Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

New Intuit report reveals rise of the 'multi-hustle' set to fuel post pandemic recovery


News provided by

Intuit

10 Mar, 2022, 08:00 GMT

Share this article

Share toX

Share this article

Share toX

  • New QuickBooks & Oxford Economics report – The Sole of the UK  – uncovers a vibrant sole trader community catalysed by the pandemic
  • The Multi-Hustle is a new trend among entrepreneurs, with nearly a quarter of Millennials & Gen-Z currently running multiple businesses or wanting to
  • Younger generations and those who take advantage of digital have strongest annual revenue performance
  • Overall, sole traders contributed £112 billion to the UK economy in the year to 2021 – equivalent to more than 2x that produced by all the people in Manchester

LONDON, March 10, 2022 /PRNewswire/ -- Step aside, side-hustle: we're entering the age of the "multi-hustle". A new report1 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 has spoken at  QuickBooks Connect  UK this week. 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.

1 A core part of our analysis is based on a new primary piece of research conducted in February 2022. Censuswide surveyed 1,000 sole traders. Results are broken down into four age groups: Gen Z (aged between 16-23 years old); Millennials (aged between 24-42); Gen X (aged 43-54); and Baby Boomers (aged over 55 years old). We also draw on the BEIS Small Business Survey data on sole traders and other official datasets including the BEIS Business Population Estimates. For full methodology, please visit the Appendix of the report.

2 Defined in this study to be businesses wholly owned by one person with zero employees.

3 When it comes to the technologies most widely used by sole traders, financial technologies – digital payments (50%); self-assessment tax returns (48%); accounts (42%) and digital invoices (39%) – are the four most popular choices. And Gen Z sole traders are particularly likely to use digital technology to monitor their business' cashflow and overall financial performance, at 35% compared to 23% for all age groups. Other uses of technology span from marketing and advertising (28%) and developing new products and services (16%).

4 While wanting to be your own boss (51%) remains the most popular reason for setting up a new venture, many sole traders are starting businesses to have a better work/life balance (43%) or pursue a passion or interest (27%). The latter is increasingly popular among those who set up businesses in the past year (34%) and Gen-Z, who ranked this just as important as being your own boss (31% vs. 32%). 

5 Based on £54 billion generated by sole traders themselves, £13 billion stimulated by spending with suppliers, and £44 billion contributed by remuneration-financed consumer spending (totals £112 billion when rounding is taken into consideration). For more detail, see Chapter 2 of the report.

6 The net balance takes into consideration those who answered they experienced an increase in revenues, a decreased in revenues, and those who experienced no change.

About Intuit 

Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social. 

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.