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Career Tips - September 28, 2022

5 Business to Start for Millennials and Gen-z

There are a couple of businesses that are better suited for Millennials and Gen-Z in a internet powered world. These young and highly energetic group usually enter the business world with a lot of expectations.

According to research from WP Engine and the Center for Generational Kinetics, 62% of Gen Z has indicated they have started or want to start their own business.

The millennial generation and Gen Z grew up in the digital revolution, during which computers, the internet, and well-known online media have become standard. Let’s take a look at five businesses that Gen-Z and millennials can start.

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1. Clothing brand

Without any money, you can launch a clothing line. Print on demand can help a lot in this. A platform that provides print-on-demand services is Kiakiaprint or Printivo.

You will need to create an account on Shopify, where you will have a store. Once you get an order, you have a print-on-demand platform create the product and then you can deliver it to your customer.

Over the previous few years, the print-on-demand (POD) business has had a 12% growth. Additionally, the size of the worldwide print-on-demand industry was predicted to be $4.91 billion in 2021 and USD 6.17 billion in 2022.

2. Travel vlogging

Some millennials prefer online platforms like social media to traditional advertising because they want to interact with different cultures and locals when they travel, especially those who desire to do so.

Because of this, a highly regarded venture for millennials should involve 

travel and tourism.

As stated by Condor Ferries, Millennials spent $200 billion on travel in 2018, and 55% of them intended to take more trips overall. Nearly 3 in 4 wanted to spend more on travel experiences rather than tangible goods.

To launch this home-based business, you don’t need to pay rent for an office or recruit staff. All you require is a computer and fast internet.

3. Content creator

The first step is to start posting on TikTok, which is now the social media platform with the fastest growth. You can literally start making six figures in a month by developing a devoted fan base. You can start affiliate marketing or sell courses.

On TikTok, there are already more than 1 billion active users per month. Many Gen-Z and millennials also use this platform to produce content for a brand.

Many young content creators are regularly promoting businesses to their followers.

4. Online coaching

Some people never stop working on improving themselves. Consider the field of online coaching using your unique skill set.

If you have specialised knowledge, you may charge a high price, making it a very profitable side business. Coaching can be done via phone, email, or video conferencing. You could even provide coaching in person.

The majority of online coaching salaries are currently between $35,500 and $65,000, with top earners getting $87,500 yearly, while ZipRecruiter has annual wages as high as $112,000 and as low as $18,500.

5. Dropshipping

For this kind of business, you will need to Google trending products. Then go onto AliExpress or Alibaba and search for that product which will be available at a reasonable price. 

Create a Shopify account and, open a store, link the two platforms together and promote your promo code on TikTok.

By 2025, the dropshipping market is predicted to be worth $557.9 billion, growing at a CAGR of 28.8%.

Let’s not overlook the enormous possibility to sell online nowadays, considering that 89 percent of Gen-Z and 91 percent of millennials prefer to shop online instead of visiting a physical store and that they make up a significant section of the population.

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