When it comes to starting a new business, there can be a lot of expectations for Millennials. Millennials, which is now part of today’s working adults, were born anywhere from 1981 to 1996. They are civic-minded and focus more on societal needs than individual needs. After all, they grew up amidst the digital revolution wherein computers, the internet, and popular online media have become the norm.
With that in mind, what are the best businesses for tech-savvy and socially inclined Millennials?
1. Travel Blogging or Vlogging Business
Since some Millennials, especially those who want to travel, want to mingle with various cultures and locals, they trust online platforms, like social media, to bring their message to the world than traditional advertising. That’s why a highly recommended business for millennials should have something to do with tourism, especially since this generation spends over USD$200 billion on travel in 2018 alone.
You can start your passion for travel by creating a travel blog or video blog (vlog). A blog refers to an informational or discussion website about any niche or topic, such as travel. On the other hand, affiliate marketing involves earning a commission every time a customer clicks on a link or ad on your website and makes a purchase paid to you by the seller or company selling the product.
Check out the advantages of making travel blogging and affiliate marketing as a business:
- You don’t have to rent an office or hire employees to start this home-based business. All you need is your computer and high-speed internet.
- If you have a great passion for travel, art, and culture, blogging is a perfect way to share your travel stories. Show your audience the places you’ve been and share your experiences.
- Be able to educate first-time travelers by setting their expectations and provide some travel tips to keep their trip unforgettable, safe, and more enjoyable.
- Eventually, become a social media travel influencer or Millennial coach and empower people to pursue their dream destinations. Also, you can endorse helpful travel products to make people’s lives a lot easier. It’s also a way to strengthen your affiliate marketing business for higher commissions.
- You can also earn money by uploading your video blogs on YouTube and getting sponsored by advertisers to reach a certain number of followers and subscribers to your YouTube channel.
2. Graphic Design Business
For Millennials who have a knack for graphic design, a graphic design business is highly recommended. You can start as a freelancer and gain clients through job hunt online platforms. All you have to do is to create an account and a profile to describe your skills and expected salary rate.
Using online tools can make your graphic design more engaging. This way, you can clearly deliver your message to your audience. A good graphic design can make a brand shine, memorable, and convert visitors into actual customers. Use high-quality tools when planning a graphic design to help reach your consumers better and boost sales.
Take note that brand recognition starts with good signage and logo design. You can implement creative graphics for websites and in-store merchandising, such as in-store signage, store logo, and window display. Eye-catching window graphics, illuminated wall signs, and environmental graphics will go a long way.
3. Accommodation Business
Millennials can have a passive income with accommodation business, which is a good business opportunity. You can rent out your guest room or your vacation home to tourists. It’s what Joe Gebbia and Brian Chesky of Air Bed and Breakfast (Airbnb) thought of, which is now a very popular platform for people looking for accommodations.
4. E-commerce Business
E-commerce business is a crowded market, but it’s booming and the rewards are very promising. It can be done through major marketplaces, like Amazon, eBay, or creating a store at Shopify, as well as social media networks, like Facebook.
E-commerce business is the best business for Millennials because of the growing online shopping activities and offerings nowadays. For instance, e-commerce is not only for goods, but also for services, including online coaching, telehealth, and design.
To get you started, check out the products you can sell online:
- Unused items at home
- Baby products
- Clothing apparel and shoes
- Digital products, like electronic or E-book
Millennials are highly involved in societal activities and love to travel, so the best businesses for them should involve traveling locally or abroad. Also, Millennials are computer tech-savvy, so online businesses are their forte, including blogging, affiliate marketing, graphics design, listing, booking, and appointment setting businesses.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.