Millennials or Generation “Y” are the next generations of consumers, but they are also the generation that is fast becoming today’s small business owners. They have never known life without the Internet or mobile devices. They are constantly connected, but they are also demanding when it comes to overcoming time challenges. They look to Twitter, Instagram, Facebook and other social media for their information. They are also primarily using their mobile devices to connect to social media outlets.
Millennials understand and accept that their data will be tracked, but they are more willing to click on social ads over traditional banner ads on their desktop or laptop computers. Small businesses who decide to embrace social engagement marketing strategies in an all-out manner for their brands, are the most likely to come up winners – with Millennials as customers!
Millennials, being 18 to 34 years old, are not looking for stuffy offices; nor are they looking at traditional office space arrangements where they have to sign lengthy leases, buy office furniture or make capital investments into office equipment that may be under utilized in favour of on-demand technology. One way that they can accomplish this is to begin without a physical office and utilize virtual office services as a hub for their business and their team.
As Millennials are now becoming the fastest group of small business owners, they are embracing virtual offices and business centres over traditional office space. They realize the importance of a good business address, but they also realize that technology allows them to have staff work from home – and only use small rental offices or team space at a business centre for key staff who need to work near or with each other.
While Millennial small business owners are feeling the most positive about running and growing their business in today’s economy, they are also the largest group of business who are hiring other Millennials. Many of these young entrepreneurs know that they can learn a lot from successful, older entrepreneurs who have built businesses to last. So by choosing to have their offices in a business centre with seasoned entrepreneurs, they know they can also help to grow stability in their business by seeking advice and help.
It is true that Millennial small business owners are becoming some of the best marketers to their own generation. However, not all of them understand marketing and sales. The smart Millennial small business owners realize that sales is about converting leads and prospects from their marketing into actual purchases or deals. So they are looking at seasoned salespeople to convert those people of all ages into customers.