GoDaddy announced the findings from its new 2017 Gig Economy Survey. The survey shows that most Filipinos who have a full-time job and a side business juggle both in the hope of becoming their own boss in the future.
Reflecting the entrepreneurial spirit in the Philippines, the survey found that 72% of Filipinos with side businesses eventually want to become full-time business owners and entrepreneurs within five years. And the top two reasons for this career shift: to increase personal wealth and to pursue their passions.
The 2017 Gig Economy Survey polled 1,500 people across the Philippines, Hong Kong and Singapore. The survey focused on professionals, male and female, from ages 18 to 64, who work full-time and also have side businesses. GoDaddy conducted the survey to better understand the popularity of side businesses in Asia and key drivers for pursuing side businesses while also having a full-time job.
The survey found high prevalence of side businesses in the Philippines, with 77% of Filipino respondents saying they have or have had income-generating endeavors on top of their regular jobs. The survey also revealed that these businesses were aided by online technologies that helped create awareness and provided sales touch points for the business, with 55% saying that their entrepreneurial ventures were highly dependent on technology. Online tools of choice for Pinoy side business owners were social media (69%), followed by websites (43%), e-commerce platforms (37%), and digital marketing (35%).
As to why they started their side businesses, 61% of Pinoy respondents said they wanted to increase their personal wealth. However, the spirit of entrepreneurship per se drives many employed Filipinos to take up side businesses—55% said these ventures allow them to pursue their interests and passions, and 40% said they aspired “to experience entrepreneurship.”
“The results of our regional survey show side businesses are highly common in the Philippines, Hong Kong, and Singapore. It tells us also how entrepreneurs are embracing the online marketplace and how e-commerce continues to fuel business growth,” said Roger Chen, GoDaddy’s Vice President for APAC Region. “In addition, the survey gives us a clearer picture of how online tools, such as those provided by GoDaddy, is being received and used to pursue entrepreneurial passions.
The study also found out that Asia is home to a high population of “makers” who create goods to sell and, unlike in the past, the notion of a side business is no longer confined to a brick and mortar set-up—e-commerce ventures emerged as the top choice of would-be entrepreneurs across all three markets. In the Philippines, that translated to 55% of total respondents. The other top choices were food service and hospitality (43%) and retail and consumer products (37%).
“It’s the convenience of online technologies that helps those with side businesses to continue their endeavors on top of their full-time jobs. And lack of knowledge on certain tools and topics isn’t much of a barrier anymore,” Chen said.
The survey showed that Filipinos are comfortable seeking and learning about different business tools on their own. In fact, 48% of Filipino respondents said that they search online to better understand a topic. It’s these searches that help entrepreneurs realize the value of discoverability online—something GoDaddy advocates through its products. In fact, among those who have stuck to purely brick-and-mortar ventures, 76% believe that technology would improve the performance of their business.
Overall, the survey showed that for Filipinos who eventually want become their own boss, it’s imperative to utilize online technologies to their advantage.
“It’s important for people who are juggling side businesses with full-time jobs to have a strong digital presence to expand their reach. Having a website that is fully integrated with social media and e-commerce tools can greatly benefit small ventures, facilitating their growth and support the desire to transform into full-time endeavors,” says Chen. “With our different online solutions, GoDaddy can help ease the burden business owners and entrepreneurs face when setting up their online presence.”
3 Key Takeaways from GoDaddy’s 2017 Regional Gig Economy Survey:
- Employees who own side business eventually want to become their own boss. Many Filipino entrepreneurs start this way, setting up a side business that they eventually transform into a full-time concern.
- The Gig Economy is well-received in the Philippines. Filipinos are looking for ways to increase their personal wealth, and running side businesses on top of their full-time jobs is often considered the way to go.
- Online technologies have empowered owners of side businesses. From helping create awareness to providing sales touch points, online technology has enabled Filipinos to start and maintain side businesses.