If you’re between 24 and 39 years old, you’re part of the millennial generation. Known for being entrepreneurial, tech-savvy, and customer-focused, millennials are at the forefront of new business ventures worldwide.
Whether it’s the desire to be your own boss, gain financial independence, or leave the corporate world behind, millennials are pursuing the dream of business ownership more than any other generation.
While becoming your own boss is easy, achieving business success is a different challenge—often “learning as you go” can lead to failure before the dream takes off.
Instead, start your entrepreneurial journey with the right tools and advice to succeed from day one. To help you begin, we’ve compiled our 5 Top Tips for millennials looking to start their business in 2022.
5 Top Tips for Business-Minded Millennials
1. Be Persistent
Starting a business isn’t easy—there will be obstacles, challenges, and moments of doubt. Stay persistent, keep learning, and stick with it.
Review your business plan and seek expert help if it’s not working. The worst thing you can do as a business owner is nothing, so be proactive and adapt to changes you didn’t anticipate.
2. Understand What You Are Selling
Whether it’s a product or service, know exactly what it is, what the customer is paying for, and who your competitors are.
Customers want to know what they are paying for, and businesses need to clearly communicate the details of their offerings.
3. Customer Service
Millennials understand the importance of quality customer service—they demand it themselves. When starting a new business, prioritize the customer.
Ask yourself:
– Why does your customer choose your business?
– What are you offering that’s different from the competition?
– How will you ensure good customer service as your business grows?
Great customer service and positive reviews will be the best form of advertising, so start strong from the beginning.
4. Separate Business Expenses from Personal Finances
Set up a proper business account and use it for all business expenses. Mixing personal and business finances can lead to missed expenses and tax issues.
Consult your accountant to establish a financial plan for your business, providing guidance to avoid mismanaging funds from the start.
5. Cut Expenses
Prepare for a shift in income at the beginning by planning your business expenses carefully.
Reduce personal costs where possible and reassess business expenses to avoid being too “top-heavy” before making any sales or bookings.
Use cost-effective marketing strategies—millennials can leverage their tech skills to market via free social media platforms.
Network at free events and engage with the local community through cost-effective sponsorships or weekend markets. These methods help build a foundation for your business to grow.
Running an e-commerce platform? Choose a template-based platform like Shopify instead of a custom-built site to significantly reduce costs.
