Australia’s economy boasts a vibrant side hustle culture, where 61 percent of entrepreneurs have revealed that alongside their current full-time jobs, they are spending several hours each week building their businesses.
Yet for some entrepreneurs, these returns often come with significant effort, as 22 percent work an extra 40 hours pe week with 47 percent saying they are highly stressed.
GoDaddy’s Vice President Tamara Oppen said side hustlers’ efforts drove the local and national economy.
“They have the power to add billions to the economy while providing jobs, improving pay, and increasing GDP [gross domestic product] in their local communities,” she said.
Small Businesses a Major Part of Economy
A GDP report from the Australian Small Business and Family Enterprise Ombudsman’s office confirms the economic impact of side hustles.
The 2023 report showed small businesses contributed a 15 percent surge to the economy in 2021-22, reaching $506 billion, accounting for one-third of Australia’s GDP.
Australia’s economy continued to grow 0.2 per cent in the September quarter of 2023, with GDP increasing by the same margin, according to the Australian Bureau of Statistics.
Start-Ups Are Optimistic
Yet, Australia’s small business contribution to the economy is expected to continue increasing, with 40 percent planning to hire at least one person in the next year, the GoDaddy study found.It shows Australia’s entrepreneurs remain optimistic about their future despite gloomier predictions for the macro-economic climate.
Only 25 percent of entrepreneurs are optimistic about the national economy in the next six months; however, 71 percent remain optimistic about their business prospects, and 94 percent express unwavering trust in their entrepreneurial skills.
Motivated to Take the Plunge After Pandemic
Still, side hustlers are ambitious, with 83 percent planning to increase their business revenue enough to leave their day jobs.Emma worked as a commercial banker for over a decade, focusing on the small business sector and helping fellow entrepreneurs kickstart their dream careers.
However, in 2020, after losing her mother to cancer, Emma decided to start her own side business—a custom hamper design service.
“I’m not afraid of failure and I’m prepared to work hard for what I want—my parents taught me that. I have carried it with me from childhood,” she said.
Like Emma, 20 percent of side hustlers began their businesses after identifying market gaps, empowered by the accessibility of various online tools and services for launching new ventures.
Meanwhile, 17 percent started theirs to gain more flexibility in their lives.
The benefits of flexibility are evident as over two-thirds (64 percent) of entrepreneurs say life is better when running their own business than working for someone else.
GoDaddy’s Venture Forward initiative analysed the impact of online microbusinesses—businesses with fewer than 10 employees—on the national economy and their communities using proprietary data.
Almost a third started their side hustles for as little as $500, while most spend less than 10 hours weekly on their venture.
