One of the city’s key business figures has branded 2021 “the year of the side hustle”.
Logan Chamber of Commerce president Stewart Fleming says businesses have already learned to be nimble.
Those who were prepared to be flexible have survived the pandemic and associated economic conditions.
They would now look to broaden their focus even further, honing in on their expertise to create multiple revenue streams within their business.
“It’s just a modern form, an individualised version, of branching out,” he said. “Businesses will look to find new lines and services in an effort to ensure their businesses are more secure.”
He said the “variability” of income streams was akin to not putting all eggs into a single basket. Businesses would look at the various aspects of what keeps their industry going, and they would make sure they were ready to service each of those facets.
“We know that things are going to change,” he said.
“Borders will be shut, they will be open. We’re not sure exactly how things will change, but we know that they will.
“It will be a year of variety and creativity – the year of the side hustle.”
Mr Fleming said state and federal governments in particular were looking to help businesses improve during a turbulent economy.
“We can expect people to re-think the facets of their business which have proven consistently reliable over the years, which will mean some things will go back to the old-fashioned ways,” he said.
“This in itself is a form of creativity, providing a flexible take on a product or service people consider to be traditional. Businesses will experiment, but they will be sure to have a stable core.
“They will add and extend to their business. They will look for something new, all the while shoring up whatever it is that they know best.”
Mr Fleming said resilience would come from multiple revenue streams.