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New research reveals that Australia’s 1.5 million sole traders are displaying remarkable resilience in the face of inflation’s negative effects.
According to the latest Hnry Sole Trader Pulse, the most extensive nationwide survey of self-employed individuals in the country, an overwhelming majority (75 per cent) of sole traders are finding contentment in their chosen professions, despite economic pressures.
The survey highlights the positive outlook maintained by a substantial portion of sole traders concerning their work life. A significant 68 per cent of respondents appreciate the freedom that comes with independent earning, allowing them to chart their own course in the professional realm. Additionally, 56 per cent of sole traders report achieving a favourablee work-life balance, demonstrating their ability to successfully blend personal and professional commitments.
Nevertheless, inflationary challenges are leaving their mark on these entrepreneurs’ livelihoods. The survey indicates that as interest rates rise and prices soar, 75 per cent of sole traders have witnessed an increase in their expenses for supplies and services over the past three months. This figure is notably higher than the 70 per cent reported in March 2023. Consequently, 63 per cent of sole traders are facing financial strain, either resorting to tapping into their savings or reducing their savings contributions.
Amid this climate of economic uncertainty, sole traders are employing various strategies to navigate the challenges posed by inflation. The survey identifies three primary options that these entrepreneurs consider: cutting costs, raising their rates, or increasing their working hours.
A majority of sole traders (72 per cent) are taking proactive steps to reduce their business expenses as prices continue to surge. This trend has been consistent since June 2022 and underscores their willingness to adapt and find innovative ways to weather the inflationary storm.
Conversely, fewer sole traders (28 per cent) have been able or willing to raise their prices, in contrast to the 56 per cent who had done so at the same time the previous year. Fears of losing clients or the perception of limited control over pricing decisions likely contribute to this hesitancy. Consequently, a significant 28 per cent of sole traders are opting to work longer hours to offset mounting costs, placing themselves under increased time constraints.
Karan Anand, Managing Director of Hnry Australia, commented: “It’s undeniably tough out there for self employed people, however as self-starters, they have the skills, mindset and resilience needed to take on the challenge with confidence.
“While there are variations, on the whole we are seeing more sole traders feeling positive about the year ahead (45 per cent) than about their financial performance over the past year (38 per cent), with just 15 per cent feeling pessimistic. Plus, the majority (56 per cent) feel secure in their jobs and in their financial security, with over half (57 per cent) reporting solid personal satisfaction and happiness from self-employment.
“The results tell us that the personal freedom, self-reliance and lifestyle benefits that come from working for yourself means Aussie sole traders are ready to roll their sleeves up and weather the storm.”
Hnry’s survey shows that sentiment differs across the nation, as half (48 per cent) of New South Wales-based sole traders feel their financial performance has been good in the past year, compared to just over a third (36 per cent) in Queensland and only 29 per cent in Victoria. Similarly, when it comes to financial security, 65 per cent of New South Wales sole traders feel good, compared with 57 per cent Queensland and 46 per cent Victoria.
High levels of tax and financial admin are also posing a challenge to Australia’s self-employed, as the average sole trader spends a full day’s work (8 hours) per week on their financial affairs – an hour more than reported in the past three quarters. This is particularly high for tradies (10 hours) and consultants (9 hours).
Mr Anand said “More than ever, time is money for sole traders. Losing a day per week on financial admin, plus spending an average of $348 a month on tax and financial affairs, is redirecting their funds and attention away from what really matters – excelling at their jobs.
“These misspent hours equate to a startling $28 billion lost in productivity each year. As the economic outlook remains uncertain, it’s more crucial than ever for sole traders to receive the support required to unlock the sector’s full potential, whether that’s through a tax break or additional tax relief.
“Freeing sole traders from the burden of financial admin, Hnry also exists to help bridge this gap – empowering independent earners to focus on pursuing their dreams, building sustainable businesses and driving economic success.”
The Hnry Sole Trader Pulse is Australia’s only regular, comprehensive regular snapshot of the sentiment of self-employed people in Australia, such as tradies, freelancers, and consultants. For more information, visit hnry.com.au/au/soletraderpulse.
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