In a new 2024 Small Business Report by VistaPrint, it has been unveiled that a significant 59% of Australians with hobbies have considered or already taken steps to transform their pastimes into thriving businesses. Despite challenges like financial limitations and a lack of marketing expertise, this trend showcases Australia’s entrepreneurial spirit. To bolster this movement, VistaPrint has launched the “Hobby to Hustle” competition, offering $30,000 in prizes to assist Australians in turning their hobbies into successful ventures.
Australia: A Fertile Ground for Business Innovation
The report reveals that an impressive 86% of Australians have at least one hobby, with 15% already having turned their hobbies into businesses. Additionally, nearly half (44%) are contemplating or are willing to monetize their hobbies. Over a third (36%) of working Australians already maintain a side hustle, with more than half (53%) linked to their hobbies.
Interestingly, only 4% of working Australians have contractual clauses that restrict them from starting side hustles. Furthermore, the Australian environment appears conducive to business ideation, with 15% of side hustlers and business owners conceiving their entrepreneurial ideas while at their previous jobs, and 28% doing so through conversations with family and friends.
Overcoming Barriers: Fear of Failure and Skill Gaps
Despite the enthusiasm, many Australians face significant barriers when starting side hustles. A substantial 38% fear failure in the current business landscape, and 54% are concerned about economic instability. Moreover, a notable skills gap exists, with 55% of the population describing themselves as “not skilled at all” or only “slightly skilled” in branding, marketing, and design. This lack of expertise poses a significant obstacle, as 22% of business owners and side hustlers are unsure where to seek design and marketing support.
Marcus Marchant, CEO of VistaPrint Australia and founder of Bondi Joe Swimwear, emphasized the importance of addressing these barriers:
“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.”
VistaPrint’s “Hobby to Hustle” Competition
In response to these challenges, VistaPrint has launched the inaugural “Hobby to Hustle” competition. This initiative aims to support Australia’s burgeoning entrepreneurial spirit by offering prizes of $15,000, $9,000, and $6,000 in VistaPrint credit and logo design services. Winners will also receive guidance from industry experts, including CEO Marcus Marchant and former COSBOA CEO, Alexi Boyd.
To participate, entrants must submit a two-minute video detailing their hobby, their motivation for turning it into a business, and their plan for doing so. The entries will be judged by a panel of esteemed business leaders, including Alexi Boyd, Marcus Marchant, and media personality Jules Lund. Submissions will be evaluated based on the potential for the idea to become a successful business, the entrant’s credibility and business potential, and their motivation.
Submissions are open today and will close on June 25th, 2024, at 6pm AEST. For more information on how to enter, visit the official VistaPrint website.
About VistaPrint
VistaPrint has been a trusted design and marketing partner to millions of small businesses worldwide for over 20 years. The company provides high-quality marketing products and solutions, including signage, logo apparel, promotional products, and digital marketing services. VistaPrint also offers custom photo gifts, helping consumers turn special moments into cherished memories. VistaPrint is a Cimpress company (Nasdaq: CMPR). To learn more, visit vistaprint.com.
Research Overview
This research was conducted by VistaPrint Australia in collaboration with Pure Profile Research, based on a nationally representative online study of 1,010 Australian general population respondents. The study was conducted in May 2024.
Key Insights
- 86% of Aussies have a hobby, and 19% plan to take up a new hobby in the next year.
- 36% of working Australians have a side hustle, with 53% linked to their hobbies.
