3 smart business ideas for millennials in 2017, according to experts
As highlighted in a 2016 survey by business services firm EY and policy organization Economic Innovation Group, financial barriers are making it difficult for millennials to become entrepreneurs.
According to the U.S. Small Business Administration, less than 2 percent of millennials were self-employed as of 2014, compared to a 7.6 percent and an 8.3 percent for the two previous generations.
However, it seems that entrepreneurship is still possible for young people.
USA Today is a relevant multi-news platform. In May, they provided an article indicating three smart business ideas reflecting the skills and interests of many millennials. Find them listed below.
1. Social media training
According to Pew Research Center study, millennials are experts when it comes to social media.
They may turn those skills into a business, teaching small companies how to use digital tools to stay relevant in the marketplace.
Tracy Samantha Schmidt, a millennial social media educator and digital marketing consultant, says social media coaching is a potentially lucrative business idea, as it can lead to other opportunities in digital marketing.
2. Nonprofit organization
According to a 2016 study by Cone Communications, for 88 percent of millennials, a job is more fulfilling if it can make a positive impact on social issues. However, it’s also important to operate the business in order to diversify the sources of income, to never depend on a single source, says Sarah LaFave. She is a young registered nurse who co-founded Lori’s Hands, which connects student volunteers with people who are living with chronic illnesses in Newark.
3. Subscription-based service
According to a 2017 study by payments processor Vantiv, millennials love their subscription services more than other generations; 89 percent owns at least one, such as Netflix or Spotify, so creating subscription services to launch a business may be a good idea for young entrepreneurs. Ryan Perlowin, 29, founder of My Happy Plates, which delivers customized meal plans and recipes via email, says: “You can validate a business idea much faster and cheaper, and get valuable feedback from customers to incorporate into product changes. Many subscription services offer free trials; customers can try them out and cancel at any time.”