Known as what will likely be the most entrepreneurial generation in history, Generation Z is already making their mark on the world wide web and in various industries despite a global pandemic. While they are more likely to be doing it from their Generation X parents’ basements, this generation takes this unconventional year to make plans. From social media influencers to startup businesses, Generation Z is eyeing many ways to start their own business.
Whether you’ve already got a startup idea or are wondering how to join your peers, here are four ideas for young entrepreneurs.
1. Vaping Supplies
Still relatively new to the market, many young people are betting their careers on the vaping industry. From tiny shops to online sales, young entrepreneurs sell vape pens, cartridges, oils, and more to get in on this new trend. With the sale of traditional nicotine products down, the vape industry picks up where tobacco’s trailing off.
With less stigma around vaping than that which comes with the second-hand smoke of cigarettes and cigars, young people gravitate to flavored juice and spend time on Google with keywords like ‘vape cartridge filling machine for sale.’ While setting up a vape shop comes with state and federal regulations, the financial reward of getting into this growing market now may ultimately pay off.
2. Water Dispensaries
With the van life movement making gains, many young people turn to various ways to distribute water as an income stream. From stationary water dispensaries to the sale of things like Canadian water bottles individually, environmentally conscious entrepreneurs are looking toward selling freshwater.
Maybe you’re concerned about the water supply in Flint, Michigan. It’s a natural fit for business-minded young adults concerned with human rights and social justice that you’d be interested in water quality and how to get safe water to residents. Whether your concern is about contaminants in tap water or that your eye’s on the future of nomadic life, there are plenty of opportunities for new businesses in the water dispensary industry.
3. Publishing and Influencing
For some, where remote work and digital information sharing are more popular than ever, another way to make money has become publishing, vlogging, and blogging. Many young adults have turned themselves into a brand in becoming social media influencers. From working with businesses as sponsors to advertise products to creating informational content for consumers, these creative entrepreneurs are taking over social media platforms. Some are even combining businesses.
Whether it’s publishing eBooks on their journey to social media influencing success or vlogging about their own van life adventures and how they personally work with water supplies and quality water, this is a generation of creative thinkers able to multi-task. Using social media and publishing to get more exposure to their businesses, they’re managing to double-dip into both active and passive income streams and loving it.
4. Real Estate Investing and Flipping
Many are considering income opportunities in real estate for those with no interest in glass bottles, disposables, or vape cartridge machines. Flipping houses or buying homes to rent out as landlords, handy, and financially savvy young adults turn to real estate for their future incomes. Real estate investing is even solving this generation’s own housing problems. As a way to get out of Mom and Dad’s basement, this generation is buying more multi-family homes than ever and living in duplexes or triplexes while letting their tenants pay the mortgage.
In the end, the type of business you decide to go into should be something that holds your interest. Being passionate about the work you do will translate into the enthusiasm that will ultimately make for a better customer service experience. In taking your time to research options, you’ll give yourself the best chances of success.