The Future Of Work Is Income Generation
Millennials can have it tough these days.
As a generation with a genuine desire to make the world a better place, it’s hard to find a career that genuinely fulfills you.
No matter what companies say in their mission statements, the primary purpose of business is to increase the bottom line – not enrich people’s lives. That’s the premise of employment – you help your bosses to become rich.
It’s important to be aware of it and realise that there is no reason to invest your entire being into a business that can’t and won’t give you a return on your investment.
This is why many Millennials became entrepreneurs that either start companies or figure out other ways to generate income without having to rely on employers only.
Overlooked ways of making money
We’ll cover some of the overlooked ways of making money.
#1 Business franchise
A business franchise is defined by the structure of its ownership. Franchising occurs when the owner of a business grants a license to one or more parties for the purpose of conducting business using the same trademarks, trade names, trade dress, and other identifying aspects of the business.
There are three main types of franchise opportunities available, these are:
- Business format franchises
- Product/service franchises
- Manufacturing franchises
Franchise business is often overlooked by ambitious Millennials, but there are many advantages over a startup:
- Tap into an existing customer base (spend less money on brand building and advertising)
- Tap into a proven business model (start earning money immediately)
- More likely to succeed long-term than start-ups
- Support from the franchisor
- Be your own boss
Some typical service franchise opportunities available today are trade and handyman (electricians, plumbers), lawn maintenance, landscape services, childcare, tutoring, education, business coaches accounting, bookkeeping, real estate agents, travel agents, commercial/domestic cleaning, automotive-related services, computer-related services, and interior design/decorating. There are also business service provider franchises that help with marketing, bookkeeping, and human resources.
#2 Take advantage of the sharing economy
This rapidly growing industry is based on the concept of sharing or monetizing resources, such as cars, homes, and even clothes; or services, such as DIY handyman (via taskrabbit.com) or dog walking/boarding.
Pet-sitters and dog-walkers help pet owners in their area care for their furry friends while their owners are busy or on holidays.
You can find pet-sitting jobs on rover.com, gudog.co.uk, halodogs.co.uk, tailster.com, holidog.com, care.com, and pawshake.co.uk.
Or you could become a host and rent out your home or apartment to travelers (via airbnb.com).
There are a few things to keep in mind before becoming an Airbnb host:
• You need to be comfortable with having strangers in your home
• You need to be familiar with the Airbnb platform and how it works
• You need to provide an immaculate 5* start experience for your guests
Since so many people are doing this, your guests will have high expectations. This includes things like providing a clean and comfortable space, being responsive to messages, and more.
If you can meet those 3 expectations, you’ll be a successful and profitable Airbnb host.
If you’re looking for a flexible, low-cost way to make money online, the sharing economy may be the perfect option for you.
#3 Offer your services online
If you have digital marketing, writing, and video production & editing skills, you can find plenty of work without leaving a house.
You can join platforms like Upwork, Freelancer, YunoJuno, The Work Crowd, 90 seconds, ICUC, eModeration, LiveWorld, 99Social, Lithium etc.
The biggest challenge Millennials face when enterprising
One of the biggest challenges Millennials face when enterprising is finance.
One way to relieve this problem is to pick an endeavor that requires little upfront capital.
But if that’s not an option for you, below is the list of all financing options you have:
- Get support from friends and family
Get the first round of money from friends and family. They are easy to find and they already know you.
You can either make your family or friends co-founders and pay them % of the profit as you grow or pay them back the money they lent you (likely without an interest).
- Join an accelerator or an incubator program
Early-stage start-ups often turn to a start-up accelerator or a startup incubator for help with funding, office facilities, and consulting.
Founders get help to quickly grow their business and increase their chances of attracting top Venture Capital firms to invest in their start-ups later on.
- Venture Capital Funds
Most businesses do not qualify for Venture Capital. Your chance of getting your company backed by VC is 0.0005%.
Venture Capital is a private firm that is invested in high-growth companies in exchange for equity.
Risk is usually high for investors, but the downside for a start-up is usually a loss of control in company’s decision-making.
- Reach out to the Angel Investors
Angels are rich individuals with a net worth of over a million, who are investing their personal funds into a potentially rewarding business.
Most major cities with a thriving start-up culture, have groups of local high-net-worth individuals interested in supporting start-ups, and are willing to inject amounts up to a million for the best ones.
- Try crowdfunding
Crowdfunding is the newest, most democratized way to raise cash for your business.
With crowdfunding, members of the public can donate £5, £10, £100, £1000 or more in exchange for a product, equity or a reward.
The advantage of crowdfunding is not just money, but it also helps to create a base of early customers and advocates.
- Request a small business grant
Small-business grants are government funds supporting new technologies, important causes, such as education, medicine, and social needs.
A good place to start is Grants.gov, which is a searchable directory of more than 1000 federal grant programs.
The process is long, but it doesn’t cost you any equity.
Despite the challenges, starting your own business is still a great option for Millennials.
By choosing the right business model and getting creative with your financing, you can overcome any obstacle in your way.