The side hustle culture is thriving in Australia, with 61% of entrepreneurs running their businesses to supplement their main income, according to a multi-year research effort by GoDaddy’s Venture Forward. The research, which analyses data from 160,000 Australian microbusinesses (businesses with fewer than 10 employees), reveals that 83% of side hustlers plan to grow their revenue until they’re able to rely on it as their main income.

Full-time entrepreneurs are generating significant revenue, with one in five (22%) generating over $25,000 per month and two-thirds (63%) making at least $5,000. Microbusinesses are making a substantial contribution to the Australian economy, with 39% employing at least one other person, and two in five (40%) planning to make more hires this year.

Almost a third (29%) set up their side hustle for under $500 and the majority make at least $2,500 monthly. Four in five (83%) aim to make their side hustle their main source of income. GoDaddy’s Venture Forward research analyses data from more than 315,000 Australian online microbusinesses.

Almost a third (29%) said their venture cost as little as $500 to start and the majority (56%) spend less than 10 hours a week running their venture, yet more than half make at least $500 per month to supplement their main income. One in five (19%) are making more than $2,500 per month, demonstrating the earning potential that side hustles can offer.

22% of Australian entrepreneurs said they work more than 40 hours a week on their business, while 47% say they experience a high level of stress. Two-thirds (64%) say life is better after becoming an entrepreneur. The majority (52%) of microbusinesses were set up after 2020 and 39% employ at least one other person.

Just a quarter (25%) of Australian entrepreneurs feel optimistic about the national economy over the next six months, however 71% are positive about their business prospects. 94% say they are confident in their ability to run a business.

"GoDaddy’s Venture Forward data is unique in its ability to capture and analyse microbusinesses and demonstrates their enormous economic contribution to the Australian economy. Collectively, they have the power to add billions to the economy, while providing jobs, improving pay and increasing GDP in their local communities. Microbusinesses are the engine of both their local and the Australian economy. We have very few studies that focus specifically on companies with under 10 employees. They are under-researched, misunderstood and often under-served. GoDaddy aims to change that, and we are determined to support and empower the everyday entrepreneurs by offering affordable and easy to use tools to help them grow.." - Tamara Oppen, Vice President English Markets at GoDaddy