Many Filipinos have been feverishly looking for ways to improve their monthly income ever since the Pandemic began.
Fortunately, the rise of remote work and freelancing has greatly aided in this regard as it is now more widely acknowledged as a means of supporting oneself. Access to the internet and smartphone apps have helped advance this profession.
This essay should have given you a better understanding of the sharing and gig economy and how to succeed in it.
Describe the sharing economy
The peer-to-peer (P2P) activity of acquiring, offering, and/or exchanging resources and services amongst private persons is the foundation of the sharing economy.
Additionally, this is a catch-all phrase for a variety of services, applications, and goods. Although this is something that communities of people have been doing for years, the growth of the internet and online platforms has accelerated P2P sharing. To mention a few, these services include Grab, foodpanda, and Lalamove.
Additionally, this economic system enables people to profit from underutilized assets. Physical assets can be offered as a service by renting out these idle assets, such as parked cars and empty bedrooms.
Platforms for the Sharing Economy in the Philippines
With the inclusion of new platforms that further diversify this economic model during the last few years, the sharing economy has changed.
Among these platforms are:
Co-working spaces are places where businesses offer offices to freelancers, business owners, and WFH staff. ASpace, Acceler8, and PenBrothers
Peer-to-peer lending platforms are places where businesses let people lend money, typically at a cheaper interest rate than through more conventional methods. (Blend.PH, Vidalia Lending, Kiva Philippines)
Websites that sell or rent clothing are known as fashion platforms. the Philippines’ Zalora
Freelancing platforms assist businesses in finding and hiring independent professionals for long- or short-term projects. (199jobs.com, 51TalkPH, 99designs, UpWork)
Crowdfunding platforms link those in need of money with those prepared to donate to or purchase a project or good. (Kickstarter, Indiegogo, Investree)
Those looking for temporary lodging when traveling might connect through apartment rentals and couch surfing. (Agoda Homes, Airbnb)
People have the opportunity to purchase groceries or food from their preferred restaurants through food delivery websites. Take this, FoodPanda.
People can travel using lipat-bahay services as well as ride-sharing, courier, and logistics services. Take, Lalamove, and J&
Gig Economy and Sharing Economy
Let’s talk about the gig economy before comparing the two economic models.
An economic system known as the gig economy employs freelancers and/or independent contractors for flexible and transient labor. These positions are typically temporary, project-based, or contractual.
These two hypotheses differ in their underlying mechanisms. The sharing economy is driven by individuals who make use of the assets they own and rent them out to other people, whereas the gig economy is driven by those who use online platforms like 99 Designs, Fiverr, Freelancer.ph, and others to sell their time, skills, and services.
Sharing Economy: Pros and Cons
In this section of the article, we’ll look at some of the advantages and potential drawbacks that this type of economic model offers.
Pros
- By sharing unused physical assets with people who need them, underutilized assets can be turned into cash. By doing this, you can increase your earnings from activities like peer-to-peer lending or car/apartment rentals in addition to assisting others in meeting their financial needs.
- Save money/resources: Some people would prefer renting a car or formal attire to owning one, especially if they don’t need to use it every day. This is especially true for those who live a more minimalist lifestyle.
- Flexible Earning: This paradigm helps the hybrid workstation’s present ascent. This saves a lot of time and money because people don’t need to travel to the office to complete their tasks.
- A More Efficient and Competitive Work Environment – This economic model encourages the supply and demand of independent contractor services from various regions of the nation, resulting in a more diverse and active market.
- Reasonable Prices – Since most of the services and products you are looking for are available online, it is simple to compare and evaluate them before purchasing to ensure that you are getting the best deal possible.
- Reduces Industrial Pollution – By lowering the demand for additional commodities and raising the use of resources instead, this can help reduce industrial pollution.
Cons
- Regulatory Uncertainty – Because of how quickly this model is developing, authorities frequently struggle to keep up. This enables some dishonest business practices to spread and escape detection.
- Uncertain Taxes – Some businesses make it difficult for their government to collect taxes by doing business outside of the country where they are based.
- Lack of Allowance and Advantages – When working as a freelancer, you won’t receive the standard employer-provided benefits like insurance and incentives. Additionally, the quantity and quality of your tasks have a big impact on how much money you make.
- High Propensity for Fraud: Because many freelancing platforms operate based on trust between clients and providers, there is a chance that some clients will take advantage of the system.
Philippines’ Top Sharing Economy Apps & Asset Marketplaces
Here are the leading platforms in the Philippines for the sharing and gig economies.
- Grab
- AirBnB
- ANGKAS
- Transportify
- Mober
- Blend.PH
- GoGoExpress
- Agoda Homes
- Dibz
- Fiverr
- Toptal
- Upwork
Advice on Surviving in the Sharing and/or Gig Economy
Here are some qualities to develop and advice to help you thrive as a freelancer and recognize your skills and limitations so you may improve as a worker.
- Taking the Lead – To prevent yourself from losing out on good opportunities, constantly be prepared to dive in and start working.
- Try to be more adaptable and versatile; adaptation is a natural human trait that you may use to your advantage in the workplace. Those who are unable to adjust to a circumstance may find themselves in one that will significantly impede their advancement.
- Always work to improve or evolve; by improving every part of your work, you will advance in your career. Reject fear and welcome change. Finally, be open to learning new things that can enable you to advance even further.
- Learn about fundamental finance and personal banking to better grasp how money moves in general and in your line of work in particular. This will make it clearer to you where to focus your efforts. This does not, however, imply that your entire life should revolve around making money.
- Being consistent is essential to any process, but because gig work tends to be more urgent, you must learn to strike a balance between consistency and urgency.
- Improve your people skills because, as a gig worker or freelancer, you will have to speak with clients directly. Having solid communication skills will help you nurture and expand your contacts.
Conclusion
The pandemic has taught a lot of young professionals the value of diversifying their sources of income. But aside from the financial benefits, sidelining also has advantages for human development that should be acknowledged.
Your side business can serve as a learning environment where you can hone your technical talents, develop your soft skills, such as time management and client relations, and demonstrate your business savvy. It can also be a way for you to pursue your interests, learn lessons for life that you can use at work and in real life, and get the knowledge you need to become more financially literate.
If you have a side business, be proud. You are just one of many people who are working toward financial freedom. And be sure to look into the possibilities from this list if you’re thinking about starting a side business in the Philippines!
