5 Reasons Why Millennial Women Should Start a Side Business
Introduction
Millennial women are working harder than ever. Taking on more responsibilities at home and work, paying off student loans, and trying to carve out time from our busy schedules for family and friends. With so much going on in our lives, it can be tempting to focus all our energy on the things that require it most—like getting ahead at work or caring for loved ones. But what about your dreams? If you've always wanted to start a side business or pursue a creative passion project (and who hasn't?), now is the time to make that happen! Here's why:
1. Working Harder Than Ever
If you're a Millennial woman, chances are you're working harder than ever. According to the Bureau of Labor Statistics (BLS), Millennials work more hours than any other generation.
Millennials make up about 26% of the total U.S. workforce. Still, they account for over 40% of all workers who work more than one job at a time--and this number continues to grow as more and more young people struggle with student debt and find it challenging to find full-time employment in their chosen field.
In addition to having difficulty finding full-time employment, many Millennials also have trouble making ends meet even when they do land jobs: About half live paycheck-to-paycheck; nearly one-third say they don't have enough money saved up for emergencies; almost two-thirds say they'll need help finding affordable housing when they get older; and nearly three quarters worry about being able to afford health care costs in retirement.
2. Becoming Entrepreneurs at an Increasing Rate
Millennials are the largest living generation, and we're more likely to start a business than any other generation. In fact, according to Forbes, millennial women are twice as likely to be entrepreneurs than Baby Boomers.
Why? Because millennials have experienced a lot of change in their lifetime: we grew up with technology that allows them to work remotely; we’ve seen the rise of social media platforms like Twitter and Facebook make it easier for people to share ideas, and we've witnessed companies like Uber create entirely new industries overnight (and then get sued).
3. The Time Is Now
The time is now for millennial women to pursue their side businesses. According to a 2018 study by Bankrate, women are earning more money than ever before: "The income gap between men and women has narrowed as female workers have been making gains in wages over the past decade."
In addition to earning more money than ever, millennial women are also more empowered than ever; they're taking advantage of that empowerment by starting businesses at an unprecedented rate. In fact, according to Forbes magazine: "Millennial Women Are More Entrepreneurial Than Gen Xers Or Baby Boomers." So if you want to start a business someday (or even right now), there's never been a better time for you!
4. Become Financially Independent
Being financially independent is essential, but saving money when you're young can be challenging. A side business is a great way to earn more money and help reach financial independence. Not only will it help with saving and investing, but starting a side business also teaches you how to manage your finances better overall.
When it comes down to it, the best way for Millennial women (and everyone else) to become financially independent is by saving their paychecks each month, so they don't have any debt or credit card bills weighing them down later in life.
5. Empowered and Entrepreneurial by Nature
Millennials are empowered and entrepreneurial by nature. The people born between 1981 and 1996 grew up when the internet was new, social media was on the rise, and feminism was becoming more mainstream. This resulted in an environment where they saw their parents working hard to build their businesses or become entrepreneurs themselves (think Mark Zuckerberg).
Millennials have also been raised with technology that allows them to communicate with each other easily through texting and emailing--which means they don't need permission from anyone else before starting something new! This sense of empowerment is evident when you look at research conducted by Stanford University's Clay Christensen Institute for Disruptive Innovation: More than half (54%) of millennials say they want to start their own business someday; only 45% say they want a traditional job working for someone else."
Millennial women are primarily motivated by this self-empowerment because few female role models have done what she wants to do themselves!
A side business is a meaningful way to achieve your dreams!
Financially independent. Starting a side business can help you earn extra money, which can be used to pay off debt, save for retirement or invest in your future.
Creative outlet. You'll be able to do something meaningful and fulfilling for you, which may help you feel more fulfilled overall.
Skill development. Starting a new venture will challenge you by forcing you out of your comfort zone and teaching new skills, such as marketing or accounting, that could transfer into other areas of life (like landing a job). Plus, it gives millennials who may not have had much experience running their own business before an opportunity to learn valuable lessons about running one now rather than waiting until they're older, so they don't waste valuable time trying things out later on when they've already established themselves professionally first."
Conclusion
I hope this article has given you new ideas about starting a side business. Whether you're looking to make a few extra bucks or pursue your passion, it's never been easier than it is today. So check out "Get Your Side Business Off the Ground" and start your entrepreneurial journey today! There's no reason to put off your side business any longer.