Melbourne\u2019s Eloise McCullough just moved into a bigger studio, four years after starting her stained-glass business from scratch.<\/p>\n
Australia\u2019s economic confidence is sliding, but its sole traders don\u2019t seem to have gotten the memo.<\/p>\n
New research from Hnry\u2019s Sole Trader Pulse, described as the only independent survey of the country\u2019s 1.7 million sole trader workforce, has found that many are expanding their businesses rather than pulling back. Almost half have diversified into new income streams, 76 per cent say they have a loyal customer base, and two thirds are using technology to work more efficiently.<\/p>\n
Average quarterly gross income, before expenses and tax, climbed 14 per cent, from around $29,150 to $33,200. More than half of sole traders said they earned more than they had three months earlier, up from 47 per cent in March and well ahead of the 25 per cent whose income had dropped.<\/p>\n
Melbourne stained-glass designer Eloise McCullough is one of them. Four years after launching her business, Fools Glass, she\u2019s moving into a larger studio to keep up with demand for her bespoke leadlight windows, kiln-formed glass artworks and growing workshop program.<\/p>\n
\u201cI feel really excited about where the business is heading,\u201d she says. \u201cEvery year has been bigger than the last, and now I\u2019m moving into a larger space so I can continue to grow and teach more people the craft.\u201d<\/p>\n
Eloise works with architects, interior designers and private clients on handcrafted stained-glass commissions that pair traditional technique with contemporary design. Over the past three years she\u2019s also built a workshop business alongside her custom glazing work, a decision that turned into more than just a side project.<\/p>\n
\u201cI realised pretty early that workshops weren\u2019t just something I enjoyed, they became an important part of the business,\u201d she says. \u201cThey\u2019ve allowed me to diversify what I offer, connect with incredible people, expand my audience and create another pathway for growth.\u201d<\/p>\n
The broader numbers back up her experience. Sixty per cent of sole traders rated their personal satisfaction as good, and 57 per cent said they had good work-life balance.<\/p>\n
Hnry Australia Managing Director Karan Anand says Eloise\u2019s story reflects a pattern playing out across the sole trader economy more broadly.<\/p>\n
\u201cSole traders don\u2019t have the luxury of waiting for the economy to improve, they have to adapt in real time. That\u2019s exactly what we\u2019re seeing,\u201d he says. \u201cConsumer confidence is falling across Australia, inflation is a major concern, and business confidence is still gloomy, but sole traders are refusing to stand still. They\u2019re diversifying their services, embracing technology, finding new customers and continuing to invest in themselves.\u201d<\/p>\n
Eloise isn\u2019t ignoring the wider economic picture, though. She\u2019s just found her niche holds up.<\/p>\n
\u201cMy clients are people who genuinely value craftsmanship, art and design, so of course I pay attention to what\u2019s happening economically because it can influence spending,\u201d she says. \u201cBut I\u2019ve found people still want to invest in locally made pieces designed specifically for them, and that\u2019s given me confidence to keep investing in the business.\u201d<\/p>\n
Anand argues that sole traders\u2019 willingness to keep growing says something about the wider economy too.<\/p>\n
\u201cSole traders often experience economic change before anyone else because they\u2019re making commercial decisions every single day,\u201d he says. \u201cThe fact that so many are still investing, growing and backing themselves despite softer economic conditions is encouraging, not only for the self-employed, but for Australia\u2019s broader economy.\u201d<\/p>\n