069: Diane Mulcahy – The Gig Economy

The Definitive Guide to Succeeding in This New World of Work

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Diane Mulcahy is the author of The Gig Economy: The Gig Economy: The Complete Guide to Getting Better Work, Taking More Time Off, and Financing the Life You Want.

A keynote speaker, Diane has been known to speak in multiple platforms and appeared~ in CNN, Forbes, Huffington Post, The New York Times, The New Yorker, and Oprah.com among others.

Today, Diane shares the concept of “gig economy,” why you need to have an exit strategy even though you currently have a job, and the power of inbound connecting.

What We Discuss with Diane Mulcahy:

  • What is the gig economy?
  • There’s no such thing as job security!
  • Having an “exit” strategy (even if you currently have a job)
  • The concept of inbound connecting
  • Some great strategies in getting started with writing
  • Skillsets to thrive in the gig economy
  • Using fear to power through your transformation
  • Why you need to take some time off between gigs
  • The power of experimentation to finally live the life that you really want
  • Diane’s writing process and picking the right agent

[01:30] What is the Gig Economy?

An alternative to being a full-time employee: It’s something independent, challenging, and geographically more independent.

The truth is there no job security at all. There’s a fundamental shift in the way we work today. Working in a gig economy is an antidote to this if you want to achieve financial stability.

You have to be prepared anytime to be laid off involuntary. Sure, you can get another job. Diane’s book contains specific exercises to help you prepare and transition into independent work.

[10:30] Having an Exit Strategy

Have an exit strategy even when you have a full-time job. Have a plan prepared and in place if you were to lose your job or be let go for whatever reason.

Empower yourself. Pretend you’re going to be laid-off in six month’s time. What would you do to prepare? Making a list gives you a sense of control because you’re prepared. You would not be surprised if you already had been preparing and working on a plan to protect yourself in the event you’re let go involuntarily.

[12:30] Inbound Connecting: A New Way of Networking

Outbound connecting vs inbound connecting

  • Outbound connecting is when you’re putting yourself out there and you’re pushing yourself to people.
  • Inbound connecting is about pulling people towards you. You can be an introvert and still be successful at it.

Create content and put out your ideas. Start writing or publish a blog, articles, or posts on LinkedIn, Medium, etc. Go speak at conferences. You will then attract the people your ideas resonate with.

[15:40] How to Get Started with Your Content

Start small. Think about topics that interest you. Start looking for those topics and discussions on Twitter, LinkedIn, and other social media platforms.

Find out which publications are talking about. Do searches on Medium. Who’s talking about these ideas you’re interested in? Listen.

Engage with other people. Post comments. Start by participating and responding to existing conversations. Make alternative points. This is a way of refining your ideas and getting your perspective out there.

Seek help. You don’t have to do this on your own. You can hire someone who can help you draft pieces. Or you can speak and have it transcribed. Have an editor work on this.

[18:40] How to Gracefully Plan Your Exit and Overcome Fear

Figure out what matters to you. Identify the values you want to live by. Picture out your success and figure out how to build a life that gets you there.

Create the life you want. Many people build a lifestyle they don’t even want.

Work out your fear. Acknowledge your fear. Figure out a way to deal with it so it doesn’t become an impediment. Name your fears on paper. Create strategies to mitigate the risks and reduce the fear.

Look around different models for what your future might look like. A lot of these companies no longer hire full-time jobs. There is now this rise of co-working spaces and digital nomads.

[29:30] The Power of Taking Some Time Off

Take control. Structure your business in a way that you can relocate it or cut back on it during your times off.

Have 3-4 windows in between jobs. If you’re under 35, you’re probably going to change jobs every 2-3 years. Create that window in between jobs and use that time to do other things that are meaningful to you. This allows you to accomplish your personal goals.

Experiment. You can make this happen! Don’t expect it to happen tomorrow. Create a reasonable timeline. You can create side gigs which are low-cost ways to experiment.

[37:45] The Writing Process and Finding an Agent

Attend a Manuscript Mart. Diane went to writers’ conferences and decided to take advantage of a Manuscript Mart. What happens is you sign up with one or more agents and submit 20 pages of proposal. They commit to reading it and you get to have 20-minute meetings where you get feedback from them.

Diane ended up getting signed, and even if you don’t get signed, it’s a great way to access agents.

Find the right agent. Pick the one who has interests aligned with yours. He/she should be committed to your topic and your platform. This can be a numbers game.

Hire the right people. Diane hired a part-time research assistant. This helped her create her structure. Having someone to work with was a great motivator for her.

Episode Resources:

Know more about Diane Mulcahy on her website DianeMulcahy.com.

The Gig Economy: The Complete Guide to Getting Better Work, Taking More Time Off, and Financing the Life You Want

Manuscript Mart

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