A new 2024 Small Business Report launched today by VistaPrint reveals 59% of Australians that have a hobby have considered or already have turned it into a business, despite barriers such as financial constraints and lack of marketing skills. In response, VistaPrint has launched a “Hobby to Hustle” competition, offering $30K to help Aussies turn their hobbies into legitimate businesses.
The data reveals a staggering 86% of Australians have at least one hobby, with one-in-seven (15%) having already turned those hobbies into a business, and almost half (44%) are either willing or have thought about turning their hobby into a source of income. This adds to over a third (36%) of working Australians who already have a side hustle, with over half (53%) linked to their hobbies.
Australia appears to be the perfect breeding ground for starting a business, with only 4% of working Australians having a clause in their work contract that prevents them from starting a side hustle. Not only that, but Australian society and workplaces appear to be conducive to business ideation, with over one-in-seven (15%) side hustlers and business owners having come up with their entrepreneurial idea while at their previous job, and over a quarter (28%) doing so through talking to family and friends.
Fear of failure and a marketing skills gap
Despite this enthusiasm, starting a side-hustle is still met with a healthy amount of fear and trepidation. Over a third of Australians (38%) anticipate a fear of failure when starting a business in the current landscape, and over half (54%) anticipate economic uncertainty and instability.
In addition, there appears to be a significant skills gap that currently exists, with over half (55%) of the population describing themselves as “not skilled at all” or only “slightly skilled” in branding, marketing, and design. To compound the issue, over a fifth (22%) of business owners and side hustlers don’t know where to look if they need design and marketing support. This is creating a significant barrier to starting and growing a business. Marcus Marchant, CEO of VistaPrint Australia and founder of Bondi Joe Swimwear: “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 – which is why we are today launching VistaPrint’s Hobby to Hustle campaign.”
