Millennials’ side hustles are changing the face of small business

 

Did you know almost one-third of Australians (29%) have a passion project or business idea? And, one in ten Australians (10%) are actually running a side hustle right now, making an average of $24,000 per year.

That’s according to the results of a new study recently commissioned by GoDaddy. Perhaps unsurprisingly, the GoDaddy research also showed Millennials are far more likely to be running a side hustle than their older counterparts.

Riding the wave of tech

So, why are so many Australians, especially our youngest, going crazy for the side hustle? It’s because, right now, we’re at the meeting point for several revolutionary tech-driven developments. These developments have all come together to make starting and running a business today easier than it’s ever been.

Thanks to the internet, smartphones, the explosive growth of ecommerce, and the growing popularity of new peer-to-peer business models (among many other things), we’re living in an age packed with opportunities.  Opportunities our tech-savvy Millennials have been primed to seize. We’re not even limited by the need for physical presence, a prerequisite for businesses decades ago. Today, it’s entirely possible to break into a market with nothing more than a digital platform that looks professional and is highly functional and appealing to consumers.

Benefits of the side-hustle

There are many benefits of running a side hustle. Side hustles not only offer the chance to supplement income, but it affords people the opportunity to enjoy new experiences and gain skills that might be harder to come by in their everyday full-time roles. The majority (61%) of Australians with a passion project say they’re motivated by the prospect of earning extra money, while 55% say they’re motivated to earn a living from something they enjoy.

With only an average of 11 hours per week being spent on passion projects according to the GoDaddy research, it’s not surprising that increasing numbers of Australians teased by their business ideas, think there’s nothing to lose by simply giving it a go. As many as 34% of Australians with an idea are looking to launch their side hustle over the next two years.

What does it take?

Yes – the business environment might be ripe to finally kick off your business idea this year, but what might it require from you?

Perseverance – and lots of it

It can take a great deal of dedication, perseverance, and commitment to get any business off the ground. After all, nothing happens overnight, and you still have a job to balance, remember? Entrepreneurs with successful side hustles are likely to have given up lots of valuable time with family and friends in the quest to test their ideas and turn a profit.

Open-mindedness

Side hustlers could benefit from an open-minded approach. This is about finding opportunities that play to your best skills or influence you to learn new ones. For example, perhaps you’ve always considered yourself a keen photographer so, why not turn that into a side hustle by capturing someone’s wedding day or selling your own photos?

Resilience

There’s no time to be afraid of criticism or failure in this game. Plenty of well-known entrepreneurs have demonstrated that true success is about how quickly you learn from failures and pick yourself up ready to try again. If something isn’t working, a real side hustler will usually know when to call it a day and quickly move onto the next idea.

Organisation

Chances are, side hustlers have a few other responsibilities and personal commitments to balance like a full-time job, children, and a social life. So, it’s important to know how to prioritise and set realistic daily or weekly goals. This approach will ensure enough time is spent to keep your eyes on the ball without getting carried away and losing sight of other important commitments.

Passion

Passion is at the heart of everything side-hustlers do. It’s what motivates side hustlers to make the time, experiment with new ideas, overcome failures, and even learn new skills to take things to the next level. Why? Because passionate side hustlers are having lots of fun, whatever happens.

Inspiration is everywhere

If this sounds like you, there are plenty of side hustle ideas to get you inspired this year. GoDaddy’s research further revealed the top five business ideas Aussies are keen to take online are blogger or influencer, designer, work with animals, photographer or artist, writer, and gardener.

And we are witnessing plenty of other side hustle concepts emerging – all seeking to leverage the advantages of digitisation and the growing trend towards ecommerce. These include things like specialised ecommerce stores, virtual assistants, professional freelancer, box subscription businesses and online tutoring – to name just a few.

Whatever your venture is, the time is certainly right for someone committed to an idea and armed with the right attitude and personal qualities, to get started and try earning a little extra from a hustle on the side.

 

 

 

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Tara Commerford
Tara Commerford is the Vice President and Managing Director of GoDaddy Australia and New Zealand. GoDaddy is the world's largest technology provider dedicated to small businesses.

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