Step aside, side-hustle: we’re entering the age of the “multi-hustle”. A new report from global technology platform Intuit QuickBooks reveals nearly a quarter (23%) of Millennial & Gen-Z sole traders2 are either currently running or want to run multiple businesses. 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.

The findings come as part of a new report from Intuit QuickBooks and Oxford Economics – The Sole of the UK – which explores the changing face of the sole trader community in the UK as a result of the pandemic. Sole traders represent more than half (53%) of all private sector businesses, with 2.9 million sole traders in the UK in 2021.

Digitally-led, younger business owners enjoy strongest annual revenues

As well as running multiple businesses, young sole traders are also most likely to build their business around digital. QuickBooks’ findings show businesses led by Gen Z sole traders are most likely to centre their business around digital technology (73%), compared to 55% of Millennials, 46% of Gen X and 36% of Baby Boomers.

The analysis shows a clear connection between a digital approach and annual revenues – a net balance of -2% of those with digital at their core experienced an increase in revenues over the past year, vs. -28% amongst businesses where technology plays no role. Those with digitally-focused businesses3 are also more likely to have stronger expectations for revenue increases over the next year.

Chris Evans, Vice President and Country Manager UK at QuickBooks, comments: “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.”

Seasoned multi-hustler, entrepreneur, investor, and author  Steven Bartlett  is speaking at QuickBooks Connect UK this month. Commenting on the findings, he says: “I’m a tried and tested “multi-hustler” – I love wearing different hats, exploring new passions4, 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

Oxford Economics estimates sole traders contributed £112 billion5 to the UK economy in the year to 2021. To give a sense of scale, this is equivalent to 2.6 times that produced by all the people employed in Manchester. This comes despite sole traders being more likely to have experienced a decrease (40%) in revenues over the past year than an increase (28%), as the continued lockdowns of 2021 impacted businesses’ bottom line.

But younger generations bucked this trend, with a net balance6 of +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 post pandemic economic recovery.