Having a great small business idea is one thing; having the courage to launch it is another thing entirely. Whether it’s a fear of failure or a concern about costs, there are several perceived barriers that stop everyday entrepreneurs from turning their passion projects into small businesses, explains Suzanne Mitchell, Australia Market Lead for GoDaddy.

New research from GoDaddy may give hope to Australia’s budding entrepreneurs, challenging many of the common myths that may seed self-doubt about starting a side hustle. The results highlight trends as to what’s really going on with side hustlers in Australia.

Fear: A side hustle will take up too much of my time

Fact: Side hustlers spend, on average, 12 hours a week on their small business

Many budding small business owners worry they don’t have enough time to build and launch a side hustle. However, the survey found that nearly half of all Aussie side hustlers spend up to ten hours a week on their passion project. On average, those with a side hustle spend 12 hours a week on their business, and two-thirds were juggling a full-time job alongside their passion project.

Emma McLeavy launched her side hustle, bespoke hamper design service Jo + Co Hampers & Floral Design, from home while on maternity leave, and she continues to make the juggle work with three kids. “I always seem to have a toddler at my feet whilst I’m working,” she says. “I’ve learnt to be super productive at nap times and at night, which allows me to be present when they’re with me.”

The survey also found that half of all side hustlers with a website built their online presence in less than a couple of days.

Fear: A side hustle won’t make enough money

Fact: Many Aussie side hustlers are making money

It’s common for aspiring entrepreneurs to fear that their small business concept won’t make any money. However, the research found that nearly two-thirds of Aussie side hustlers made up to $10,000 in revenue from their business in 2022. On average, they recorded $21,000 in revenue.

Fear: I don’t have the skills to launch my own business

Fact: It might not be as hard as you think

Another common myth that often deters entrepreneurs is a fear they lack the skills in marketing and technology to make their business successful. However, there are now many programs and templates online that make starting a website, building an online store and even marketing products easy and accessible.

Three-quarters of Aussie side hustlers said they have an online presence for their business, with nearly half on social media and a third having a website. Further, around a third have used artificial intelligence (AI) services like ChatGPT to support their side hustle and a further two in five intend to.

Fear: My side hustle won’t be that successful

Fact: Side hustles can become full-time gigs

Three quarters of those surveyed were so confident in their side hustle they hoped to turn it into their primary business. McLeavy launched her business just over 12 months ago and is already hoping and planning to expand her offering.

“Originally, it was just meant to be like a side game while I was on maternity leave, and I never thought that I’d really be able to do it,’’ she says. “But I have big plans for it. I plan to incorporate my floristry, which should only make it more successful.”

Fear: It’s not the right time to launch a small business

Fact: Aussie side hustlers are still confident about the year ahead

Between interest rate rises, energy price hikes and an uncertain global economy, it might be hard to find the confidence to launch a business. However, Aussies with a side hustle were overwhelmingly positive about the year ahead, with more than three in five saying they expected their business to grow this year. Only two per cent indicated they expected business to decline.

Fear: A side hustle will cost too much money to launch

Fact: It might not cost as much as you think

Misconceptions about the potential cost of starting a small business can deter many aspiring entrepreneurs, but the survey reveals that you don’t always need to have a big budget. More than half of those surveyed said they launched their business for less than $1,000, with 16 per cent saying they had no startup costs at all. On average, it cost Aussie side hustlers $4,850 to start their businesses.

There are a variety of myths that seed self-doubt amongst aspiring entrepreneurs, but research with real Aussie side hustlers shows that not all those fears have a basis.

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Now read this:

https://www.kochiesbusinessbuilders.com.au/the-handmade-tale-how-aussies-are-turning-side-hustle-hobbies-into-big-profits/