Entrepreneurship comes in all shapes and sizes, and the rise of the gig economy is a perfect example of how small-scale entrepreneurship can be. As more and more of us choose to live a more flexible life, to call our own shots, or pursue a passion, it’s becoming increasingly common for people to make a living working gigs, rather than traditional 9-to-5 jobs.
From DJs and Spanish teachers, to bagpipe players and dog walkers, roughly 20% of the small business owners that use Invoice2go everyday consider themselves to be side-giggers.
We spent some time studying the side-giggers using Invoice2go to run their business, and today we’re sharing some interesting trends:*
People take on side jobs for any number of reasons. Sure, money is an obvious one, but the ability to pursue a passion, and the flexibility this type of work offers, are important factors too. Here are some of the top reasons people take on side gigs:
- 56% say monetary reasons (to save money, pay off debt, etc.)
- 30% say it allows them to pursue a passion
- 10% say it gives them more flexibility
A temporary fix or all part of the plan?
According to the side giggers using Invoice2go, this is a trend that’s not going away anytime soon. Perhaps first thought of as something people do in between “real” jobs, the reality is that people are joining the side gig workforce by design:
- More than 94% of side giggers wouldn’t stop their side job to focus solely on traditional 9-to-5 employment if they had the opportunity.
- In fact, nearly half (47%) of side giggers say they are building up their side gig until it’s stable enough to become their main source of income.
- By comparison, only 4.67% of side giggers say it’s only temporary.
Can side-gigging pay the bills?
Every job, or gig, is variable in terms of earning potential, but like anything in life – it is what you make of it. We’re finding that today’s side giggers are optimistic about how much they can make when they take control of their own work life destiny:
- More than half (54%) believe they can earn more through side gigs than traditional 9-to-5 employment.
A bright future ahead
While the term ‘side-gigging’ may be new, the concept certainly is not. What has changed however is the emergence of mobile business tools like Invoice2go that make it more feasible than ever to turn a side-gig into a sustainable way to make a living. It’s a shift we’re excited about, as it promises a bright future of empowered entrepreneurs. And we’re not alone in our optimism: 94% of side giggers we surveyed are optimistic about their future career path.
*Insights from survey of 7,500 small business owners in the US using Invoice2go, November 2015.
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