Serial side hustlers earning over $20,000 a year
New research from GoDaddy reveals a growing trend of serial side hustlers, i.e. those who are running multiple side hustles on top of their regular job, with over half saying they run multiple businesses.
The research notes that this surge in side hustles is driven primarily by increased e-commerce activity in recent years. As a result, these serial side hustlers are earning an average of $21,400 a year, despite a majority of them having spent little to no start-up costs. In fact, 57 per cent shared that their start-up costs were under $1000, with 44 per cent of them having initial start-up costs of less than $500 and 16 per cent did not have any start-up costs at all.
Given the quick speed of setting up an online side hustle and potential financial rewards, 76 per cent expressed hope that they could transform their side hustles into their primary business. Of these, 77 per cent are 18-34-year-olds.
“It has never been easier, or quicker for Australians to set up an online side hustle,” Tamara Oppen, GoDaddy Vice President, said. “The surge coincides with a cost-of-living crisis, with Australians contending with the effects of rising interest rates and inflation. Our data shows that the number of people starting a business alongside a day job has continued to grow. Starting a side hustle is a great way to start, giving entrepreneurs the time to develop the business while not giving up their day job. The costs of getting started can be relatively low, and many people hope the side hustle becomes their primary business.
“From the survey, three-quarters of Australian side hustlers have an online presence for their business, showcasing how important it is to cater to digital consumers today,” Oppen added. “At GoDaddy, we pride ourselves on helping entrepreneurs thrive, and have seen first-hand the success that customers have had in starting their side hustles online,” Oppen added.
“It’s easier than ever before to build your online store and this has significantly lowered the barriers to entry for many. Seeing so many people overcome those barriers to pursue their passion is inspiring,” she concluded.
This story was originally published on Inside Small Business.