Taskrabbit’s CEO on the Power of ‘Incremental Income’

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As recession fears continue to flare, many are looking to the gig economy to make extra money, pad their savings, and brace for the worst. Gig platforms like Taskrabbit, Fiverr, and Turo can accelerate the process and bring potential clients directly into your inbox.

“Taskrabbit started in the Great Recession as an outlet for incremental income,” said Ania Smith, the company’s CEO, in a phone interview with me earlier this month. “This was the case with other gig economy platforms, too. Airbnb started in the middle of a recession. It was all about making incremental income, and right now I think that trend is highly relevant.”

Taskrabbit CEO Ania Smith.

Incremental income can help you bring your financial independence aspirations to life. Taskers made an average of $48 an hour last year, according to a fact sheet from the company. If you like the idea of extra income, but are shy about sales or marketing yourself, let a gig economy platform find the clients for you. Here’s the scoop:

Tips for Winning in the Gig Economy From Taskrabbit’s CEO

From Gig Worker to Sole Proprietor, and Beyond

Want to be CEO of your own thing instead? Know that if you own and operate a side hustle or brand, you’re already a company in the eyes of the IRS. It’s called sole proprietorship, and writer Allison Martin has what you need to know about this business structure:

A Sole Proprietorship Is the Easiest Way to Start a Business, But It Has Risks. What to Know

And what about those who’ve made the leap during an economic downturn? If you’ve done your due diligence along the way, making the transition from employee to entrepreneur is still possible in today’s economy.

Featured contributor and NextUp honoree Daniella Flores was recently able to take their five-year-old side hustle full-time, but they did all their homework first with regard to cost of living and cash cushion. Check out the latest installment in their series “From Side Hustle to Second Salary” here:

I Quit My Corporate Job for My Side Hustle — But Not Until I Hit These 4 Money Milestones

Learn how to make money on command, and you’ll have little to fear when recession chatter floats your way, keeping you on track toward your goal of financial independence.