A recent GoDaddy study has revealed a thriving side hustle culture in Australia, with 61% of entrepreneurs running their side businesses alongside full-time jobs.
Entrepreneurs who have transitioned their side hustle into a full-time venture are reaping substantial financial rewards, according to GoDaddy’s findings. A significant majority, 63%, report monthly turnovers of at least $5,000, with nearly a quarter (22%) generating over $25,000 monthly or $300,000 annually.
Empowered by accessible online tools and services, these individuals are making significant returns on investment. Nearly a third (29%) started their ventures with as little as $500, and the majority (56%) dedicate fewer than 10 hours per week to their side hustles, yet more than half earn at least $500 per month to supplement their main income. Impressively, one in five (19%) are generating over $2,500 monthly, showcasing the lucrative potential of side hustles.
It’s unsurprising that side hustlers are ambitious, with 83% aiming to grow their business revenues enough to transition to full-time entrepreneurship. GoDaddy found that entrepreneurs who have taken the leap and made their sidehustle business their main source of income are generating significant revenue. However, these impressive returns often come at the cost of hard work and sacrifice. Twenty-two percent of Australian entrepreneurs dedicate more than 40 hours per week to their businesses, and 47% experience high levels of stress. Despite these challenges, a resounding two-thirds (64%) express that life is better after making the leap to entrepreneurship.
Microbusinesses: The engine of the economy
Microbusinesses have emerged as a driving force in the Australian economy, particularly in the wake of the pandemic. GoDaddy’s Venture Forward data underscores their vital contribution, with a majority (52%) established after 2020 and 39% employing at least one other person. This contribution is poised to expand further, as 40% anticipate hiring additional personnel in the next twelve months.
Despite subdued sentiments regarding the national economic outlook, Australian entrepreneurs remain optimistic about their own business prospects. While only a quarter (25%) express optimism about the national economy over the next six months, an impressive 71% are bullish about their own ventures. This reflects the confidence of Australian entrepreneurs, with a staggering 94% expressing confidence in their ability to successfully operate a business.
Tamara Oppen, Vice President of English Markets at GoDaddy, commented: “GoDaddy’s Venture Forward data is unique in its ability to capture and analyse microbusinesses and demonstrates their enormous economic contribution to the Australian economy. 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. They are under-researched, misunderstood and often under-served. GoDaddy aims to change that, and we are determined to support and empower the everyday entrepreneurs by offering affordable and easy to use tools to help them grow..”
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