Millennial generation starting own businesses at a record pace

Millennials are often unfairly blamed for “ruining” certain industries, among them sit-down restaurants, diamonds, fine jewelry and more. Regardless of whether this is true, millennials are also being credited with innovation in business, as more of them are starting their own businesses or pursuing freelance opportunities than ever before.

Thousands of the millennial generation (those between 30 and 37 in 2018) were surveyed by MetLife to determine the rate of entrepreneurship and freelance work. A whopping 40 percent of those surveyed reported that they plan to quit their current jobs and start their own businesses or pursue freelance work full-time in the next five years.

Younger workers are more media-savvy than their older counterparts. This makes for good marketing and self-promotion at a time when such methods of advertisement are key for business growth and success. This could translate into entrepreneurial success, something many millennials are counting on when starting their own businesses.

Any millennial considering starting a business has the same concerns as anyone of a different age in the same circumstances, particularly when it comes to:

  • Business entity selection
  • Proper business formation (establishing and registering an LLC or partnership, for example)
  • Business succession planning
  • Business protection and liability issues
  • Contracts

An experienced business law attorney is the best choice to handle these issues and others related to business formation. If you are thinking about starting your own business, consult a local business law attorney to ensure that your business gets off on the right foot.