Jordan Casey, CEO of Ownr, joins BNN Bloomberg to discuss the reason more Canadians are taking on side hustles. <\/p>\n
An increasing number of Canadians are turning to side hustles to pay the bills, and many of those gigs have the potential to scale into small businesses, says the CEO of Ownr, an RBC-owned incorporation and registration platform.<\/p>\n
\u201cWhat starts out as a side hustle, a passion project or a small opportunity or niche that someone has identified, can eventually turn into a full-time business,\u201d Jordan Casey told BNN Bloomberg in an interview on Thursday. <\/p>\n
\u201cSide hustles are becoming a big pathway into business ownership.\u201d<\/p>\n
Casey\u2019s comments came after Ownr and RBC released new data suggesting nearly a quarter of Canadians earn extra money through a side gig. <\/p>\n
\u201cAnother 25 per cent are thinking about pursuing one\u2026 I think that\u2019s really encouraging to see that Canadians are looking towards alternative sources of income in a pretty challenging macroeconomic environment,\u201d he said. <\/p>\n
According to survey data from Ownr, financial challenges are the main motivation for Canadians who have taken up side hustles. <\/p>\n
Thirty-nine per cent of respondents said they were looking to supplement their regular income, while 33 per cent cited rising living costs, and another 26 per cent said they turned to side hustles to pay down existing debt. <\/p>\n
\u201cWhat that tells me is households are really stretching to keep up, but they\u2019re not being passive about it, and I think that\u2019s the encouraging thing,\u201d said Casey. <\/p>\n
\u201cThey\u2019re taking action and they\u2019re building something.\u201d<\/p>\n
\u2018Necessity and opportunity\u2019<\/p>\n
Casey argued that in addition to necessity, opportunity is the other main driver of growth in the gig economy, as more Canadians with thriving side hustles set their sights higher. <\/p>\n
\u201cWhat the data is telling us is that it\u2019s both a product of necessity and opportunity,\u201d he said. <\/p>\n
\u201cNearly one in five side hustlers say they\u2019re likely to go full time, and that\u2019s closer to three in 10 amongst the Gen Z audience.\u201d<\/p>\n