Millennials are now in their prime as this year, the first members of this generation will turn 36. Lazy, narcissistic, and entitled are the kinds of stereotypes that you can frequently hear about millennials, but this generation, that has already taken over the workforce, can easily prove this wrong. They have transformed the idea of the workplace and challenged some long-established practices.
If we bear in mind that they’re more burdened with student loans that their predecessors, baby boomers or Generation X, it’s easy to understand why a meager 2% of millennials are self-employed. Still, the situation is changing rapidly as almost 4 million baby boomers retire each year and these digital natives emerge as new leaders. Here are a couple of business ideas to spark their dormant entrepreneurial spirit.
Social Media Training
Millennials practically invented social media, they’re fluent in technology, and many of them use several platforms every day. Why not turn this interest into a fully-fledged business? On the other hand, small and medium sized businesses have to leverage social media in order to increase their visibility and reach their audience in a saturated, competitive market.
Social media coaching is an excellent business idea and small business owners are ready to pay in order to learn how to promote their company. Apart from coaching, there’s an array of lucrative digital marketing jobs suitable for millennials. Companies need content writers, web designers, and community managers, any of which make perfect business opportunities for the children of the digital revolution.
I’m not talking about just any generic pet food. What I’m talking about here is fancy pet food, packed with nutrients and healthy ingredients. According to the American Pet Products Association, people in the U.S. will spend $69.36 billion on their pets in 2017.
Another survey has shown that 43% of people would rather spend money on their pets than on themselves. When it comes to millennials, 76% of them are more likely to splurge on for their pet than they would for themselves. It’s clear that those furry creatures have become regular family members, which means that specializing in natural, organic, and holistic pet food is all the rage at the moment, so why not get a piece of that $69 billion market.
Regular cosmetic products are mainly chemical-laden and full of various toxins. That’s why consumers are increasingly interested in small-batch beauty brands that use only natural ingredients. People have started reading labels and they’re extremely cautious about what they’re putting on their own skin.
Many celebrities popularize and promote this industry and it’s a perfect moment to jump on the organic cosmetics bandwagon and start making money in an environmentally friendly and cruelty-free way.
Sell Coffee Online
Americans drink an average of 3.1 cups of coffee every day. Although many of them like to order a fancy Frappuccino from Starbucks, good, old-fashioned home brewed black coffee is still popular. If you’re wondering whether selling coffee online means that you should apply for a loan, buy a plantation in Brazil or Jamaica, and produce your own coffee, don’t worry as the procedure is considerably less complicated.
All you have to do is find a drop shipper, select blends you want to sell, and when a customer orders from you, they pack it and ship it for you. As you can see, this is one of those easy business ideas that can work like a charm without too much hassle.
Sell Gadgets Online
Portable power banks are necessities of modern life, and nobody knows that better than millennials as one of their greatest fears is that they will run out of battery on their smartphone. Besides that, smart watches, wearables, fittech, or Bluetooth speakers are also extremely popular, so tapping into the global gadget market can be very profitable.
There’s no need to rent a warehouse and store all the items you want to sell, as drop shippers will do all that. What you have to do is build a cool website, promote your products across social media, and be very persistent. Attracting customers will be more effective if you offer them free shipping or similar incentives.
The 9-to-5 is a thing of the past and millennials were the ones who dismantled it. That’s why entrepreneurship is the only logical choice for people who want a good balance between work and life. Online businesses, such as social media training or sales of pet food, cosmetics, coffee and gadgets are just a few of the vast marketplace that provides deep opportunities for millennials to start their own business.
Author Bio: My name is Alex Williams. I am a journalism graduate, and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to wider audience, getting the chance to showcase my expertise and receiving recognition. I am a regular contributor at Bizzmakr Blog.