Millennials are definitely ruling the industries today. Equipped with world-class educational backgrounds, these young professionals are on their feet to reach their financial goals as soon as possible. Recent surveys show that more and more 25- to 30-year-olds will be opening businesses, hiring staff, and targeting higher profits in the coming months.
Millennials starting businesses are not afraid to invest, but they do carry out a thorough study before making huge decisions. They understand that smart decisions are pivotal for achieving financial freedom for themselves, for their business partners, and for the people who work for them.
Millennial businesses are commonly anchored on these young adults’ hobbies or interests. Achieving a balance between work and play is not easy but it is possible. Here are three different business ventures for the young generation to try out:
This is the best option for someone who has the capital to start a business but does not have sufficient time to build a brand from scratch. Food and beverage franchises in Malaysia start at RM28,000 and go up depending on the size of the franchise you want to avail of. There are tons of business/management franchises that may attract your attention – be it in beauty, retail, or automotive. Make sure to do some research and check the risks involved before proceeding with any endeavour.
Top millennial entrepreneurs are thriving in the digital space these days. In Malaysia alone, a handful of mobile apps and e-commerce sites have already made names, with successful digital businessmen including Patrick Grove of iflix, Joel Neoh of KFIT, and Anthony Tan of Grab. These tech entrepreneurs of Southeast Asia were able to deliver outstanding and unique products that can compete globally.
Food trucks and yards are becoming popular in many parts of Asia including Malaysia, the Philippines, and Singapore. Both tourists and locals enjoy visits to these hawkers and trucks as they are great food finds.
For millennials who want to start a food truck, it is essential to check your available budget. Customising a food truck can be quite expensive. You will also need to decide whether or not you want to operate the food truck during weekdays, weekends, or only at special events. Plan your food concept and your target markets. Make sure to adhere to the law and secure the right licence for operating a food truck.
Want the help of a franchisor? Shawarma Lounge is offering the chance to set up a food stand in a number of locations including the high street, malls and shopping centres, airports and train stations.
Franchises and business opportunities come and go, so remember not to miss out on that special chance. Maximise the resources you have and don’t be afraid to make mistakes. Go out, challenge yourself and invest in something you are passionate about.
By guest writer CompareHero.my, who are dedicated to raising financial literacy and helping Malaysians make wiser financial comparisons and decisions. Read their blog to learn more.
Receive FREE updates on the latest franchise opportunities!