable employment. Aside from that, those who wish to get into freelancing and other gig-based jobs should understand that they won’t have benefits and privileges like health insurance, tax charges, or paid time off like regular employees do.

How to build your gig economy hustle with loans

Before borrowing your way into the gig economy, here are some important things you need to consider:

Your passion = your prospective gig hustle

What was going through your mind when you decided to bravely start your day in the gig economy? Naturally, as a result of your talents having evolved from a passion or pastime into a profitable endeavor. Secondly, what made you so bold as to accept it? It’s because the abilities you possess are in demand in the market.

One of the stereotypes associated with writing, for instance, is that it can only result in books, newspapers, whiteboards, or other printing-related professions. But, because digital media has become more popular, writers who possess an aptitude for graphic design may also try their hand at becoming UX or UI writers, which are required to be able to understand text visually in addition to writing it.

These days, there’s a lot of demand for both UX and UI writers from advertising agencies. These roles are typically open for freelance or part-time work, and advertising agencies are great places to channel interests and hobbies while earning money.

Know how much your needs will be

You must review your financial situation, including how much you must pay for expenses, long-term goals you want to fulfill, how much you need to save for emergencies, how much insurance you need, and other things, before going fully freelance.

Alternatively, you can work a full-time job and support it with gig-job labor, which is a more stable setup. And if you need equipment but your full-time job can’t seem to cover it, you can take out loans to afford it. When doing so, consider interest rates, payback terms, and other aspects. You need to carefully consider each loan option and ask yourself, “Is this option appropriate for my gig revenues?” before moving on to the next one or finally deciding.

Responsibly manage the loan you just took

If you took out loans with the intent of getting started on a freelance or part-time job, make sure to spend them on what you truly need. There is no need to buy cutting-edge equipment; a computer, camera, or tablet that is powerful enough to get the job done should suffice.

On a related note, we strongly advise you to review your finances every two weeks, especially if you work as a gig economy full-time gig worker, to ensure you have enough income to pay off your loans and other obligations. This will help make sure that your budget is on track.

Conclusion

Now that you know what the gig economy is and how much it costs to get started, you can finally make a wise decision as to if, when, and how to start your freelance journey. And if you realize that you’ll hit a financial snag in trying to get the tools and knowledge you need, you can go to reputable money lenders in Singapore, such as Dio Credit.