As the nation deals with corporate layoffs are looking for alternative employment, a recent study shows 36 percent of the workforce identifies as independent workers or "gig workers".
In 2020, more than two million Americans decided to go out on their own in the workforce. By the next year, that number doubled. But as some quickly found out, the life of an independent worker can have both pros and cons to the typical nine-to-five job.
What started out as a way to escape the 24-7 hospitality industry turned into a lucrative career for public relations and marketing professional Priscilla Visintine.
"I had a couple of friends who had worked at big PR agencies, and they often job things out to freelancers. So, 1 or 2 would say, "Hey, do you want to help us do this? And the client was like, Sure, do you want help us do this? And I was like, Sure. And then that just kind of snowballed and I ended up getting my own clients," Visintine said.
RELATED STORY | Survey: 36% earn extra money from a side gig, many just to pay bills
Ultimately, the business grew to the point Visintine joined with a partner to handle the multitude of clients. And after more than two decades of "working from home," she always kept one thing in mind.
"A lot of my friends and other people would say, you're so lucky you work for yourself. And I said, Really? Now I work for like 27 clients. They're my bosses. I do have a boss. I have a lot of bosses," she said.
Washington University Professor John Barrios says discipline is key to gig work and not just scheduling.
"You have to think about tax implications that as a sole proprietor, basically, you're going to have to think about some of these taxing for Social Security, all that," Barrios said. "You're going to have to take care of [it]."
If your gig involves ride hailing or delivery apps, there are other implications to consider.
"Fuel maintenance, wear and tear on these cars, the additional insurance and then thinking about kind of the tax implications as a sole proprietor where a lot of this the platforms are reporting to the IRS," Barrios added.
RELATED STORY | Want a remote job? Check out these career fields
Barrios says before making the plunge to full time gig work also make sure you set boundaries.
"In a nine to five, your employer kind of separates it for you. You can leave the office at five. We complain about emails and all this stuff in some jobs, but it's a clear distinction," Barrios said. "Gig work. I'm on Uber, I'm on Lyft, I'm on TaskRabbit and basically my whole day is just flipping through these platforms. And then you realize I didn't really have any time to just relax."
These days, relaxing is exactly what Visintine is focused on as she calls herself semi-retired.
"I'm very selective about the projects that I do, but I have a few very dear, near and dear projects," she said. "They're non-profits, and I do projects for them every year."
For those ready to make the plunge to gig work, Visintine offers some advice.
"I would take on projects and I'd have a pit in my stomach going, Can I do this? Can I do this? And I was like, Yeah, I can do this," she said. "And you just kind of jump in with both feet and do it."
