Technology is making it easier for entrepreneurial Australians to generate extra income streams to supplement their day job.
Entrepreneurial Australians are seeking extra income streams to supplement their day job. Almost a quarter of Australians already have a “side hustle” on top of their main income, and a further 38 per cent intend to start one in the future, according to software company Xero’s new Ageless Entrepreneur report.
A way of earning extra cash on top of an everyday job, the “side hustle” is heading toward becoming the new norm. A new generation is seeking to get ahead with multiple streams of income and a flexible lifestyle.
Xero’s report says the trend has emerged because of two dominant factors: the desire for variety and to try new things, and – not surprisingly, with mounting pressures around housing affordability, cost of transport and childcare – the increase in the cost of living.
“Technology and eCommerce platforms save time and provide access to in-depth data rivalling those of bigger businesses.”
When Australians choose how they want to make money on the side, they are putting their passions first – 35 per cent are based on hobbies, with another 29 per cent being based online and 17 per cent being knowledge-based. In terms of the industries, 13 per cent of projects are in IT and technology, followed by nine per cent in retail sales and seven per cent in administration.
According to the research, 62 per cent of us think it is easier to start a business today than it was 20 years ago. Many believe this is because of opportunities arising from technological developments and niche demands (64 per cent), direct digital marketing (55 per cent) as well as digital tools, which are making it easier to do marketing activities and keep businesses organised.
Becoming easier
Xero Australia MD Trent Innes says starting a side hustle is becoming easier. Technology and eCommerce platforms save time and provide access to in-depth data rivalling those of bigger businesses. This is enabling many small businesses to thrive.
He says he sees owners pursue their passion for business every day. Some start as a side project, and ultimately become a fully fledged business. Ensuring you have the right foundations and advice when beginning is crucial to success.
Lisette Armstrong works full time as the head of marketing for a financial services company while also running her vegan chocolate business, Treat Dreams, in her spare time. She is a prime example of an entrepreneurial side hustler capitalising on niche demand as well as opportunities through technological advancements.
Armstrong says she would not be able to manage her business while also working full time without the flexibility and ease of modern tools. These let her process invoices while on the train home, or pay staff while relaxing on the couch.
Meanwhile, 48 per cent of respondents to the Xero study said global-reach technology was crucial in enabling them to start and grow their business.
Innes says the growth of global digital platforms such as AirBNB, Gumtree, Instagram and Xero itself is helping enable more businesses to run online businesses on the side. It has become easier for Australians to connect sellers to buyers anywhere in the world, a clear trend with online-based businesses being the second most popular form of earning income on the side with 29 per cent of the market.
