Thriving side hustle culture boosting Australian economy, GoDaddy reveals

New research from the Venture Forward initiative, GoDaddy's multi-year study of the economic impact of Australian microbusinesses, reveals that the side hustle culture is not only thriving but has the potential to generate significant revenue. The research findings are drawn from an analysis of over 315,000 online microbusinesses in Australia.

The results show that 61% of Australian entrepreneurs operate a side hustle business in addition to full-time employment. While nearly a third set up their venture for less than $500, the majority make at least $2,500 monthly with the venture requiring fewer than 10 hours a week of running time. This vibrant 'side hustle culture' showcases the empowering role of online tools and services in reducing the barriers to entrepreneurial entry.

These current side-hustlers have ambitious plans, with four in five intending to turn their side hustle into their main source of income. This aspiration is not unfounded, considering the results show that full-time entrepreneurs rake in significant revenue. For instance, an astounding 22% make over $25,000 per month from their ventures and two-thirds record a monthly income of at least $5,000.

Moreover, findings from the study highlight the role of microbusinesses in powering the Australian economy. It was revealed that 39% of microbusinesses, those with fewer than 10 employees, employ at least one other person, and further, 40% of these entrepreneurs plan to hire at least one more employee within the next year.

This positive outlook on future growth contrasts with a slightly less optimistic view regarding the overarching national economy, with just a quarter of Australian entrepreneurs expressing optimism over the next six months. However, an impressive 71% retain positive expectations for their business prospects.

Tamara Oppen, Vice President English Markets at GoDaddy said, "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 Gross Domestic Product in their local communities. Microbusinesses are the engine of both their local and the Australian economy."

In highlighting the importance of microbusinesses, Oppen shed light on the lack of focus on such small-scale businesses, asserting, "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."