A recent survey conducted by Shopify has revealed that 70% of Australians aspire to run their own business, with the opportunity to earn more money (58%) the biggest driver of the trend.

The study, which encompassed 2,220 Australians and 480 business owners, showed the next biggest drivers for the side hustle movement was the wish for people to be their own boss (50%), and the need for work flexibility (40%).

The entrepreneurial enthusiasm was particularly strong amongst young people - 84% of 16-24 year-olds aspire to be a business owner.

But there are barriers - 13% of those considering business ownership were driven by concerns about job obsolescence due to technological advancements, and 16% of business owners embarked on their venture after being made redundant.

For those who have considered starting a business but lack concrete plans, financial obstacles (50%) were cited as a key issue, followed by a lack of confidence (35%) and knowledge (34%).

Shaun Broughton, Managing Director, APAC at Shopify, said: "Australians are enthusiastic entrepreneurs, particularly younger Aussies. Addressing financial obstacles is essential to unlock a vibrant entrepreneurial ecosystem and unearth the potential of aspiring entrepreneurs across the country. By enhancing access to funding, reducing financial risks, and encouraging people to start a business, we can help reduce barriers to entry for Australian entrepreneurs to drive stronger economic growth, innovation and employment for all."

One in five Australians (21%) already own their own business, and an equal proportion (21%) have seriously considered starting one.

Among the Australian business owners, 37% started their business as a side hustle, 20% turned their side-hustle into a full-time business, 27% went full-time from the get-go, and 16% launched their venture after leaving the workforce via retirement or maternity leave.

The survey also revealed that 46% of entrepreneurs had at least one previous business before achieving success. Government programs to support potential business owners (58%) and a decrease in the cost of living (43%) were identified as factors that would make Aussies more interested in entrepreneurship.

A significant 73% of Australians would be prepared to invest their own money in their business, but 43% expressed a lack of funds to start and 20% highlighted high interest rates on business loans as a key challenge.

The survey also highlighted the importance of support networks, with 40% of Australian business owners stating that encouragement from people they knew was particularly helpful when they started out. Additionally, 41% of aspiring entrepreneurs recognised the role of family and friends in helping them start their business, 38% said prior work experience in the field would help them start their business, and 24% said they would lean on their personal and community networks to start their business.