May Day, May Day
The Gig Economy and Influence
International Workers’ Day on May 1st* commemorates the historical struggles and gains made by workers and the labor movement. Although no longer a major part of American culture, May Day is widely celebrated in Europe. I lived in Crema, Italy, and fondly remember spending the day biking around the beautiful and flat Lombard countryside à la Call Me by Your Name.
The Ole 9–5 Vs. The Gig Economy
It has been over 130 years since May Day’s inception, and the workforce has changed dramatically. “The 9–5” is a phrase which has entered our vernacular to highlight the typical (if mundane) 8 hour workday. At the same time, one third of America’s working population is now involved in the “gig economy,” in which traditional businesses hire independent contractors, freelancers, and short-term workers to perform individual tasks, assignments, or jobs. Anyone from Uber drivers to vocal coaches on Fiverr counts as part of the gig economy.
An article in Forbes details how the “gig Economy” has exploded this past year due to the Corona Pandemic which has “increased reliance on gig workers [… and] upended the traditional 9–5 working world and caused many blue- and white-collar employees to pursue gig work for additional — or even primary — income.” Indeed, freelancing has become particularly appealing, especially to parents whose children are now at home.
The Good, the Bad, and the Ugly
We often talk about the downside of the gig economy — millions of workers without benefits, perhaps being underpaid; high competition, particularly now during the pandemic; and inconsistent and unreliable income (which may not actually help someone improve their economic standing in the long run).
Yet, having income beyond our “day jobs” has enabled many people to manage their own schedule while reaching financial stability and abundance. For Uber drivers and others, gigs can enable them to monetize assets they already have, like a car.
Monetizing Your influence
The brilliant Becca of BlondBrokeandBougie shares accessible financial advice on TikTok and Instagram. She and other social media financial coaches often discuss the importance of side hustles to increase your income and grow your wealth.
In fact, many experts on social media like Becca create content after working a fulltime job. There are countless paths to monetize your influence, such as through YouTube views, the TikTok Creator Fund, and brand sponsorships. Websites like Etsy enable artists to sell their wares, parallel to how other creators sell their merch online through third party sites.
VIP content behind a paywall also generates income. In addition, Wisio offers a flexible platform that provides an authentic way for creators, thought-leaders, and experts to engage directly with followers and generate revenue by sharing their knowledge and advice on a one-off or ongoing basis.
The Blessing of Diversifying Your Streams of Revenue
For many in the long-tail of the influencer space, consistently earning enough income via social media is a challenge. From speaking with thousands of social media creators, we’ve found that a multifaceted approach that combines multiple streams of revenue with an emphasis on authentic connections with your community is the best bet if you’re looking to transition to being a full time creator and leave the Sunday Blues behind.
*As an interesting side note, May 1st also marks an ancient festival of spring, and is still celebrated with a seasonal feast in countries like Italy.
