Half Of Kenyans With Side Hustles Plan To Quit Day Jobs - Survey

 

By Kepha Muiruri For Citizen Digital

About half of Kenyans with side businesses commonly referred to as side hustles are set to quit their day jobs this year.

This is according to a new survey by SME consultancy Viffa Consult that featured responses from 125 side hustle proprietors across seven counties.

While 48 per cent of the respondents seek to drop their day jobs, a further 24 per cent seek to expand their side hustles while keeping their day jobs while 20 per cent of the business owners are seeking full-time jobs alongside keeping their business.

Only four per cent of Kenyans intend to sell their business while only another partly four per cent plan to close the businesses.

The results from the survey rubber stamps the success of the side hustle ventures whose popularity has soared against the stay of the COVID-19 pandemic which resulted in massive job losses and pay cuts to employees.

72 per cent of the side hustle owners state they are running a profitable venture with revenues exceeding expenses.

Nearly half of the business owners or 40 per cent state they have seen revenues rise by 10 per cent with only eight per cent of the sole proprietors reporting a dip in earnings.

Supplementing salaries from day jobs remains the greatest motivator to starting a side business ahead of investment of disposable income and retirement plans.

Other reasons behind the venture include layoffs, meeting unmet needs by employers and hobbies.

The most preferred side businesses sectors are wholesale and retail, ICT, media & entertainment, education and construction.

Over the past year, youth aged between 26 and 30 have recorded a notable surge in their entry to side hustlers with the survey attributing this to the loss of entry level jobs.