With the Great Recession taking place in 2007, Millennials have been somewhat displaced in the current job market. Many have bounced around from job to job. Others have suffered from unemployement or underemployment. With many Millennials getting back on their feet, the economy picking up a little bit, now is a great time for Millennials to start a business or multiple businesses if you feel really ambitious.
Why not? A basic pillar of business is “making something out of nothing”. There is a need for new products, better services, opportunities in tech and web. The average age for Millennials is just approaching 30(27 for Women and 29 for Men). Many have a good chunk of work experience under their belt and it is a good time to utilize that experience. Depending on when you work your main job there is always time to prospect for new clients(If you live in California and work at 9 AM, you can prospect the eastern half before work, or live on the east coast, vice versa). The first step is starting.
With the internet, remote workers, globalization, the ability to outsource, there is massive opportunity. All of the changes in the last 15 years with the internet, social media, streaming media, cell phones, tablets, and apps have provided massive opportunity for business to be conducted across long distance. Baby Boomers are getting older and there is an opportunity for Millennials to acquire businesses and customer bases they no longer want to maintain. The other opportunity includes sites like FounderDating & CoFoundersLab where founders can readily seek out a Co-Founder to boost their business. With social media, small companies experience a lower playing field as far branding, not having to invest thousands of dollars for television exposure.
I had a friend ask me the other day about one of my existing business ventures. He asked if I was still going to do this existing business. My revenues weren’t anything spectacular from it, about $36,000 gross and about $12,000-$18,000 after taxes and expenses. I expected to double the business this year, and with a 5-7 year rollover on each past client, why wouldn’t I continue. He said, “Oh yeah…Good point.”. So while it may not provide massive amounts of money, or replace your day job right away. The fact of the matter is, it goes to your bottom line.
Which brings me to my next point…The R Word…Retirement. Millennials think of retirement as a pipedream. Many of us expect to keep working into our retirement years(due to the recession, due to lack of planning and procrastination, Stock Market apprehension, etc). If you build quality business with a good customer base(CPA Practice, Web Design, Coaching, Real Estate, Computer Repair, etc.), this eventually could and will become your retirement. Remember, the first step is getting started.