Having the courage to start your own small business can require a leap of faith. While many entrepreneurs passionately believe in their big idea, there’s often plenty of reasons they hesitate to launch it.
However, new research from GoDaddy may give heart to Australia’s budding entrepreneurs, smashing many of the common myths that may seed self-doubt about starting a side hustle.
Myth 1: A side-hustle will take up too much time
Many entrepreneurs believe they have a great idea but feel like they lack the time to make it a business reality. It may not take as much time as they anticipate. According to the research, Aussie side-hustlers spend an average of 12 hours a week on their business, with nearly half saying they spend under 10 hours a week.
A number of entrepreneurs were also quick to get their ideas online with more than half saying it took them between an hour and a couple of days to build their side-hustle website. More than three quarters of the Aussies with side-hustles surveyed said they had an online presence for their business with nearly half on social media, a third having a website and a quarter with an online store.
Emma McLeavy, who started bespoke hamper service Jo + Co Hampers & Floral Design while on maternity leave, balances her business alongside her three kids. “Sometimes I have had to sacrifice a clean house for a few hampers, but I’m OK with that,” she says. “It’s a very nice balance of the beauty of working for yourself, from home.”
Myth 2: You need to have a lot of capital to get started
According to the research, 75% spent less than $5,000 to start their business. A closer look into the statistics shows more than one in four side hustlers spent $500 or less starting their side hustle (including 16 per cent who said they spent nothing). For more than half of those surveyed, the start-up costs were under $1,000 while a quarter reported spending between $5,000-$25,000 or more.
Myth 3: I don’t have enough business or marketing expertise
Another common fear for aspiring entrepreneurs is that they feel that they lack the business or marketing skills to turn their concept into reality. However, today it’s easier than ever to find tools and templates to help get your business online and integrate key payment and social media plug-ins that can make a big difference to attracting and retaining customers.
For example, small business owners and side hustlers are curious about artificial intelligence (AI) and how it could support their business. Just short of a third (31%) have used AI tools to contribute to their business in some way. There’s also a gender split with interest in AI – interestingly, male side hustlers are more curious with 43% saying they have used AI to help their business compared to 15% of female respondents. The most popular tasks to get AI to help with are drafting social media copy (47%), market research (41%), devising social media strategy (39%) and researching competitors (30%).
Myth 4: It’s not the right time to start a business
The slew of dour economic news in recent months is hardly encouraging for entrepreneurs and small business owners. However, you could also say ‘there’s never a right time to start a business’. Before you write off the year as not right to launch, know that three in five entrepreneurs said they expected their business to grow this year with only two per cent expecting business to decline.
McLeavy says she has big plans for her small business now, but concedes she felt some self-doubt before it launched. “Starting your own business is daunting and at times the goal seems unreachable,” she says. “My motivation to set up my side hustle was to grow something that I was passionate about and, crucially, in control of. It started as just a side hustle during maternity leave but I’ve been blown away by not only its success, but how much I’ve enjoyed it. I’m really excited to continue to grow it over the coming years.”
Myth 5: I will never make any money
Another common fear for budding entrepreneurs is that their big idea may turn out to be a costly labour of love, with no financial benefit. However, the research shows almost two thirds of side-hustlers reported earning up to $10,000 in revenue in 2022. Further, Aussie side hustlers are so confident in their small business that more than three quarters hope to turn their side hustles to their primary business or income earner.
So while there are many myths and potential challenges that can hold aspiring entrepreneurs back from launching their small business dreams, as GoDaddy’s research shows, the facts can help triumph over fears.
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