As baby boomers age and begin selling their businesses–many Millennials are buying them up, and both groups are starting micro businesses.
This trend in one or two person business ownership is projected to enlarge as automation and robotics begin replacing employment for many Americans.
This segment of Digital Marketing Update, Podcast #4 discusses these trends and what this shift means for all working people–as these new businesses may replace employment income if successful.
Listen to just the audio version here!
Now, enjoy the podcast video!
THE MILLENNIAL SHIFT IN SMALL BUSINESS STARTUPS
HOST: John D. Verlin
It’s great to be back with you. We’ve received emails of questions you’ve had. Now, one thing I did wan to talk about…there was actually a great article today in USA Today by author, Steve Strauss.
He kind of summarized what I wanted to talk about. And that is the shift we’re seeing—and I’m calling it the Millennial shift. A new way of doing business as an entrepreneur.
And it’s really tied into the technology, robotics, automation, replacing humans—it’s really no different
than the turn of the century where you had the agricultural age shifting to the industrial revolution.
And all the people who were farmers, whatever—had to learn how to work in a factory. A new set of skills—things like that. And we’re seeing that now—not only with just the advances of technology—and automation, those kinds of things—but we’re seeing it with the Baby Boomers getting older and the Millennials are coming to the fore—buying up the baby boomer businesses…starting their own businesses due to the economic shift—maybe not like they thought it was going to be, college and all of that—starting new businesses on the side.
I used to work with a bank in their digital marketing—and we would open up checking accounts for small one or two person businesses all over the country. And you’d see everything from lawn services, pooper scoopers, somebody that would pick up your dirty baby diapers…consulting…you name it. Mobile anesthesiology? All sorts of businesses that were full time, part-time that have been started.
And this shift, of the economy—the point of it is—is something we really need to think about to see what’s going on. The point of it is—new ways of marketing have changed. Used to be the traditional. I used to have a client who I worked with for 20 years. He told me…he actually was like a mentor—he owned a deli. He was the typical Millionaire next door.
And he said, “you know John, I think you ought to do an online business. A consulting business for marketing.” And I said why do you think that? He said, “well…you’ve got 34 years of radio advertising, scriptwriting, radio production, digital marketing—I mean you’re a seasoned professional.
And there’s not a lot of them out their anymore that are still working, with your expertise—and I think you can make a go of it.” I said, aw—anybody can do this… He said, “no, they don’t know how or they don’t want to.. He said—I could do my own taxes—but I don’t want to. I’d rather pay someone who knows what they’re doing. You could offer your services—and charge half of what n MBA would charge–”
I said ok…so that was what really motivated me to start On Demand Advertising Solutions. Because he would say things like, this shift in business—people still need someone with sales experience….marketing understanding…having worked with a lot of businesses for years…understanding what they’re going through…”
He said “these are things all of us are going to want going through this “shift”. Millennials are maybe more familiar with the new digital marketing..and things like that..but you still have traditional marketers with this new media and you’re still going to need traditional while we’re in this shift right now.”
So that’s kind of what’s going on right now. And by the way—do you know who the most influential podcaster is? Today, in America? And maybe the world? No…not Kim Kardashian….President Obama.
So, if podcasting is so important that the President of the United States would use it. For the rest of us—it may be something we should consider too.
And—this is where I can help. If your small business needs some help with social media, blogging—any of this stuff. And you know—we may have to rely on traditional media too. Radio, TV, magazines, newspaper. Because—they don’t really talk about it—how many new businesses fail in the first year.
Things don’t always work like you’ll think they’ll work. And that’s true with the new digital marketing as well. Nothing’s guaranteed. Sometimes you have to back to what did work—but that’s what being an entrepreneur is all about..experimenting.
So, anyway…as we understand this Millennial shift—what’s in store for entrepreneurs now? And there are a lot of people doing these side gigs—freelancing, things like that. Which is great. It allows those of us to hire people when we don’t need a full time employee. Whether its a marketing expert, virtual assistant…an HR person…an accountant…a lawyer.
So there’s a lot of ways you can do things now—it’s just do you want to do it yourself or do you want to hire a professional? Especially for these small businesses starting out—with expenses and costs–what’s cost-effective.
So, that’s what’s kind of going on–I wanted to touch on this Steve Strauss article—a great article in USA Today—about all of this—this shift and understanding it. And to embrace the new digital technologies…marketing technologies.
Again, this is something we all have to deal with as this is where it’s headed. Just as we had these shifts with the Industrial and technology revolutions. Many new things and putting new things into practice.
We will see you next week and talk more about digital marketing content and how that can impact and influence your business for success. Have a great day!
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