Millennials have been labeled self-centered, lazy, and shallow, but at the same time, they are the most ambitious, innovative, and potentially the generation that has the strongest entrepreneurial mindset. This generation has the most number of people starting their own businesses at a young age.
The millennials or the Gen-Y is the generation of the risk-takers; however, money is a limiting factor. So some profitable businesses are perfect for millennials who don’t have the capital to start a business.
Here are business ideas for millennials that don’t need huge initial investment:
Millennials are known to be multi-taskers and tech-savvy. That makes affiliate marketing a fitting business for them because this is a passive type of income. Meaning, you can earn while you sleep.
Affiliate marketing is a commission-based business. You promote a product, and you get cut for each sale you make. The best thing about it is that you need capital to do it.
Here’s how you do it:
- Find a place where you can recommend products. It could be a website, a YouTube channel, or Instagram.
- Apply for affiliation with the brand of your choice. It’s always best to work with brands that you genuinely like.
- Once approved, you can start creating content and promote their products. If you are worried about shelling out money to buy products you want to promote, some brands send out free products to review before you promote. That’s the brand you want to look for as a beginner.
- Have a niche or a field of expertise. Pick one thing you are confident you are knowledgeable about. This will add more value to the work you are doing.
- Make use of the social media platform you have the most number of following on. More followers, more chances of sales.
- You can build trust and integrity by always disclosing affiliations with your audience.
Online English Tutoring Services
Due to the pandemic, online-based jobs really hit it in 2020, and online tutoring is no exception. Online tutoring had become popular even before the COVID-19, but the demand exploded like wildfire when this crisis began. As we advanced more into the digital era, learning online will remain a trend even when this pandemic is over.
Being bilingual is an advantage but not a requirement for you to offer English tutoring services. Asian countries will be the best market for this business.
China has a huge demand for English tutors. There is an estimated number of 400 million English learners, and that’s only in China. This number is larger than the whole population of the United States. We haven’t even mentioned Japan, Korea, and Brazil. They have a high demand for English educators as well. All I’m saying is the opportunity is vast in this kind of business, and you don’t even need a huge amount of capital to start.
There is a ton of English teaching companies you can apply to. Check out these online schools:
- English Hunt
English tutors typically make anywhere between 10 to USD 20 per hour. Not so bad when you are a beginner. If you already have teaching experience and certifications, you can earn more, of course.
Social Media Management
Do you know a business that is not on Social Media? Me, neither. We are living in a digital age. No matter how big or small a business is, they need it. And if not, this business is not only missing out but also is bound to be out of business. Bill Gates once said, “if your business is not on the internet, then your business will be out of business.”
And we could not agree more.
Why is social media management a great business for millennials? Because it’s a no-brainer for them. Millennials are obsessed with social media. Sounds like a liability, eh? But if you can make money out of this addiction, that sounds like an asset to me.
So what exactly is the job of a social media manager?
It will always vary, but the common ones are as follows:
- Creating content
- Replying to customers/fans
- Post Scheduling
- Running Ads
Since your job is to manage your clients’ social media accounts, you have to set your very own social media account as an example. Build a community of your own to impress and earn the trust of your potential clients. Your first challenge is probably getting your first client. The best way to put yourself out there and get noticed is to advertise yourself. To do this faster, find an advertising agency that can give your business a little push for it to take off.
With these ideas in mind, you can search for opportunities to earn extra income. Starting a venture doesn’t have to be a headache and a disappointment.