Insights from GoDaddy’s international research initiative Venture Forward reveal the extent of the growth of Australia’s side hustle culture.
According to the research, 61 per cent of Australian entrepreneurs are running their side hustle business alongside their full-time job, citing lower barriers to entry thanks to the availability of a wide range of online tools and services that enabled them to set up new ventures.
Over a quarter, 29 per cent, of respondents said that their venture cost as little as $500 to start and 56 per cent managed to have spent less than 10 hours a week running their venture, yet more than half make at least $500 per month, supplementing their main income in the process. Meanwhile, 19 per cent are making more than $2500 per month, demonstrating the earning potential that side hustles can offer.
The research also shows that side-hustlers are an ambitious group, with 83 per cent planning to grow their revenue to a level that will enable them to quit their day job. Meanwhile, those who have already jumped into the entrepreneurial path are reaping significant rewards, with 63 per cent reporting revenues of at least $5000 per month while 22 per cent are generating more than $25,000 monthly or $300K a year.
On a more cautious note, the report also highlights the sacrifices Australian entrepreneurs are making to reach those figures, with 22 per cent saying that they work more than 40 hours a week on their business, and 47 per cent that they experience high stress levels. Despite these sacrifices, 64 per cent said that life for them has become better after becoming an entrepreneur.
The research also noted that 52 per cent of microbusinesses were set up after 2020 and 39 per cent employ at least one other person. This contribution is set to grow further, as 40 per cent expect to employ at least one other person in the next twelve months.
While only 25 per cent of Australian entrepreneurs feel optimistic about the national economy over the next six months, 71 per cent are positive about their business prospects. Moreover, 94 per cent say they are confident in their ability to run a business.
“Our Venture Forward data is unique in its ability to capture and analyse microbusinesses and demonstrates their enormous economic contribution to the Australian economy,” Tamara Oppen, Vice President of English Markets at GoDaddy commented. “Collectively, they have the power to add billions to the economy, while providing jobs, improving pay and increasing GDP in their local communities. Microbusinesses are the engine of both their local and the Australian economy.
“We have very few studies that focus specifically on companies with under 10 employees,” Oppen added. “They are under-researched, misunderstood and often under-served. We are determined to support and empower the everyday entrepreneurs.”
