A snap survey by Business NSW reveals many micro and small business owners are juggling extra jobs to stay afloat.
Business NSW CEO Daniel Hunter warned it was a troubling sign of the growing strain on the small business sector.
“More and more business owners — from cafes and retail to consultancies and beauty businesses — are telling us they're taking on second jobs just to keep their operations running,” Mr Hunter said.
“Rising expenses, particularly energy, wages and insurance, are crippling businesses and we need to ease those burdens.
“The snap survey results are backed up by our latest Business Conditions Survey where owners told us they'd been forced to work a second gig.”
Mr Hunter said it was becoming increasingly difficult for business owners to sustain their primary venture.
“As they juggle multiple responsibilities, their ability to focus on and invest in their core businesses is inevitably compromised,” Mr Hunter said.
“Small business owners’ time would be better spent growing and driving innovation within their businesses, rather than taking on side gigs to pay the bills.
“If we don’t address these underlying economic challenges, we risk stifling innovation and growth in the small business sector, which is the backbone of our economy.”
Mr Hunter said BNSW’s latest Business Conditions Survey revealed businesses continued to struggle with energy and insurance costs.
“It’s crucial that policymakers and stakeholders come together to find solutions that support our small businesses to ensure they don’t have to sacrifice their primary business for financial survival,” he said.
Business NSW is calling on:
• The Federal Government to wind back its decision to reduce the number of international students from next year. These students are vital in helping keep the doors of NSW businesses open and is one of the state’s largest exports.
• All governments to increase funding for our vocational education and training systems.
• Continue to deliver on housing supply across our state to ensure that our members across NSW can have staff close by. Our surveys have identified this as a major barrier for businesses attracting staff.
• The Federal and NSW governments to have a standing agenda of tax reform through the Council on Federal Financial Relations, including considerations for structured reductions in payroll tax, transitioning from stamp duties to broad-based land tax, and reshaping GST rates to reduce income tax.
About Business NSW
Formerly the NSW Business Chamber, Business NSW is the peak policy and advocacy body which has been representing businesses in NSW since 1826. We represent almost 50,000 businesses.
