Every generation has its perks. Baby boomers are extremely goal-oriented, loyal, and work-centric. Whereas Generation Xers are the most flexible of the bunch; having a good work-life balance, and an acute sense of freedom and independence. Finally, despite many stereotypes, Millennials are the most tech-savvy of the lot (higher levels of education), are good multi-taskers, and are constantly on the lookout for new challenges and learning opportunities. Hence, it shouldn’t come as a surprise that Millennials make for excellent entrepreneurs and innovators, especially in the new start-up scene. So, if you happen to be a Millennial, and you’re looking to become your own boss, be sure to check these five creative business ideas to get you started.
Web design and development
If you don’t know just how popular web design and development are at the moment, then you’ve probably been living under a rock for the past couple of years. Nowadays, every brand that is even remotely serious about being competitive is looking for young, talented, individuals to design and develop their business’s website. Meaning, as a web designer/developer you’ll always have plenty of work to choose from, and you won’t have to worry about being unemployed ever again. That said, you first need to learn how to code properly; there’s plenty of free online courses (freeCodeCamp, Codeacademy, W3schools, etc.) and tutorials on the internet. The next logical step is to hone your newfound coding skills; use platforms, such as WordPress for instance, to set up a portfolio website to act as both a playground and a demonstration of your coding literacy to prospective clients, for the remainder of your career.
Speaking of websites, with the transition from offline to online shopping: e-commerce is the way to go. According to Statista, by the year 2021, the global e-commerce sales value will amount to a projected 4.88 trillion US dollars. Therefore, to start a successful e-commerce business, you first need to figure out what is it you wish to sell; hand-made jewelry, art, sweaters, and clothes in general, are extremely popular at the moment. Conduct some research, find a niche market that suits you and stock up on your designated merchandise. Once you have that covered, you can either: create your own e-commerce website from scratch; or you can utilize pre-existing platforms, such as eBay, Etsy, Shopify, Amazon, etc., to act as your virtual store instead. Lastly, you need to generate some traffic to land all those potential buyers on to your shopping platform; engage followers on social media, use ads, start your own blog, and so on.
The cleaning services business is yet another up-and-coming industry with lots of unused potential. Since the time of the Great Recession, the economy has been slowly coming back to life, with new hospitals and office spaces being built around every corner; and guess what? They all require some form of daily cleaning and maintenance. Now you may be wondering how to start a cleaning company of your own and; rightfully so. According to The U.S. Department of Labor, there is an estimated growth of 6% through the year 2024, making this a lucrative business prospect for young entrepreneurs with their eyes set on the future. Also, with the right equipment and expertise, niche cleaning services (window cleaning, carpet cleaning, pressure washing) can haul in a hefty profit as there’s currently less competition for these markets.
Real estate and house flipping
Ever since the housing crisis of 2008, people have become increasingly aware of the immense potential real estate has to offer. Those opportunistic few that invested their money in low-cost properties, only to ‘flip’ them later for a better price, have now earned themselves a small fortune. Today, the economy has stabilized quite a bit, yet the potential of real estate hasn’t waned all that much. What’s more, a new player has entered the scene: technology. Sophisticated architectural programs and 3D software are already in use, with VR and AR drawing steadily on the horizon; and who best to deal with these new high-tech gadgets? Millennials. Out of all the generations, Millennials are the most tech-savvy. As such, they should have an easier time adapting to all the latest tech trends, making them prime candidates for the future of the real estate business for years to come.
Healthy fast food
Who says fast food needs to be unhealthy? There’s plenty of young, well-educated, individuals out there that are nutrition savvy and hungry for some delicious high-quality (and low-calorie) foods and beverages. Greasy burger joints, ice-cream trucks, and taco stands are some bad habits this generation is trying to avoid. Hence, making this is an opportune moment to corner the niche market, seize control of the healthy fast food industry, and create a legacy of guilt-free, nutritious eating. For instance, just look at Nectar’s food trucks; it’s a simple, low maintenance way for you to ‘reach’ your customers, so to speak. Though, why stop at smoothies? Throw in a salad, prepare some whole grain tacos, and use those fresh local ingredients to the max. Who knows, perhaps ‘McHealthy’ is on its way to become the next big thing.
All in all, Millennials are adventurers at heart. Be yourself, trust your instinct, and don’t listen to what other generations have to say; do business with style.
About the author:
Robert Clayton is a blogger with a degree in engineering based in Sydney. His interests and passions include DIY, green technologies and home improvement. He also loves good food, music, dogs and enjoys spending time by the ocean. He’s a regular contributor for Smooth Decorator, An Australian Home improvement website.