One in three (29 per cent) Gen Z Brits already have their own business or side hustle while half (50 per cent) have plans to start one.
Three in five (58 per cent) find running a side hustle more attractive than a part-time job in industries such as hospitality and retail. The research from GoDaddy, which surveyed over 1,000 British Gen Z respondents, found that the drive to start a side hustle is financial rather than being their own boss. More than two-thirds (69 per cent) of this generation say that financial security is the most important factor in a job when contending with the cost-of-living crisis.
That said, over three-quarters of young Brits would sacrifice 24 per cent of their salary, on average, to run a business that they’re passionate about.
As expected, Gen Z are a tech-savvy cohort. More than half (51 per cent) have used AI tools such as ChatGPT to help and grow their business, compared to 35 per cent of entrepreneurs of all ages.
Omar Meho (26) decided to launch Music Workflow Academy, an online centre for music production and DJ skills, rather than going down the Saturday job route.
He said: “Like other young people, in my late teens I could have gone out and got a job at a local pub or supermarket. But I think those industries are less appealing now than they’ve ever been. Not only are the wages usually unattractive, the hours involved are often at weekends or in the evenings – times when we’d rather be out living life.
“Running your own business is different. I’ve invested a lot into Music Workflow Academy but it’s paid off. We now have over 100,000 students in 170 countries worldwide and we’re a multi-award-winning business. Last year I earnt over £50,000 and last month I cleared over £5,000 after tax. That just wouldn’t be possible if I’d gone down the ‘traditional’ employment route.”
Andrew Gradon, head of GoDaddy UK & Ireland, adds: “It has never been easier to start a side hustle, and it’s brilliant to see the emergence of Gen Z entrepreneurs who are inspired to become their own boss and break away from more traditional sources of income.
“We have seen first-hand the success that many of our younger customers have had in starting their side hustles, as they continue to shape the future of work.”
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