Why Millennials Should Start A Small Business

I never imagined my career would lead me to become an entrepreneur. Prior to purchasing a small business in 2009, I was a lawyer. Had I not been presented with the opportunity to become a small business owner, I might still be in the legal profession. I loved what I did, but entrepreneurship truly allowed me to become the master of my destiny.

Over the years, I have found myself encouraging others to become entrepreneurs. This may be a side effect from the business I operate — which helps small business incorporate or form LLCs. I have evolved into a small business advocate. I get excited to see anyone start a business, especially millennials. This age group was once considered a novelty to hire or bring into management roles. Now, they are making the leap to become their own bosses and enjoying the rewards that come with it.

Are you a millennial considering starting a small business this year? I say do it! Here’s why it’s worth making the career pivot.

Small Business Ownership Helps Stave Off Burnout

Buzzfeed News recently ran an in-depth story on how millennials became the burnout generation. Burnout, according to the article, impacts everyone and anyone regardless of financial stability. There isn’t a quick fix to cure it, either.

So, now what? There are two aspects of this article that stuck out to me. The first was that burnout stings deeper when scrolling through an Instagram feed and seeing others lead “better” lives. Most individuals do not express jealousy over possessions the way that they do experiences. Think about it. Who works an 8 to 5 desk job and doesn’t experience a pang of jealousy seeing friends on Instagram spending the afternoon sailing on a boat or attending a fun conference?

The other aspect was a story shared by psychoanalyst Josh Cohen. Cohen wrote about a client that had made, seemingly, all of the right moves in life. The client was a finance banker. One morning, this individual heard his alarm go off for work. He turned it off and decided not to go to work. When he was later terminated from his job, he found the news did not bother him. It was an intriguing feeling.

Personally, what I like to think happens with small business ownership is that it enables you to escape the clutches of burnout. Being an entrepreneur isn’t without its own hurdles. You still have to work hard, create opportunities where there are none, and learn a lot about the business.

However, studies have shown that three out of five millennials start a business to be more fulfilled. Starting a business, especially one you’re passionate about, means that there is less jealousy to experience through social media. Everyone is living their dream, and so are you. There will be good and bad days alike in business. However, no days will be bad enough to make you turn off your alarm and give up cold turkey.

You Can Start A Business Anywhere — Literally

Recently, the app Thumbtack shared insight into entrepreneurship as the latest millennial trend. One of the biggest highlights from their research was that 40% of millennials plan to leave their full-time employers to become freelancers in the next five years.

Millennials are now free to roam about the country. It is no longer necessary to work from a traditional office, thanks to the rise of technology and coworking spaces. Only 11% of millennial entrepreneurs reported working from an office.

As far as support from cities goes, Thumbtack’s research also noted there are 15 cities that are the most millennial-friendly. These include Kansas City (in the number one spot), Tampa, Houston, and Seattle.

Many of these cities are located in states that have good reputations with small businesses. Texas, for example, does not charge residents with personal income tax. Florida also boasts no income or state tax.

While millennial entrepreneurs can start a business virtually anywhere, it does help to do a little background research first. Consider everything from the cost of living to tax codes when selecting a state to do business.

It’s Cathartic To Do Something That Matters

We are often taught to be afraid of something before it begins. In a similar vein, we are taught to push until you have only the best — best job, relationship, life — which then produces happiness.

Many never anticipate that the beaten path might, in fact, actually be the best thing to happen to us. The idea that you have in your head and want to test out might be the next small business to revolutionize an entire industry. If you don’t try, and stick to the same-old, same-old, you’ll never know.

The question now is if not start a business now, when will you do it? Are you ready to leap and see what kind of difference your business can make?