Making It In The Gig Economy

Whether you’re earning extra money or working full time, you’ll need to adopt new financial strategies.

- Miriam Cross

Dan Simms spent decades working in sales, but after more job-hopping than he preferred, he was ready for a career change. A friend suggested DogVacay, a service that linked up pet owners with people who could walk or care for their animals while they were at work or away. (DogVacay was acquired by Rover, a similar service, in 2017.) Simms and his wife, Denise, had owned dogs for more than 30 years, and their Long Island, N.Y., house and large yard were ready-made for a new crew of canines.

In late 2016, Simms set up a profile on the website, printed a stack of business cards and pitched his services to veterinarians and travel agents, figuring they might be a good source of clients. Now, he regularly pulls in more than $5,000 each month after paying estimated taxes and oversees an average of five dogs during the week and eight over the weekend. To keep both his human and non-human clients happy, he sends short videos of each dog to its owner during its stay. He even makes house calls to care for aggressive or injured dogs as needed. Although Simms works seven days a week, “it’s a labor of love,” he says. “I see myself doing this for another 12 to 15 years.”

NEW TWIST ON AN OLD IDEA

Freelance and independent contract work is nothing new, but the apps and websites that power the gig economy have brought on-demand employment into the mainstream. “The gig economy crosses all sectors, incomes and education levels,” says Diane Mulcahy, author of The Gig Economy (HarperCollins). “It has infiltrated professions that were dominated by full-time work.” For example, you can consult as a lawyer, flex your admin skills as a virtual assistant, share your hometown with tourists as a private guide or cook up a feast for paying guests—all on your own time and schedule (see page 30 for a list of promising side hustles).