Small businesses are a significant source of employment in Australia.
The terms “independent contractorâ€, “self-employedâ€, “micro / small businessâ€, “consultantâ€ and “freelancerâ€ are highly interchangeable. However, they all indicate that you run your own small business!
17.2 per cent of the whole Australian workforce is self-employed, and 28 per cent of the private-sector workforce is self-employed.
So, what does a typical small business owner look like? According to the Australian Bureau of Statistics:
– 70 per cent are men.
– 50 per cent are aged between 35 and 54 years, and 28 per cent are over the age of 55.
– 54 per cent work more than 40 hours a week.
– 86 per cent have a say over their start / finish times.
– 48 per cent work weekends.
Of the more than one million independent contractors:
– 73 per cent have more than one contract at any one time.
– 79 per cent do not have employees, but
– 65 per cent are able to subcontract their work.
If you’re planning on taking on subcontractors or staff, we’ve put together some advice on hiring your first employee.