The rise of the side hustle generation
More and more young Australians are embracing their entrepreneurial spirit and starting their own businesses, according to a new study. The 2022 ‘Future of Work’ report by GoDaddy, a web hosting company, revealed that 25 per cent of Gen Z Aussies – those aged between 18 to 26 – are running a side hustle this year. This is a 100 per cent increase from 15 months ago, when only one in eight had their own side venture.
A side hustle is a business or income-generating activity that someone pursues in addition to their main job. It can be anything from selling homemade products, creating content, freelancing, blogging, tutoring, or offering a service. The report found that 61 per cent of Gen Zers who have a side hustle said they would start their business online.
The report also noted that Gen Z is a generation of pragmatists, self-starters and entrepreneurs. They are not afraid to create their own opportunities and pursue their passions, even if it means juggling multiple jobs or roles. They are also digital natives who are comfortable with using technology and the Internet to achieve their goals.
The benefits of running a business
One of the main reasons why Gen Zers are starting their own businesses is to gain more control and autonomy over their work and life. They want to have the freedom to choose what they do, when they do it, and how they do it. They also want to express their creativity and individuality through their work.
Another reason is to increase their earning potential and financial independence. With the rising cost of living, side hustles can provide an extra source of income or even become a full-time career. Some Gen Zers are also motivated by the desire to make a positive impact on the world or solve a problem that they care about.
Kalista Thomas and Emily Barker are two young Aussies who have found success after starting their own business. The Geelong duo had spent seven years working at a salon before they decided to pack their tools and years of experience to launch their own beauty studio, Glamour and Co Beauty Studio, at just 25.
“There are so many benefits of running a business; from more control and autonomy, to increased earning potential,” Thomas told 9Honey Money. “Being able to wake up every day and earn a living honing our craft and spending time with our clients who feel like friends and family – is something we both treasure.”
The challenges of running a business
Of course, running a business is not without its challenges. Gen Zers face many obstacles and risks when starting or growing their own ventures. Some of these include:
- Finding the time and energy to balance multiple commitments
- Managing finances, taxes, legal issues, and other administrative tasks
- Dealing with competition, market changes, customer feedback, and other external factors
- Finding mentors, partners, investors, and other support networks
- Coping with stress, uncertainty, isolation, and failure
The report by GoDaddy suggested that Gen Zers need more guidance and resources to help them overcome these challenges and succeed in their entrepreneurial journeys. Some of the things that they are looking for include:
- Access to online tools and platforms that can help them create, manage, and grow their online presence
- Education and training on how to start and run a business effectively
- Networking and mentoring opportunities with other entrepreneurs and experts
- Funding and grants that can support their ideas and innovations
The future of work for Gen Z
As the world becomes more digital and dynamic, Gen Zers are shaping the future of work with their entrepreneurial mindset and skills. They are not only creating new opportunities for themselves but also for others who share their vision and values.
“Gen Z are digital pioneers and have charted the path for the rest of the world to go fully digital,” Mark Randall, Vice President English Markets for GoDaddy, said. “In Australia, lockdown has caused a profound change in the way we do everything, from shopping to eating to engaging with friends and family. Gen Z was already comfortable in that new paradigm, so if you meet the digital needs of Gen Z, you now meet the needs of the rest of the world.”
Gen Zers are also more likely than other generations to believe in the positive impact of technology on the world. They think that artificial intelligence will have a beneficial effect and that the Internet will bring people closer together. They value tech-savviness as one of the most important qualities for their generation.
“Gen Zers are a huge, diverse generation and the fastest-growing group of employees, customers, and voters,” Jason Dorsey, President at The Center for Generational Kinetics, said. “As we’ve seen over the past three studies, this generation thinks and acts very differently. Their connectedness, their ability to navigate change quickly and their desire to have a positive impact on the world are all reflected in their higher expectations of technology and organisations.”
