Millennial have taken the working world by storm. Over the past couple of years, they have been keen to shake up traditional ways of work and adapt new and creative ways of thinking.
While many still work for large organisations, there are others who are determined to break away and set up their own business instead.
Although we’ve already seen a significant rise in millennials working for themselves, it’s predicted to continue growing. We explore some of the benefits on why they are choosing to work this way.
In previous generations, most entrepreneurs did not start their business until they had experience working for someone else and knowledge of their chosen industry.
However, today millennials are quite keen to get stuck in to work. They want to show that they can work by themselves and achieve the same results as those before them – despite their age, knowledge or lack of funding.
What makes them inspirational is that they will work hard to achieve their goals despite objections they might face from banks or family members! They’re proud to say that they are self-employed and achieved career goals many only dream of.
No job is 100% safe and with businesses constantly looking at ways to save money, there’s always the chance of job cuts. Many millennials are aware of this, especially if they’ve seen their older generations affected by the recession. They want to protect themselves from the possibility of being unemployed by guaranteeing their own work and no longer having to worry about where their next pay cheque is coming from or how they will pay the bills.
Working for someone else often means employees will be salary-paid and must wait for promotions, increments or bonus’ to see an increase in their salary.
By working for themselves, they don’t have to ask for someone else to give them a pay review meaning there’s no cap on how much they can potentially earn. Nothing can be more exciting to millennials and Gen Zs than the freedom to determine how much money they can make.
Better Work-life Balance
People today are searching for a better work-life balance. They want to enjoy their career but also can have time to relax with friends and family.
Millennials fully understand working hard but know that they need to find time for themselves too.
They don’t want to commit to the traditional 9-5 working day and instead seek a life where they can work at times they want – whether that’s evenings, weekends or late at night. Because of this, they’ll be happier and more productive.
Being Passionate about Career
Millennials are often brushed with the phrase ‘job hopper’ as they never really settle in one company for a long period. They are keen to explore other options within the industry and if they feel they are not working up the career ladder, they’ll leave to find something more challenging.
It might be that one of the reasons for this is that they are not being able to really express themselves or be involved with any of the important decision making within the business.
By going alone, they’ll be the one making choices and running their company. They will be able to be passionate about their work and ensure it’s as successful as possible, rather than in a job they don’t enjoy!
There’s Plenty of Advice
Years ago, it might have been a struggle to find that much information on how to set up a business by yourself.
Fast forward to today and there’s plenty of materials from magazines, books and even online tutorials that help millennials and any potential business leader understand the step-by-step guide on everything that they need to know – from taking out a bank loan, to finding a location for the business or even how to manage a team.
Can Work from Anywhere
Remote working is at an all-time-high. Many professionals are locating in different places to keep their work days’ fresh fun.
If you don’t employ others or have a remote team, you can work from the comfort of your own home, the local coffee shop or even rent a space in a city if you fancy being around others who are doing the same as you so you don’t go stir crazy in the house!
Changing the environment can have a massive impact on your creativity rather than just sitting at an office desk.
Learn to Be Self-reliant
Although you may have worked for other bosses and staff, now is the time to learn a whole new skill set. You’ll learn valuable life skills at a much faster pace than what you would have working for someone else.
You’ll handle meetings, speak to clients or staff and manage the economic side of the business too. It’s a full-time role which is demanding that millennials want to do.
No Office Politics
If you don’t like abiding by long lists of rules and regulations put in place by your employer, maybe working for someone else is simply not right for you. Instead of following this, millennials are working how they want to work, and will work hard to work to achieve this.
Every day we see an increase in the number of court cases emanating from molestation in the workplace. If you’ve ever been a victim of such, becoming self-employed will be a highly sought-after dream.
You Will Save Money
One of the benefits to working for yourself must be saving money! Millennials know that by working at home or in the local area, they’ll avoid commuting costs, paying out for city dinners and drinks, and even throwing into colleague’s collections!
Today, millennial entrepreneurs are no longer afraid of failure. If they do set up a business plan and it doesn’t work out, they are still prepared to experience this and learn from it.
If you feel that these benefits are relatable to you, it might be that you’re the next millennial looking at beginning your career of a lifetime.
This article was produced by Hannah Pennell, a content marketer for First Lighting.