The marketplace has certainly changed over the last few decades. For years, business owners were more the Don Draper type. Now, the culture is changing for the better and millennials from all over the country are starting and owning businesses, which are also changing.
It’s not all large tobacco and advertising corporations, anymore. Small businesses actually account for as much as 99% of today’s organizations. According to Entrepreneur, millennials are now turning their hobbies and interests into successful businesses.
Millennials have to deal with all kinds of stereotypes about being entitled, lazy, covered in tattoos, and soft. Though approximately 45 million Americans have at least one tattoo, many of them millennials, for the young Americans that can breeze past these negative stereotypes, there are lucrative and engaging careers ahead of them.
For instance, millennials love coffee, right? Why not turn that love of coffee into a lucrative career? Independent coffee shops bring in $12 billion in sales every year. Millennials are making good money traveling the world and taking photos on Instagram. They are blogging about celebrities, starting restaurants, and opening innovative businesses all around the country. With influencers left and right, beauty trends like laser hair removal are seeing an uptick. Small businesses are using this to their advantage, too.
Whether it’s your very own mom and pop coffee shop or another business that makes use of your hobbies or interests, if you’re serious about it and work hard, you could have a very successful company in the near future.
Here are some great tips for starting your very own small business:
- Remain consistent — Whatever business you’re starting, it’s important to fight through the difficulties and remain consistent. Even Singh, a professional YouTuber, only had 70 people watching her videos during the early stages of her career. Just a few years later, after consistently posting quite often, she now has more than 14 million subscribers.
- Use quality signage — No matter what kind of business you’re starting, you’re going to need people to actually learn about your company and physically walk into your establishment. Without a nice welcoming sign out front, people will simply walk right by your shop. Approximately 70% of consumers indicated that the quality of a company’s sign reflects the quality of the business itself. Additionally, though advertising is quite important, the value of on-site signage is equal to 24 full-page newspaper ads every year.
- Build a strong team — The foundation of a great business is great people. Without hardworking employees, you will never be able to reach your full potential. Though it’s important to staff your company with plenty of friendly and hardworking employees, you should look for a trusted partner and confidant, as well. Find someone who shares your same vision and interest, but can bring a different set of skills to the table.”I am very creative and vision-driven,” said Tyler McConville, CEO of NAV43. Finding a business partner that is more cautious, logical, and methodical was the missing ingredient for my recipe to success.”
- Take advantage of invoice factoring services — Invoice factoring is a type of accounts receivable financing that covers outstanding invoices due within 90 days into immediate cash for your business. Approximately 82% of new organizations fail due to cash flow problems, so being able to receive immediate cash to handle all your business expenses can keep your company afloat and set you up for a successful future.
- Be willing to adapt — It’s important to remain vigilant as you grow your business, but you should know when change is inevitable and embrace it, rather than push away from it. You could have a certain vision for your career and business, but that could significantly change in a moment due to a wide range of factors. As long as you’re willing to adapt and are embracing change in a positive manner, you will likely overcome whatever obstacle is thrown your way.
There is no doubt about it: the business sector has changed and is continuing to change. This change is good, however, and a diverse group of hardworking, motivated, and creative Millennials are leading the way.