Almost one in three Australians is considering quitting their current job to start their own business, new research has revealed on Blue Monday – a day commonly known as the most depressing of the year.
With the Christmas holidays well and truly over and new challenges, deadlines, meetings and emails stretching into the horizon, GoDaddy has revealed that nearly one-third (30 per cent) of Australian workers are considering leaving their jobs to ignite their entrepreneurial spark in 2020.
Following a survey of 1,000 individuals across the country, from 19 to 28 December, web hosting company GoDaddy said that almost two in five Australian workers (39 per cent) feel dissatisfied with their current job, while over half (54 per cent) are considering a career change this year.
Of these, 18-29-year-olds are the most likely to pursue their entrepreneurial dreams, with almost half (48 per cent) of this demographic considering shunning traditional employment to start their own business and pursue a more flexible career in 2020.
When it comes to job satisfaction, males (41 per cent) were more likely to feel dissatisfied in their job than females (36 per cent), with the number of males considering quitting their job to start a business in 2020 outnumbering the number of women by 25 per cent.
According to GoDaddy, the primary motivation to start a business is finances, with 35 per cent of respondents admitting they believe launching a business will increase their earning potential. This is followed by expectations of an improved work/life balance (30 per cent) and the ability to pursue a passion (17 per cent).
Interestingly, the surveyed individuals revealed a preference for retail, despite the increasing retail collapses and forecast changes in 2020.
Among those approached by GoDaddy, 13 per cent said they are interested in launching a retail business, 9 per cent hospitality and 8 per cent IT.
Making an impact
Alongside the commonly provided answers, 10 per cent of would-be small-business owners said they are motivated by making an impact, or having a solution or innovation for an industry or societal issue.
That was the case for Natasha Ritz, who quit her job to turn her side hustle, ARNA – a retail-focused business created to empower women – into her own full-time business with her sister in 2020.
“I’ve always wanted to make an impact in whatever I’ve done,” Ms Ritz said.
“My sister and I are very passionate about empowering women and changing the way they represent themselves in society, and there are few better ways to make that impact than starting a business. So starting in 2020, I’ve left the nine-to-five life behind to do something that challenges and rewards me.”
Of those surveyed who had considered setting up a business in the past, 62 per cent said cost was a preventing factor and 40 per cent felt finding advice and guidance was a hindrance.
And statistics from data and analytics provider illion revealed last year that 51,679 businesses had collapsed in Australia in the 2018-19 financial year.
However, according to Jill Schoolenberg, regional president for Australia, Canada and Latin America at GoDaddy, establishing an online business shouldn’t be costly or difficult.
“Today, more than ever, the costs of starting a business online can be reduced with affordable web-based tools to help people quickly, easily and affordably build and manage an online business.”
Maja Garaca Djurdjevic is the editor of My Business.
Maja has an extensive career as a journalist across finance, business and market intelligence. Prior to joining Momentum Media, Maja spent several years unravelling social, political and economic intricacies in Eastern Europe.