5 Reasons to Start a Business in Your 20s
Do you know that saying, “sooner rather than later?” That’s the perfect saying for why you should start a business in your 20s. Just like most things, it’s better to start a business sooner rather than put it off until later.
Of course, your 20s are not the only time you can start a business. However, there are so many people who talk about all these amazing ideas to only put it off and put it off and put it off some more until they either give up or feel like it’s too late.
Instead of putting off your business idea, go for it. Yes, that means more on your plate while you’re in school and you’re busy and you have no idea what to do with your life. It might not sound like the ideal time to dive into a business, but remember, sooner is better than later.
One of the great things about starting a business in your 20 is that you break away from the traditional business model that most people expect you to follow. We’re often told that we are supposed to go to school, get a job, work for 40 years, and then retire.
Well that’s great and many people find success in that route but it’s not the only way to have a career.
What they don’t talk about in school or when you’re growing up is that there is an option to form your own career path and start your own business as soon as your in your 20s, if not earlier. However, the phrase entrepreneur is not as popular as the phrase corporate job.
Why is that?
To be honest, it seems like most people don’t even really know what an entrepreneur is.
There’s a lot of misconceptions about being an entrepreneur and that has a tendency to hold people back from pursuing their great business ideas. Essentially, an entrepreneur is someone who is willing to take chances professionally and financially in order to pursue a business venture.
Many people are entrepreneurs and they don’t even know it because that’s not a term they’re used to using or hearing.
However, entrepreneur is my favorite word. There are so many possibilities around scaling a business as an entrepreneur. It really is an exciting and fulfilling business model and one that I think everyone should start when they’re in their 20s.
Before we dive into the list, there’s just one more thing I want you to consider.
Have you ever heard an older person say if they could change one thing it’s that they wish they would’ve started something sooner?
Don’t let this be one of those things that you regret waiting to start. If you have an amazing business idea or you want to take your chances with something like freelancing, a side hustle, a brick and mortar business, an online business, or something else, don’t put it off until you regret not starting it sooner.
And, if you aren’t sure of a good business idea for a young entrepreneur, you might want to start with this list: The Epic List of Side Hustles.
With that said, let’s dive into the five reasons to start a business in your 20s.
1. Millennials and Generation Z are in a different economic situation
Currently, the generation in their 20s are the millennials and generation Z people. Things are extremely different for these two generations compared to baby boomers and generation X.
For one, the words crisis and epidemic seem to come up a lot when describing the economic situation millennials and generation Z are faced with. With student loan debt at an all-time high, and purchasing houses at a low, it’s no wonder that millennials and generation Z feel so stuck when it comes to the economy.
In fact, it is nearly impossible for one to survive on a single income. This is why the standard corporate business model is becoming less and less popular and the entrepreneur route is becoming more feasible.
Since a single income rarely covers all living expenses, more people in their 20s are looking to start some sort of side hustle. A side hustle can help to supplement income so that people can afford to pay their bills.
However, people are realizing that their side hustles can actually make more money than a regular job. This can lead to full-time income overtime. The more financial wiggle room, the more financial freedom!
Since the opportunity is there to beat the current outdated career model, it makes complete sense to start a business in your 20s.
If you aren’t sure Of business ideas for young entrepreneurs, or even what a side hustle is, check out this comprehensive list of different side hustle ideas. This is a great way to figure out what business you want to start. There are way more options than you probably even realize!
Click below to download the comprehensive list.
2. Chance to pay off student loan debt sooner
The student loan debt epidemic is out of control. Seriously! It’s a $1.5 trillion l problem.
Imagine being able to pay off all your debt with a business that you start in your 20s.
If you are in student debt, which a lot of people are, starting a business in your 20 is a great way to earn extra income so that you can become financially free sooner than the average person.
Research from US News shows that on average it takes someone with a bachelor’s degree 21 years to pay off their debt. That’s a really long time!
