The world of work is changing rapidly and for millennials, there are now businesses and industries out there which didn’t even exist when their parents started work. With more and more millennials saying they want to start their own businesses, there has never been a better opportunity for today’s young people to get into a forward-thinking industry.
Rory from www.promotionswarehouse.com.au knows a thing or two about business, so we asked his advice for this one.
Here Rory’s view on five of the most popular types of businesses which this generation can join.
1. Fintech Businesses
With trust in traditional banks at an all-time low, millennials have been attracted to the financial technology sector as the business of the future. Using technology to manage and process finances is a hugely growing sector, with more and more fintech start-ups being created by the millennial generation.
Millennial CEOs are investing in the fintech world to help pave the way for the next generation, investing in companies which make the best use of this type of technology to make other businesses work better and more efficiently.
Apps, virtual banks and technology for payment systems are just a few of the types of businesses within the fintech sector allowing millennials to join their love of technology with their love of money.
2. Food Businesses
Health and wellness have always been big business but none more so than in today’s modern world. Customers are increasingly looking for vegetarian, vegan and organic options which don’t cost the earth. Millennials are increasingly creating start-ups in the global food and beverage market to make the most of this opportunity.
Providing natural, healthy, but cheaper food options are giving millennials more and more business opportunities to take advantage of. Juicing bars, organic restaurants, and high-quality food are the industries attracting this generation, leading to the demise in sales for low-quality generic restaurant food chains. Millennials take their health and diet very seriously and expect the best, leading to a growth in new business opportunities.
3. The aerospace industry
Industries which work around aerospace, including drones and satellites, are also proving extremely popular business options for the millennial generation. With start-ups looking at space travel and satellite systems, this is a growing area which is being exploited by many young entrepreneurs.
Renewable energies are another area in this field which more and more of the younger generation are setting up businesses in. Searching for alternative fuels and cleaner ways of living and powering our lives is another huge area of opportunity for the millennial generation.
4. The social media marketing industry
Social media marketing has seen a huge boom in the past decade with many businesses operating solely online. Millennials are increasingly looking to this as a career option, working out how to create a business and income solely online, giving them the lifestyle and freedom which they crave.
Social media celebrities and influencers are increasingly leading the way in the millennial world as the ones to engage with. The creation of apps and social media consultancy firms to support older businesses to get up-to-date provides millennials with a fantastic opportunity.
5. Health-related technology industry
The explosion in technology for healthcare is another area of growth which can be exploited by millennials looking for a business opportunity. Wearable technology which can monitor vital signs, clothing which has built-in electrical signals which let the wearer control things like their laptop, are just a couple of examples of potential health-related technology businesses. Using tech to monitor babies in the womb, or connect doctors directly to people in their homes online could help to save many lives in the future. This is one area that is set for huge growth, offering amazing opportunities for millennials.
With the constantly changing and evolving world of technology, millennials have opportunities which weren’t heard of just 10 years earlier. The growth in the fintech world, healthcare tech, and space industries are all opening up new and exciting job roles for this younger generation, which just didn’t exist previously.
There has been much talk about the millennial generation killing off some traditional industries, like the cereal trade (because they don’t eat breakfast cereal), diamond trade (because they don’t want to get married) and house ownership (because they don’t want the debt) due to their changed priorities compared with previous generations.
However, the new and emerging world of technology, online living, and social media, are more than replacing any traditional opportunities for work and business which might be phased out by this younger generation.
The careers advisor of today’s world might well still be able to suggest a career in banking (fintech) or healthcare (health tech) to young people, but for the new generation, the actual role they take up will be a far cry from the traditional careers which their parents and grandparents set their ambitions towards.