GoDaddy’s Unstoppable Women survey gives insight into the entrepreneurial ambitions of Australian women in business ahead of International Women's Day.
According to research by GoDaddy, three quarters of Australian women believe they would be better off starting their own small business than working for someone else. The ‘Unstoppable Women’ survey of 1,011 Australian aspiring and current business owning women was conducted ahead of International Women’s Day and found 43 percent of women started a business or side hustle for the financial opportunities. Five out of six working women have experienced burnout in their careers and yearn for the financial freedom and flexibility of being their own boss.
“Australian women are seizing the day to pursue financial freedom and flexibility for themselves through small business ventures,” said GoDaddy Vice President Tamara Oppen. “At a time when unemployment is at historic low levels and cost of living is a challenge, many women are taking their future into their own hands and backing themselves to launch a business.”
The survey also found that many women tend to overestimate the true cost of starting a business or side-hustle by an average of 37 percent and also underestimate the potential earnings. Three out of five women business owners surveyed said they started their business for under $1,000, with 19 percent launching with no start-up costs at all.
Reflecting the incredible rise of ecommerce in the last three years, many aspiring entrepreneurs were prepared to invest in a website, with 39 percent planning to build one on their own and 47 percent anticipating they will need help.
“It’s easier and cheaper than ever before to build your own website and this has significantly lowered the barriers to entry for many women, whether they want to start a side-hustle from their spare room or build a full-time business,’’ commented Oppen.
“The growth in our digital economy has inspired many Australians to take a chance on a passion project, with a nearly 10 percent jump in new sole trader businesses recorded last financial year.”
The GoDaddy survey results also revealed time commitments at 57 percent and set up costs at 62 percent were the biggest barriers women identified to starting their own business, followed by childcare expectations and costs at 35 percent.
Of the women surveyed, 37 percent said they were a primary caregiver for children under 18, and 84 percent of all women said they were responsible for most household duties.
Entrepreneurs Ellie and Elyssa grappled with the challenges of family responsibilities and time constraints before starting their small business Sage + Country selling personalised baby keepsakes. According to a profile on Sage + Country by GoDaddy, the business launched in 2022 when Elyssa had an eight-week old baby, and after Ellie had just returned to work from maternity leave.
“Navigating these new chapters of our lives whilst launching a new business along with the outlay of finances was definitely a struggle,’’ Ellie said.
“We had a real passion for what we wanted to create, and we continued to remind ourselves of our goals each day. Through persistence, and the support of everyone around us, we were able to achieve what we set out to do.”
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