Rise of the ‘Multi-Hustle’ set to fuel post-pandemic recovery

London, UK - 9 March 2022

Step aside, side-hustle: we’re entering the age of the “multi-hustle”. 

This is one of the key findings from a new report from Intuit QuickBooks and Oxford Economics - The Sole of the UK – exploring the UK’s evolving sole trader community.  

This in-depth look at entrepreneurs who run their businesses as individuals (with no employees) reveals nearly a quarter of Millennial & Gen-Z sole traders are either currently running or want to run multiple businesses.  

What’s more, 16% of Gen-Z sole traders are already “multi-hustlers” – compared to just 5% of Gen X and 3% Baby Boomers – and it’s these digitally-savvy younger business owners who are outperforming their counterparts on revenue too.

Digitally-led, younger sole traders enjoy strongest annual revenues

Chris Evans, Vice President and Country Manager UK at QuickBooks said of the findings:

“We’re seeing more ambitious sole traders than ever before, borne out of the most difficult business landscape in over a decade – the ‘sole’ of the UK is agile, adaptable and driven by digital. While “multi-hustlers” are coming to the fore, many traditional, established sole trader businesses have also been able to harness new opportunities – especially those created by the increased uptake of digital during the pandemic.”

Entrepreneur and investor, Steven Bartlett, commented on the findings after speaking at QuickBooks Connect. He said:

“I’m a tried and tested “multi-hustler” – I love wearing different hats, exploring new passions, and taking on new opportunities. The trick when you are going it alone is having the right tools to be your team when you need it, to help with finances, marketing, and setting up new businesses."

Younger generations spurring on post pandemic recovery

Sole traders are more likely to have experienced a decrease in revenues over the past year than an increase.

But younger generations bucked this trend, with a net balanceof +23% of Gen-Z sole traders experiencing an annual increase in revenues, while Millennials were just as likely to have experienced an increase as a decrease. Gen X (-24%) and Baby Boomers (-33%) fared noticeably worse. 

The findings are a good indicator of how younger generations will play a key role in the post pandemic recovery. 

Sources

A core part of our analysis is based on a new primary piece of research conducted in February 2022. Censuswide surveyed 1,000 sole traders. Results are broken down into four age groups: Gen Z (aged between 16-23 years old); Millennials (aged between 24-42); Gen X (aged 43-54); and Baby Boomers (aged over 55 years old).

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