Imagine being able to pay off all your debt and half that time, or even in a crazy short amount of time like 3 to 5 years. There are plenty of people out there who successfully pay off their debt in only a few years because they’ve taken the time to start a business.
It might seem counterproductive to invest money into a business when you’re in debt. However, that’s not the truth!
The money that you invest in your business has the chance to grow at rates faster than what you can expect to be paid in a job. Even if you get a crazy amount of raises at your job, chances are you won’t be able to match the financial growth you have the potential to receive if you start your own business.
One of my favorite Business ideas to start when you’re in your 20s is a blog. I have seen blogging change so many lives financially. I know of many people who are completely retired from corporate work in their 20s or early 30s because they took the time to invest in blogging.
It is very common for someone to make thousands an even hundred thousands of dollars just through blogging.
If you’re interested in starting a business but you aren’t sure which model you want to choose, consider blogging. It’s actually really cheap. And buy cheap I mean it’s only $3.95. Seriously. Check it out!
3. Side hustle now, full-time business later?
Most people can’t quit their current job to start a business. That’s why a lot of businesses start off as a side hustle.
This means that you’re growing a business on the side while going to work and possibly even going to school. As someone who has started two side hustles while working and in school, I know first hand that it’s not always the easiest thing to do.
However, once your side hustle grows enough it can easily be turned into a full-time business later on.
There’s always a chance to scale your business to take over whatever job you currently have. Imagine if you start your side hustle at 25. Where do you think you’ll be in 10 years? The possibilities are truly endless.
All you really have to do is start right now.
If you’re thinking that there is no way you can start a business while working full-time, the truth is that you can.
No, it won’t be easy, and yes you will be tired often.
And let me just clear one thing up, I’m not saying that you need to dedicate 40 hours a week to your business or even 20 hours a week.
What about just one extra hour a day. That extra hour can go along way. And even though we always like to say that there is not enough time in the day, if we swap out the hour to work on our business that we usually spend scrolling through social media or watching TV, I guarantee that you’ll realize you have much more time than you thought.
The point is, I completely believe in you and I know that you can do it.
4. Chance to enjoy your passion
There’s a big possibility that your day job has nothing to do with your passions.
According to this study done by INC 70% of workers don’t like their jobs. Do you fall in that 70%?
There’s even a chance that the job you have has nothing to do with the degree you got in college. The reason for that is because jobs have become more and more difficult to get resulting in people taking whatever job they are offered, even if it is not their specialty.
This is where the beauty of starting your own business comes in.
Your business is something that you could be passionate about. Not a lot of people can say that they work in their dream job and are extremely passionate to wake up and go to work every single day.
You can be one of those people who is extremely passionate and in love with their job. But, don’t keep putting off your great business idea. Remember, start sooner rather than later.
If you’re still unsure what kind of business you should start, check out this comprehensive list of side hustles to see which one perfectly fits your personality and your passions.
Recommended: The Ultimate Guide to Setting Goals
5. Be your own boss
One of the best parts about starting your own business is that you are your own boss.
You don’t have to answer to people, you don’t have to work on projects you think are pointless, and you don’t have to worry about being micromanaged. If you are a natural leader or someone who has the ability to see the bigger picture, being your own boss will come easily for you.
However, for some people, being your own boss means a lot of freedom that you don’t know how to deal with.
Working for yourself definitely takes some practice and getting used to but in the end, it is extremely satisfying and worth it. When you have a business, all the success you have is up to you and your hard work.
This is a lot of pressure but it is also an opportunity that many people never get to experience.
The best part is, when you start a business in your 20s you learn sooner the things that work and don’t work. That way, when you’re into your 30s and on, you already have a well-oiled machine and can focus on the important things like scaling your business for financial growth.
If you are thinking about starting a business, it’s time to take the leap and get started right now. There are definitely risks involved, but the sooner you start the sooner you learn the things that do and do not work.