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Aussies turning hobbies into hustles

- June 18, 2024 2 MIN READ
latino fashion designer woman in workshop studio working on her side hustle

 

A new 2024 Small Business Report launched by VistaPrint reveals that almost six in ten Aussies with hobbies (59 per cent) have considered or already transformed them into businesses.

The jump in side hustles comes despite common barriers such as financial constraints and a lack of marketing skills.

The report highlights that 86 per cent of Australians have at least one hobby. Of these, 15 per cent have already turned their hobbies into businesses, and 44 per cent are contemplating or have thought about making their hobbies a source of income. Additionally, over a third of working Australians (36 per cent) have side hustles, with more than half (53 per cent) linked to their hobbies.

Side hustle culture booming

Australia is fertile ground for budding entrepreneurs, with only 4 per cent of working Australians restricted by their work contracts from starting a side hustle. The findings suggest this environment provides the perfect conditions for business creation. Fifteen per cent of side hustlers and business owners have developed their entrepreneurial ideas at their previous jobs and 28 per cent through conversations with family and friends.

Overcoming fear and bridging the skills gap

Despite the enthusiasm for side hustles, many Australians have a fear of failure when starting a business. The report indicates that 38 per cent of Australians fear failure in the current business landscape, and 54 per cent are concerned about economic uncertainty.

A significant skills gap also exists, with 55 per cent of Australians describing themselves as “not skilled at all” or only “slightly skilled” in branding, marketing, and design. Moreover, 22 per cent of business owners and side hustlers are unsure where to seek design and marketing support, creating a barrier to starting and growing their businesses.

Marcus Marchant, CEO of VistaPrint Australia and founder of Bondi Joe Swimwear, commented on the findings

“Australians are clearly passionate about their hobbies and are eager to turn them into legitimate businesses. Our research does, however, highlight a design and marketing skills gap and other barriers that are getting in the way of people feeling confident to start a new business.”

“As a small business founder myself – I founded Bondi Joe Swimwear following my passion for both fashion and the allure of Sydney’s iconic beaches – I know how rewarding it is to nurture a hobby into a successful business venture, and I’m grateful for the journey it has taken me on. I now want to help others in the same position.”

Supporting Australia’s entrepreneurial spirit

The report highlights the need for better support systems to help Australians turn their hobbies into viable businesses. With the current economic landscape presenting challenges, it’s crucial for aspiring entrepreneurs to have access to resources that can help bridge the skills gap and mitigate the fear of failure.

The findings also show a clear demand for more accessible marketing and design training, as well as platforms where entrepreneurs can seek advice and support.


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