A new trend of ‘serial side hustlers’ has been uncovered by new research from GoDaddy, which shows over half of those surveyed said they had multiple businesses, with online side hustles generating an average of $21,400 a year. 

The research found that among online entrepreneurs surveyed, more than half (57%) had start-up costs of under $1,000. Of those, 44% had initial start-up costs of less than $500, showcasing the low costs to get started for entrepreneurs. Furthermore, 16% started with no start-up costs at all.

It has never been easier, or quicker for Australians to set up an online side hustle, according to GoDaddy vice president, Tamara Oppen.

“The surge coincides with a cost-of-living crisis, with Australians contending with the effects of rising interest rates and inflation. Our data shows that the number of people starting a business alongside a day job has continued to grow,” she said.

“Starting a side hustle is a great way to start, giving entrepreneurs the time to develop the business while not giving up their day job. The costs of getting started can be relatively low, and many people hope the side hustle becomes their primary business. 

“From the survey, three-quarters of Australian side hustlers have an online presence for their business, showcasing how important it is to cater to digital consumers today. At GoDaddy, we pride ourselves on helping entrepreneurs thrive, and have seen first-hand the success that customers have had in starting their side hustles online.”

The quick speed of setting up an online side hustle and potential financial rewards mean three-quarters hope to turn their side hustle into their primary business (76%). Of these, more than three quarters (77%) are 18 to 34-year-olds.

Small business owners and side hustlers are curious about artificial intelligence (AI) and how it could support their business. Just short of one-third (31%) have used AI tools to contribute to their business in some way. 

There’s a gender split with interest in AI – interestingly, male side hustlers surveyed 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%), conducting market research (41%), devising social media strategy (39%), and researching competitors (30%).