A new study released today from Xero has revealed the motivations driving Australians to quit their day jobs and start their own small business.
Interestingly, almost one in six (16 per cent) Australian respondents were spurred to start their own business after having difficulty finding full time employment due to barriers such as language, age, disability, and skills.
“It’s surprising and inspiring that many Aussie small business owners are scratching their entrepreneurial itch in order to overcome employment obstacles,” said Trent Innes, Managing Director, Xero Australia.
“While setbacks due to these factors are disappointing to hear about, the data demonstrates that Australians are resourceful and resilient in the face of challenges. When job prospects are tough, these Australians are creating their own opportunities by starting a small business — and it’s never been easier to do that with the support and tools now available."
The Small Spark that’s kick-starting new businesses
The Xero Small Spark survey canvassed the opinions of more than 340 small business owners across Australia and New Zealand to identify the key factors driving people to go out on their own. The findings also revealed:
• More than half of Aussie (55 per cent) small business owners cite wanting to be their own boss as one of the top reasons for starting their business
• A desire to increase their income was the second biggest reason with 42 per cent of respondents indicating this is a reason they went out on their own
• More than two in five (41 per cent) Aussie small business owners began their venture in search of more freedom and a better lifestyle
“Small businesses are the powerhouses of our economy, and helping them get started is something we’re really passionate about,” Innes said.
“We wanted to better understand what motivates small business owners to do what they do each day so set out to identify the small sparks behind Aussie businesses. We know this spark — that light bulb moment that leads to their small business — starts out as just something small. But it changes the lives of these people and those around them by driving growth and creating jobs. The more of these sparks we have, the quicker we can grow the small business economy.”