Millennials; Be your own boss; explore endless opportunities to start business from home
In today’s world, Millennials are facing a number of challenges including financial barriers, higher student loan debt and lower starting wages than previous generations when they decide to start a business.
Millennial Business Ideas –Here are ten possible ideas –
- Click and mortar business – is a type of business model that includes both online and offline operations, which typically include a website and a physical store. A click-and-mortar company can offer customers the benefits of fast online transactions or traditional face-to-face service.
- Start a consulting Business- This business provides a professional or an expert advice to a company or an individual. In a particular area such as security (electronic/physical), management, accountancy, law, human resources, marketing, or any other specialized field.
- Create online products for Kids- Products specifically for kids such as educational items, baby kits, toys or any other eye catchy and useful products attract not only kids but their parents too. So targeting kids to make a profitable business is not a foolish decision.
- Freelance or Contract Workers- Freelancers or contract workers are basically self-employed and they sell their skills to a particular company or individual for a temporary time period. Some examples of Freelancing are – writing, editing, copywriting, web designing and web development just to mention a few.
- Teaching online
- Editorial work- Many companies require editors for write-ups in the form of books, advertorials, any sort of content.
- Writing contents
- Community moderator- The work of online community moderators involves managing social networking sites or forums on behalf of the client. That is, you have to keep the site free of spam posts, close any forum thread if necessary, settle disputes between members, market and manage client’s profile on the social media, welcome new users as well as ban a user if necessary.
- Providing Loans online- This business can be started even with a noble cause such as done by KIVA, an International non-profit, with a mission to connect people through lending to alleviate poverty. You can provide loans to entrepreneurs doing amazing things and changing lives of people.
Companies started by Millennials
- Arthur – Leigh Sevin and Jinesh Shah, both from large metropolitan areas, NY and Chicago, together created Arthur, which provides stylists-on-demand and access to the latest seasonal fashions for busy professionals. With Arthur, it’s easy to look and feel great all the time.
- Emile- The company owners are Charlie Molthrop and Nazli Danis. Emile is their plan to improve everyone’s lives by providing a chatbot that encourages people to achieve their health and fitness goals.
- Venture for America– Venture for America have started companies addressing everything from sustainable land development to supporting youth sports to healthy food options.
Cost of home business
Depending on the nature of your business, break down your costs into:
- one-off costs (establishment costs e.g. license fees, insurance)
- cost of purchasing all necessary equipment to be used in the business over the next few years
- working capital, which is the money you need to set aside to cover the initial set-up stage of your business for running costs
Female Entrepreneurs in the United States are a great source of inspiration.
- Avella Specialty Pharmacy, led by CEO Rebecca Shanahan, grew by $469 million during the last three years, to about $800 million in sales.
- Drawbridge founder Kamakshi Sivaramakrishnan
- Limor Fried, Adafruit Industries
This is an era of digital revolution, and if you are techno savvy and can easily avail a laptop lifestyle, home based business is best suited for you.
Some Business ideas for mums also:
- Web search Evaluator
- Data entry Specialist
- Telephone interviewer
All of the above jobs allow moms, new and experienced, to continue working after a recent birth or opt back into the workforce after leaning out to care for their family.