Australian sidehustle culture booms - taking the leap pays off
SYDNEY, March 12, 2024 /PRNewswire/ -- GoDaddy's landmark study* of more than 315,000 Australian online microbusinesses has revealed previously unseen insights into Australia's thriving entrepreneurial community.
Venture Forward, GoDaddy's international research initiative, uses proprietary data to analyse the impact of online microbusinesses (businesses with fewer than 10 employees) on the national economy and their communities.
Sidehustle culture is thriving in Australia
The study found that Australia is home to a vibrant sidehustle culture. 61% of Australian entrepreneurs are running their sidehustle business alongside their full-time job, empowered by lower barriers to entry thanks to availability of a wide range of online tools and services to help set up new ventures.
This is leading to significant returns of investment for Aussie sidehustlers. Almost a third (29%) said their venture cost as little as $500 to start and the majority (56%) spend less than 10 hours a week running their venture, yet more than half make at least $500 per month to supplement their main income. One in five (19%) are making more than $2,500 per month, demonstrating the earning potential that sidehustles can offer.
It should perhaps come as no surprise to learn that sidehustlers are an ambitions group, with 83% planning to grow their business' revenues enough to quit their day job.
Full-time entrepreneurs are making serious revenue
GoDaddy found that entrepreneurs who have taken the leap and made their sidehustle business their main source of income are generating significant revenue. Two thirds (63%) of full-time entrepreneurs reported that they are turning over at least $5,000 per month and an almost a quarter (22%) generate more than $25,000 monthly or $300K a year.
But these returns are often the product of result of blood, sweat and tears. 22% of Australian entrepreneurs said they work more than 40 hours a week on their business, while 47% say they experience a high level of stress. But it beats working for someone else as two thirds (64%) they say life is better after becoming an entrepreneur.
Microbusinesses are the engine of the Australian economy
Australia's microbusiness community has flourished since the pandemic and GoDaddy's Venture Forward data has revealed their vital contribution to the national economy. The majority (52%) of microbusinesses were set up after 2020 and 39% employ at least one other person. This contribution is set to grow further, as two in five (40%) expect to employ at least one other person in the next twelve months.
Australia's entrepreneurs are optimistic for their future despite gloomier predictions over macro-economic climate. Just a quarter (25%) of Australian entrepreneurs feel optimistic about the national economy over the next six months, however 71% are positive about their business prospects. Its testament to Australian's entrepreneurial confidence as 94% say they are confident in their ability to run a business.
Tamara Oppen, Vice President 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."
NOTES TO EDITORS
*Venture Forward is a multi-year research effort, which analyses data from 160,000 Australian microbusinesses, conducted by GoDaddy, to quantify the impact of millions of microbusinesses on the Australian economy and their local communities.
About Venture Forward
Venture Forward is a multi-year research initiative, which analyses data from over 160,000 Australian microbusinesses – conducted by GoDaddy to quantify the impact of microbusinesses on the Australian economy and their local communities. The analysis is complemented by a survey of 1,000 Australian microbusiness owners conducted in November 2023.
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.
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