66% of Older Millennials Want To Start a Business — 5 Steps To Do It Successfully
Written by
Catherine Collins
Edited by
Cory Dudak
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Millennials are known for being more tech-savvy and entrepreneurial than previous generations. A recent study from Bentley University supports this, revealing that 66% of millennials want to start their own business rather than climb the corporate ladder.
If you’re a millennial considering jumping into business ownership, here are five steps you should take to be successful.
Find your ikigai
Your ikigai is a Japanese word meaning “sense of purpose.” You’re much more likely to invest your time and energy into a business that is perfectly suited to your skills and interests.
To find your ikigai, write down what you love, what you’re good at, what the world needs and what you can earn money from. If you find a business that checks all four of those boxes, it’s likely a worthy business idea to pursue.
Create a plan to build your brand
Once you have an idea for the type of business you want to start, it’s important to create a memorable brand. Your brand is the story of your business. Think about what you want to tell, whether it’s your origin story, the inspiration for the business or the problem you want to solve.
Your story should connect with your potential customers and help them get to know the business you’re creating. The more customers can connect with your brand, the more impact you can make.
When creating a plan for your business, think about your ideal customer. Do market research to find out whether or not people are interested in your product or services. See if there is a gap in the marketplace or competitors. You can also use your competitor research to set your pricing and how you plan to market your services.
Make sure you write this all down, either in a fluid document or a formal business plan so you have something to reference.
Secure funding
Some entrepreneurs bootstrap their start-ups using their own money. Others try to secure funding from angel investors or venture capital firms. How much funding you need depends on the type of business you start.
For example, businesses that require funding might need specialty equipment, large warehouses, or a significant number of start-up employees right away. Others might only need a website and one employee to begin.
It’s up to you to decide what type of business you want to start and how much funding you’ll need.
Embrace digital marketing
Having a successful business is often reliant on a solid understanding of digital marketing. While word-of-mouth marketing has been, and continues to be effective, having an online presence including a website and email list is equally effective. Some might argue that it’s even more important.
Customers need to be able to interact with your brand online, and learning how to create digital ad campaigns on websites like Facebook and Amazon can help you reach customers far and wide.
Be open to feedback
Finally, establish a network of other like-minded entrepreneurs and be open to feedback. Ask for advice if you have an issue or a new idea for an additional stream of income. Most entrepreneurs are happy to collaborate and help others.
It’s challenging to build a business alone, so don’t be afraid to reach out and establish new connections.
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