What is the Gig Market?

By QuickBooks Canada Team

1 min read

The gig market, or gig economy, refers to the practice of hiring freelancers and other independent contractors, collectively referred to as gig workers, on a project basis. The gig market focuses more on high-quality outcomes and less on filling positions with loyal, long-term employees. As a small business owner, you can leverage the gig market to reduce staffing costs and still be competitive in terms of your products and services, and revenue they generate.The rapid growth of the gig economy and equally rapid digital technology development complement each other. Businesses large and small have been able to leverage the gig economy by contracting the services of freelancers who have their own computer equipment and internet connection to accept your jobs. Easy-to-use, cloud-based software such as Slack and Asana make it possible for you to collaborate with expert gig workers to complete important projects in a timely manner. To get started in the gig economy, you can vet and hire gig workers by placing classified ads online; you pay no other fees other than the cost of placing ads and the gig workers’ pay. You can also hire contractors through companies that specialize in vetting and promoting gig workers, such as Fiverr and Upwork; you pay the companies’ fees for hiring their workers, and they pay the workers a percentage of the money.The gig economy can help you save money during the lean startup years and help you remain successful even after your business is established.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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