Amidst the ongoing cost-of-living crisis, new research from Small Business Loans Australia revealed that 55 per cent of Australians are considering starting a small business in the next five years. The majority say they would do so as a means to augment their income amid cost-of-living pressures.
In particular, 68 per cent of the respondents are motivated to start their own businesses out of a desire to improve their income. Other reasons include an outlet to enjoy their work (56 per cent), desire for work-life balance (48 per cent), desire for career control and creativity (37 per cent), and wanting to leave a toxic work environment (14 per cent).
The drive towards entrepreneurship is seen to be spearheaded by younger generations, with 38 per cent saying they would start a side hustle and 17 per cent would start a small business for their sole income.
Small Business Loans Australia also noted that the younger the age group, the more likely they are to start a small business or side hustle in the next five years. In fact, 51 per cent of under-25s would start a side hustle, closely followed by 49 per cent of 35 to 44-year-olds.
Alon Rajic, Founder and Managing Director of Small Business Loans Australia, says: “Overwhelmingly, Australia’s high cost of living is driving the motivation behind a desire for an additional income. With financial pressures mounting and no sign of easing, people realise they need to find ways to meet their living expenses.”
Rajic added, “Small businesses enable them to earn more in the hours available around their main job. There is a certain amount of freedom and flexibility in small business, and that’s essential when you are starting something new and working around other employment.”
