2020 could be the year for many Australian workers to take charge of their own career.
According to research, almost two in five Australian workers are dissatisfied with their current job, while a further one in three are considering quitting to start their own business this year.
The beginning of this week marked the arrival of Blue Monday 2020, a date claiming to be the most depressing day of the year to go to work considering weather conditions in the Northern Hemisphere during this time.
Although the weather is bright and summery here in Australia, workers are still faced with the reality of diving back into deadlines, meeting and emails as the holiday fades into a distant memory.
Workers are inclined to try out new paths
According to a Job Satisfaction Research conducted by GoDaddy, nearly one third of the Australian workers surveyed are considering new ways to ignite their entrepreneurial sparks in 2020 and beyond.
With the financial toll of Christmas and New Year’s Day taking hold, many are exploring new career opportunities outside their current jobs.
Young people are the most proactive
Research results show that over half of the respondents are considering a career change in the year ahead.
Amongst these individuals, young workers (18 to 29-year-olds) are the most likely to pursue their entrepreneurial ambitions.
Almost half of the respondents in this demographic are steering away from traditional employment and starting their own business to pursue a more flexible and potentially financially rewarding career.
As Generation Z making their way into the workforce, expert suggests that we are witnessing a cultural shift where relationships, wellbeing and a positive environment are highly prioritised in the workplace.
Read more: Unusual tips for starting a small business
Various motivations are behind possible career changes
Although there is a general shift towards switching to a new job, motivations behind the move vary between different workers.
An increased earning potential (35%) is the primary motivation for respondents to start a new business, followed by an improved work/life balance (30%) and the ability to pursue a passion (17%).
Alongside these reasons, 10 per cent of would-be small business owners also expressed that they are motivated by making an impact or having a solution or innovation for an industry or societal issue.
Natasha Ritz, the co-founder of ARNA, a fashion collective that focuses on creating opportunities and providing service for women in the workplace, is one of the recently turned business owners.
Despite having quitted her job, Natasha is excited about starting her business journey in 2020.
“I’ve always wanted to make an impact in whatever I’ve done,” she said.
“My sister and I are very passionate about empowering women and changing the way they represent themselves in society, and there are few better ways to make that impact than starting a business.
“So starting in 2020, I’ve left the 9-5 life behind to do something that challenges and rewards me.”
Gaining confidence in the face of hinderance
Of those surveyed who had considered setting up a business in the past, many backed down due to various difficulties that may occur during the establishing stage.
62 per cent of these respondents said cost was a major preventing factor.
While getting funded at the initial stage might be a tricky task, entrepreneurs should be wary of tapping into their entire savings for this sole purpose.
Instead, start building relationships with investors, and practice your company pitch so that people see the value in it and want to invest to begin with.
You can read more about the advice from our successful entrepreneurs on starting a business here.
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