If you’re a teen, you’ll more than likely have heard of the many ways in which you can make money online. Thanks to the proliferation of entrepreneurial endeavors in the digital sphere, the opportunities for young people to develop valuable skills and make a decent living from home are endless.
There’s no denying that the world of online entrepreneurship has opened up a world of possibilities for young people looking for work-life balance. While this may come as a welcome change for some, for others this newfound flexibility may bring with it new challenges. The truth is that being a digital native and being young doesn’t automatically equate to financial security. There are certain financial responsibilities that teens need to shoulder and opportunities that come with being a professional that they need to be mindful of.
The Impact Of The Covid-19 Pandemic On Digital Natives
One of the main issues that the Covid-19 pandemic has raised in relation to teen income is the temporary halting of many online ventures. This has undoubtedly had a profound effect on the financial security of many young people. Those who rely on their wits and digital connections to make a living may be left high and dry. Though platforms like TikTok have pivoted to focus on entertainment, many creators and streamers lost their entire audiences and had to resort to freelancing or taking long breaks from creating content.
The unprecedented shutdowns and temporary closings of many businesses during the pandemic have undoubtedly caused permanent financial damage. For example, Take-away.com, a food delivery service, shut down its entire business during the pandemic and was acquired by Hungryhouse LLC for an undisclosed amount. Similarly, Bonjoro, a beauty e-commerce store, also shut down its entire operation and was acquired by L’Oreal for $30 million.
The sudden loss of so many digital-native jobs during the pandemic has undoubtedly caused financial instability for many teens. Though the number of jobs available online has actually increased, many are casual, low wage jobs that don’t offer any benefits. It’s no surprise that the Covid-19 pandemic has caused many young people to reevaluate their financial situation and consider ways in which they can improve their income levels. Fortunately, the pandemic has also caused policymakers to consider the needs of young people and come up with innovative solutions to help.
The Impact Of The Covid-19 Pandemic On Teenage Luxury Consumers
Teenage luxury consumers are a lucrative market, valued at around $18 billion per year. This demographic is responsible for many of today’s most popular brands, including Montblanc, Gucci, and Burberry. Though most luxury brands have pivoted to offer online shopping thanks to the pandemic, there has been a significant blow to their revenues. Retail stores like Gucci, which operates 24 locations across North America, saw an 85% drop in store sales during the pandemic. Many luxury brands have also had to lay off a significant number of employees.
The unprecedented closure of retail stores during the pandemic has undoubtedly affected the income and financial stability of many young people. Though several luxury brands have pivoted to online shopping, as mentioned above, it has not been an easy transition. Many luxury consumers, who have grown up accustomed to being able to walk into a store and purchase a garment, are no longer able to physically visit a luxury brand. This may have a negative effect on their perceived value and image. Ultimately, this could lead to a significant drop in sales.
Digital Natives Are More Than Just Financially Secure
Being a digital native is often touted as a ticket to financial freedom and opportunity. Though that may be true, there are certain responsibilities that come with being a professional in today’s digital world. Just as any other field, the financial responsibilities of a digital marketer vary by position and experience level. However, there are certain responsibilities that all digital marketers should shoulder. This includes being financially responsible, protecting consumer data, and keeping consumer trust.
Be Financially Responsible
Being financially responsible means being aware of your spending habits and being able to pay your bills on time. It also means being aware of your own values and whether or not you’re spending money on things that are important to you. If you’re looking to increase your income, it makes sense to focus on areas that you feel passionate about and know you can monetize. Though many people look at the glamour of working in a digital agency and think that it’s all about making a buck, you’ll quickly learn that this isn’t the case. Most digital agencies, even those that are newly founded, operate with a sound business plan and have a clear ROI (return on investment) in mind.
Protect Consumer Data
Being financially responsible also means protecting consumer data. Though there are certain benefits to be gained from being financially independent, the truth is that you’re responsible for your own security. Consumers expect and demand that their personal data be protected, especially online. The privacy of consumers is a key consideration in the digital world, as data breaches can have severe repercussions. Though businesses operate with the best of intentions, data breaches are unfortunately a fact of life in today’s digital landscape. With the right measures in place, however, you can be sure that your data will be protected and your privacy will be respected.
Empower Consumers
Being financially responsible also means empowering consumers. Though many people consider being a marketer to be a privilege, this is far from true. Consumers have a unique perspective and have a lot to offer when it comes to their own purchases and how they use products. If you want to empower consumers and understand their needs, you need to listen to them and not just the perceptions that you have about a certain product. For example, if you’re trying to sell skincare products and you notice that a significant number of your consumers have acne, you may assume that your products aren’t effective for people with acne. However, if you understand that they haven’t been effectively targeting consumers with acne, you can work on developing a new strategy and re-energize your audience.
Be A Balanced Person
Finally, being a financially responsible person isn’t just about having money. It’s also about having a clear head and a healthy mindset. If you’re looking to improve your income levels and secure your financial future, you need to consider how you’ll approach this new source of money and whether or not you’ll be able to manage your newfound freedom responsibly. Being a business owner or manager doesn’t come with easy obligations. You’ll need to consider the requirements and responsibilities of your various employees, as well as your own personal and professional life. If you can, you need to make sure that you’re putting in the proper amount of effort to ensure that this newfound income is going to be worth it in the long run. Otherwise, you may find yourself out of a job or worse, in serious debt. This is why it’s so important to take a step back and consider all of the implications before you dive head first into entrepreneurship. Though it may seem glamorous and offer a quick way to wealth, being a business owner or manager can be demanding and full of responsibilities. This is why many choose to live beyond their means and overextend themselves financially. This, in turn, makes them less attractive – and more difficult – to work with. In the end, they may even lose customers due to the unreliability of their service. This is why you should never assume that being a business owner or manager is easy money, it’s quite the opposite – it’s a lot of work!
Being a business owner or manager doesn’t come with easy obligations. You’ll need to consider the requirements and responsibilities of your various employees, as well as your own personal and professional life. If you can, you need to make sure that you’re putting in the proper amount of effort to ensure that this newfound income is going to be worth it in the long run. Otherwise, you may find yourself out of a job or worse, in serious debt. This is why it’s so important to take a step back and consider all of the implications before you dive head first into entrepreneurship. Though it may seem glamorous and offer a quick way to wealth, being a business owner or manager can be demanding and full of responsibilities. This is why many choose to live beyond their means and overextend themselves financially. This, in turn, makes them less attractive – and more difficult – to work with. In the end, they may even lose customers due to the unreliability of their service. This is why you should never assume that being a business owner or manager is easy money, it’s quite the opposite – it’s a lot of work!