‘Resilient’ Australian business owners are most satisfied when overcoming challenges, GoDaddy research finds

Australian business owners most satisfied when overcoming challenges

GoDaddy Inc. (NYSE: GDDY), the company empowering everyday entrepreneurs, today announced new research that spotlights the moments that matter the most to Australia’s business owners and their impact on personal satisfaction.

The study reveals that the highest level of personal satisfaction and happiness achieved by respondents was when they were overcoming business challenges and hurdles, illustrating the resilience and adaptability of Australian small business owners when faced with a crisis.

Australians have had their resilience tested to the limit in 2020, first with the bush fires and most recently with the impacts of COVID-19. Running a business is filled with daily challenges in itself, like engaging with customers, managing people, and overseeing day-to-day operations.

However, it’s exactly these challenges that Australian business owners relish. 

GoDaddy’s Business Resilience Research found that three in five (60%) Australian business owners surveyed are happiest conquering a business challenge, rather than reaching a business milestone.

This is overwhelmingly the case for 18-29-year-olds (80%) – demonstrating their commitment to tackling and overcoming challenges – in contrast to the majority of those aged over 70 years surveyed, who found more personal happiness in reaching business milestones, rather than overcoming a challenge (52%).

Australian small business owners appear to embrace the risks associated with starting and running a business, with 63% saying that the freedom of being their own boss and making their own decisions is one of the overriding reasons for increased personal happiness compared to when they were working as an employee.

This is followed by the ability to determine the exact kind of work they want to do (56%), and having more control over all aspects of their business (55%).

Business ‘firsts’

GoDaddy’s Business Resilience Research also reveals the significance that accomplishing a business ‘first’ or milestone has on a business owner’s wellbeing. Forty-four percent said that landing their first sale, customer or job was their most satisfying business milestone.

This was followed by choosing their business name (29%) and registering their company and domain (28%). In addition, 72% of those surveyed stated that registering their domain made them feel happy because it made their business venture feel real and officially open for business.

For those taking the plunge into starting their own business, GoDaddy’s research also reveals that 25% of business owners surveyed landed their first major sale, client or job within the first week of business.

Reflective of this success, 61% took their business online within the first month, launching a website to support their growth, and 83% of those business owners hired their first employee within the first year.

“Many people romanticise about starting their own business, believing that ultimately they’ll be happier and more satisfied for it, and our data suggests they’re right,” comments Suzanne Mitchell, Marketing Director, at GoDaddy Australia.

“However, it’s not without challenges, and the last six months – with first bushfires and now the COVID-19 pandemic – have presented an extraordinary set of challenges for Australia’s small business owners.

In the face of that, it’s inspiring to see that, for so many resilient Aussie entrepreneurs, conquering these challenges is contributing to their satisfaction.”

“With registering a domain and creating a website featuring highly as key milestones in a small business’ growth journey, it’s clear that the power of having a digital presence has permeated all aspects of today’s business operations.

This is especially so given the current COVID-19 pandemic, with many businesses operating virtually and relying on the internet to help keep them in touch with staff, suppliers and customers.

This is exactly why, at GoDaddy, we dedicate ourselves to empowering Australia’s everyday entrepreneurs by providing them with the tools and support to help them grow their venture online – from registering their domain name to creating a professional website and marketing it online.” 

What did some small business operators have to say?

Nikki Quittner, Founder of financial advice service, Test Before You Invest said, “My first day certainly wasn’t smooth sailing. However, I was motivated by the opportunity to disrupt the market and deliver a service that people fundamentally need. One of my most significant milestones was the first time I couldn’t answer a question in a pitch.”

“This was really important because it was the first time I felt there was a hole in my pitch. This challenge made me go back to the drawing board and ensure that any hole was addressed so that my pitch was as robust and impactful as possible. I took what was, at the time, a negative experience and used it to improve myself and my business.”

Miki Kanamaru, Founder of pet specialist, Pet PA said, “Going into business on my own was really hard; you have to work constantly to find your own revenue and opportunities. The biggest motivator for me is the passion for what I’m doing, and the thrill of overcoming a challenge.

“I’ll always remember my first customer, not just because it was a key milestone, but because it was the most challenging customer I’ve had. However, overcoming that challenge was really rewarding as gave me a conviction and belief in using my own skills to succeed and overcome anything.” 

David Narunsky, co-founder of healthcare provider, Mosh said “When my eventual co-founder began experiencing hair loss, we saw an opportunity to disrupt the industry by providing access to good healthcare online, so we left our corporate jobs and took a chance on Mosh.”

“Starting a business is really challenging, and one of the hardest decisions was quitting a nine to five job. But when you believe very passionately about something, you’ve just got to take a leap of faith and give it a go. It’s certainly paid off, with one of my best moments certainly being meeting a client for the first time – that was so rewarding.”

Zoe Vrachnas, singer and owner of Zoe Vrachnas, said, “I decided to go out on my own after realising that the work I was doing was no longer fulfilling. I saw so many people following their passions and thought, if they can do it, I can do it. I’m inspired by people – from any and all walks of life – that not only work for themselves but do it successfully.”

“I’ll definitely always remember the first time that I picked up the keys to my new studio. It was a long time in the making because it was a financial risk, but it now allows me to have a more legitimate space to build my business from.” 

Jeremy Simons, commercial photographer and owner of Jeremy Simons said, “From finding good staff to keeping up with current trends and finding continual ways to improve my business, I’ve experienced quite a few challenges running my business. It’s a time-consuming process but it’s so rewarding to do what I love each and every day. For me, the rewards are really internal.

The biggest inspiration for me going into business on my own was family members who have ventured out to follow their passion, rather than follow the money. I’m continuing to learn all the time, whether they’re positive or negative experiences, it’s always an opportunity to learn.”

Dean Salakas, CEO of party retailer, The Party People, said, “I started working in a corporate career, and while I enjoyed it, I needed a bigger challenge. This is really what pushed me to go out on my own. To me, trying to grow a small business seemed like the ultimate challenge.”

“Running a small business is never easy, and while there have been plenty of challenges throughout the journey, tackling them head on, and coming out the other side with a stronger, more prosperous business, is a big motivator.”