Get Rich Off Your Side Gig with 5 Negotiation Tips

Get Rich Off Your Side Gig with 5 Negotiation Tips

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The U.S. continues to experience a boom in freelancing, gig work and side hustles , giving workers flexibility and extra income. Zippia recently reported that there are 70.4 million freelancers in the U.S., with 36% of the workforce engaged with some type of freelance gig . See: $2,000 Quarter? Check Your Pockets Before You Use This 2004 Coin Find: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track Between 2021 and 2022, the number of freelancers increased by 20%. “Gig work can range from contracted work for special projects, to online selling (Etsy), to driving for Uber and Lyft,” said Wayne Goshkarian, director of communications for the Association for Entrepreneurship USA. “After the pandemic and quarantine, people are reluctant to return to in-person work because remote work options have been more normalized. So, they are opting to do remote gig work because of the flexibility it provides,” he continued. Freelance workers and solo-preneurs range from graphic designers with a post-graduate degree in their field to food delivery drivers or individuals who find work on websites like TaskRabbit. Regardless of your education level, area of expertise, or skillset, it’s highly likely you can find a freelance gig or side hustle to earn extra cash — or perhaps even replace your primary income. However, launching a new career as an entrepreneur presents some challenges you’ll want to address, from securing benefits to negotiating rates. How To Find Benefits as a Freelancer “Gig workers are independent contractors and are not entitled to benefits,” Goshkarian pointed out. However, depending on the type of work you do, you may be able to get some help from your client, with guidance on ways to secure benefits at a fair price. For instance, rider service Uber has partnered with Stride Health to act as a health insurance broker for clients. However, be wary of any clients who offer health insurance directly as a benefit, since this goes against IRS tax laws and could qualify you as an employee rather than as an independent contractor. Also, turn to professional organizations like the Small Business Administration and the Association for Entrepreneurship USA for guidance on how to find affordable benefits, retirement accounts, and health insurance. “At the Association for Entrepreneurship USA, we provide an online marketplace of supplemental benefit packages to bridge gaps in plans [freelancers] secure on their own. AFEUSA also provides education and networking resources so gig workers can connect with one another for advice on securing benefits on their own,” Goshkarian told GOBankingRates in an exclusive email interview. How To Set Rates for Your Side Hustle Setting rates is another challenge for those who may be new to freelancing. Sometimes, the client or company will set a rate — either hourly or per-project. When large agencies hire contractors, these rates may not have much wiggle room. But in many cases, as the business owner, the entrepreneur sets their own rates. When you do, it’s important not to think like a W-2 […]

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