This Is Where You Should Start Your Business As A Millenial

Millennial business owners might be the minority overall, but they are rolling in with a force as the industry changes and baby-boomers continue to retire. According to this study, across the US, business owners younger than 37 make up around 6000 business per state, but there is a massive gap between states with the highest and lowest number of Millennial businesses. It can be tough to decide where to put down roots as a young business owner, but this study gives you a good idea of where the market tends to welcome new ideas.

California is a hub for young business owners. As the top state for both business owners under 25 and Millennial business owners, the Golden State is an ideal place to give a start-up a try. Silicon Valley is constantly keeping its eyes open for the next big idea and the constant flood of people trying out new things means you’ll never have a shortage of new opportunities. Whether you’re looking for new employees or a new job opportunity, it’s a great place to be if you’re easily bored and constantly looking for a change of pace.

Meanwhile, Colorado is smack in the middle of the pack for Millennial business owners, but change is on the horizon! With the legalization of marijuana, a huge market for commercial cannabis businesses has opened up, and young business owners are much more likely to have their thumb on the pulse of cannabis culture. By taking advantage of this huge new market, and preparing for further legalization, there could be any number of innovations that could begin in Colorado. It is likely that as the industry expands to further states, there will be more markets open to cannabis-based businesses, which almost exclusively fall to Millennials business owners. Growing up with that possibility on the horizon has given that generation of people a fresh perspective on the industry as a whole, and with that, they bring new insights to the table.

While it might be tempting to go where there are the most Millennial business owners, that’s not always the best strategy! Age has very little to do with success and experience is fantastic, but ultimately the most important aspect of your business is how it helps your target audience, how well it is executed, and the quality of work you provide.

Overall, starting a business as a young person is a very difficult process. But it really boils down to being in the right place, at the right time, with the right product or service. It’s important to do your research and really evaluate the market you are breaking into before you move forward with your business plans. There are as many opportunities for new businesses as there are needs to be filled, and all it takes is one great idea to build and flourish.