The freelance, or ‘gig’ economy – where people work independently on a task-by-task basis – is growing rapidly.
While this sort of work has always been common in industries such as childcare and hospitality, new digital marketplaces are increasing the number of people both looking for work and asking for help, and it's dramatically changing the way the workforce is viewed.
There are so many ways to earn an income or make some extra money, simply by offering your skills (or even your car or home) through an online platform.
If you’re thinking of providing your services on these sorts of platforms, here are a few things to think about.
Freelancing provides a flexible way to make money – you can pick and choose when and where to work, and how often. Financially, there are a few things you should consider:
- Saving for retirement: Superannuation is usually not included when you’re paid on a freelance basis. You may need to consider contributing to your super yourself regularly. Not sure about super? Read our quick and easy guide.
- Complying with tax requirements: Many platforms do not include any automatic withholding payment, such as tax when you’re paid. Depending on how much you earn, you should consider seeking advice about your tax liabilities.
- Saving for a rainy day: With increased flexibility comes the need to save for those times when you may not be able to work (such as illness) or when jobs may not be available. Learn more about saving for a rainy day.
- Keep track of when you've been paid: Get complete visibility of your money 24/7 in the CommBank app.
One of the key ‘currencies’ of the digital economy is trust. Gaining the trust of your customers can help you stay ahead of your competitors.
Many platforms work on a rating system, with both parties asked to review the other after the job or task has been completed.
To improve the experience for your customer, consider clarifying all requests up front, respond to feedback as quickly as possible and ask your customers to raise any concerns prior to rating you.