4 Unconventional Types of Income Streams in this New Gig Economy

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4 Unconventional Types of Income Streams in this New Gig Economy

When you think of freelancing or being a solopreneur in this gig economy there are many things to learn from in the investment world of Managers, Investment Professionals and Financial Advisors.

As Warren Buffett has said, “Being a businessman makes me a better investor and being an investor has made me a better businessman.”

screen-shot-2016-11-28-at-10-26-54-amIf you move from away from a 9-to-5, employer-employee relationship, being an independent contractor/freelancer in this new gig economy means you’re in business for yourself.  You are you’re own business and it does take a leap to start thinking like a business.

The #1 thing an investor thinks of is how to diversify income.  Diversification is something that everyone can learn to strike the right balance — too concentrated and reliant on a source of income and it becomes high risk.  Even as a Freelancer, relying on a major or one client is risky in the event that client doesn’t pay up or choose to go somewhere else.

However, being too thinned in your sources of income (at least at the very beginning) means you might not have enough time and effort to go in-deep to understand your niche or clients.


Gig Economy Income Stream #1

It’s been around for a while now but co-sharing, co-homing spaces are becoming the norm.  There is one person I know in my mastermind group circle, Sarah.  She’s bought bought fixer-uppers, renovated and furnished them and created nice income streams for themselves while they pursue other interests (like their fine arts career).  That’s amazing and that’s the power of having passive income.

AirBnB is an amazing option and it doesn’t even mean you need to rent out your entire place!  You could rent out your living room, your day bed, a room while you’re still around.  It just means that you’re leveraging technology to help you get short term tenants and paying couch-surfers whenever you want.


Gig Economy Income Stream #2

Again nothing that is too shocking, but I’ve known people who are became Uber Drivers to supplement their income.  It’s had to find examples of people who do this full time, but that’s the idea of Uber anyway — for you to be able to use your car whenever you have free time in the day, evenings or weekends to put up a few “gigs” and start getting paid.

It’s pretty simple to get started though there are some basic things you can imagine like background checks etc. but it’s a great way to get started without needing to invest in much.

With that said, there is depreciation on your vehicle you’ll need to factor in, but from what we’ve read, you do come out on top with the rates Uber pays.


Gig Economy Income Stream #3

This is what is kindly known as the “AirBnB for Dogs”.  Dog Vacay is the platform where dog/pet owners who are going away and find individuals who become hosts to take them in for a night or longer.

There is also a dog walking service available too so people in your area can pay you to walk their dog.  Neat huh?!

Perhaps one of the best stories I’ve heard about Dog Vacay is that how the service offers premium pet insurance.  During a stay at a Dog Vacay host, the guest dog was violently ill.  The host of course did whatever she could, including bringing the dog to the animal hospital and veterinarian.

Because the dog insurance is part of the service, there was no extra charge to the dog’s owner or the host, so there is peace of mind when choosing to be a host/sitter and/or being an owner who needs a boarding for their dog.  Of course, most people will likely have a friend or extended family that can take your dog in, but this is service that’s great for those that don’t have those families readily available to take-in your beloved family pet.


Gig Economy Income Stream #4

Besides your extra space, or extra car you can also do things with your extra time (provided you have the right skill set).  Their niche at Gigster: build software applications for their customers.

Are you a Designer, Developer or interested in Product Management?  Gigster.com is the place to be for those looking to work part-time, evenings and weekends on fixed-price projects.

I’ve been part of this for a while now and they have some cool projects to work on, provided you have these skill sets.  Gigster is great because you form teams within Gigster and that pool of people can work on multiple things and multiple projects provided you have time.  Unlike UpWork and other websites like that, the vetting process is done up-front by Gigster HQ and teams form to serve the creation of apps for clients.

There is no need to create a proposal or bid on the work.  As a Designer, Developer or PM all you got to do is just do the work!


Your Input!

Do you have additional unconventional gig economy things we’ve missed?  What do you do with your spare time or space?  Let us know your stories and websites below.


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