Millennials are eager to make an impact, which makes them ideal for startups. – Neil Blumenthal

Many Millennials and Gen Z folks want to venture into starting their own business. The primary reason why millennials are starting their own business is to be their own boss and to follow their own path and pursue their passions. They are skipping the whole corporate work set-up and swinging towards their own ways of doing business.

While millennials belong to a highly driven, hyper-connected, digitally-driven world, jumping into the whole ‘starting your own business’ arena can be tricky. Therefore, having a startup guide, step-by-step strategy and a proper plan are vital before you venture out into the startup world.

There is a lot that goes behind establishing a successful business. From financing to lead flow, there are a plethora of things to learn and explore. Of course, you won’t get it right in the first shot and will have your fair share of ups and downs. However, knowing a few things will help you set up the foundation of your business and help you easily overcome any hurdle you face.

Advantages For Millennials Planning To Build A Startup Business

Books, motivational speakers, and many business and startup guides provide a clear-cut formula to running a successful business. Half of it comes down to dedication and hard work. While hard work is undeniably an essential aspect of success, it’s often overused. The digital world today has made doing tasks more straightforward and uncomplicated. With smartphones, smart cars, smart speakers, you just have to have the smart work ethic to crack the code of building a successful startup business.

Here are the 4 advantages millennials have while starting a business on their own.

1. Driven By Creativity And Passion

More than 50% of millennials believe that career advancement is a crucial aspect of a job. Although, their perspective of advancement varies from their older generations.

Usually, employees who put in extra time get rewarded with promotions. Millennials don’t have the same viewpoint. They believe that promotions should depend on work quality, innovation, and a commitment to contribute to the organization’s overall success.

As a result, most Millennial-owned businesses have a flatter structure with fewer leadership roles and a more democratic group management style.

2. Knowledge Of The Digital World

 Millennials are technologically driven. They grew up in a world full of smart gadgets. Posting selfies and telling stories through social media platforms is second nature to them. Because of this, they are highly innovative and creative when it comes to building websites and running a business through a desktop screen. In fact, almost 58% of millennials spend half of their marketing budget on digital media.

3. Are Open-Minded

 With instant access to information, millennials create opinions based on an extensive study that extends beyond family and friends, allowing them to be open-minded.

Open-mindedness fosters innovative business ideas, strategies, and imagination, inspiring millennials to accept new ways of doing things rather than sticking to age-old startup guides written decades ago.

Being open-minded also allows taking chances and hiring employees that aren’t necessarily clean-cut, wearing slick suits that tick all the boxes. Being open-minded helps to hire passionate people that possess the required skill set.

4. Can Handle Disasters

A survey suggested that millennials are one of the most concerned generations in recent history. They are more aware and knowledgeable compared to baby boomers for catastrophic incidents like natural disasters.

Since millennials are highly exposed to media, they prioritize preparedness when it comes to dealing with disasters. Statistics show that 51% of millennial small business owners have a disaster plan in place, and 42% have dedicated cybersecurity plans. This meticulous attention to risk management serves millennials well in establishing comprehensive company catastrophic disaster plans and procuring insurance that protects against damage, particularly to technical systems, following a disaster.

 

Startup Guide For Millennials Starting A New Business

Since millennials grew up with technology, they can build a business that revolves around digital marketing and technology. Unlike their parents’ generation, millennials have an incredible opportunity at their fingertips. Millennials are way more advanced, knowledgeable and have the necessary resources to help them climb the ladder of success.

Whether you want to create a social networking app, or start your own digital agency, or become an influencer; It’s time to turn your ideas into actions. The below-mentioned startup guide tips will help you take the initial steps towards building a successful business as a millennial.

1. Pen Down A Basic Business Plan

Based on the niche you want to explore with your business, you need an elaborate business plan. When you are starting up, having a basic, to-the-point roadmap for growing your business is all you need. Start by finding answers to simple questions such as.

• What do you plan on offering?
• Who is your target audience?
• What are your strengths and weaknesses?
• How do you plan to gain profits?

2. Market Your Business

Another important startup guide tip is to market your business and to increase your visibility among your target audience. One of the best yet underrated ways to market yourself is to come up with a killer name. As a millennial business owner, you can be quirky and unique with your name. You can pick a name that perfectly describes your business but in a fun way.

For example, if you plan to start a business selling pet food or pet toys, you can choose a name with a .cyou domain extension, such as www.petlove.cyou. It’s fun and easily tells your target audience what your business is about. The .cyou domain extension is targeted towards the Gen Z and millennial generation who want to take over the world with their out-of-the-box ideas.

Marketing keeps your business moving with a steady flow of opportunities in your pipeline. Reach out to your inner circle and ask them if they know of anyone you could help with your business. Then start pitching your services to them. Once you’ve gotten your foot in the door, start asking for recommendations. Although very few startup guides mention it, referrals are the lifeblood of every new business.

3. Focus On Providing Good Customer Services

Customers today voice their opinions openly. They will talk about your business, services, and products with the world, and what they say can have a significant impact on your business. Therefore, make your customers your priority and go that extra mile to make them feel happy and satisfied with your offerings. Pro-tip, do it with everyone, not just big clients.

Getting positive reviews about your business from your customers will not just bring your business in a positive light but also give you the motivation to do better and grow every day.

5. Build Your Network

Another essential startup guide tip for millennials starting their own business is to surround yourself with a strong network of people in your industry. These networks will help you get leads and give you advice that can broaden your perspective on various things that affect your business. Take out time to reach out to people and build genuine connections. Become a part of both online and offline networking events that allow you to meet new people. These events will also help you promote your business in front of like-minded people.

6. Focus On One Pain Point

Think of one issue your customers might have and target that one point instead of attempting to target multiple problems. Targeting more than one pain point can result in mixed marketing messages and confusion. It’s better to start slow, and then gradually grow your business.

If your product or services target multiple pain points of your customers, focus on the major problem and then provide an added benefit with the second one. It will portray your business as delivering beyond expectations.

Start-up Advice For Millennials From Millennials

To round up this startup guide, here are 3 powerful bits of advice from successful millennial business owners to inspire you to start your own.

1. It’s Okay To Be The Youngest One

“You are never too young to begin something extraordinary.” Olivia Starling, founder, and CEO of the jewellery brand Startlette Galleria advises millennials never to let their age become a hurdle in their success.

As you build your business, bring forth your technical abilities and digital knowledge to take over the world. Pull late nights and use your millennial enthusiasm as your weapon.

2. Be Confident

Carlo Cisco says that it was his confidence that led his business to greater heights.

“Let your enthusiasm and confidence be your driving force, he adds.

Many young millennial entrepreneurs are starting businesses for the first time. They must be informed, enthusiastic, and self-assured. They need to have in-depth knowledge of their industry to find the best talents, investors, and customers for their business. Also, they should be confident while tackling any hurdle that comes their way. “

3. Build Meaningful Relationships

Eddie Madan, the CEO of Edkent Media, says, “Making connections with more skilled and experienced people than you is the first step towards establishing a successful business. They will not only provide you with critical counsel, but they will also lead you when you lose direction.”

Final Words

Building a business is a complex process that frequently necessitates a great deal of imagination. And, with an abundance of creativity, millennials are primed to enter the business sector. The trick is knowing where and how to begin.

This startup guide will help you take the initial steps in starting your business as a millennial.

Also, don’t forget to register a kickass name for your business with a .cyou domain extension.