As society has evolved, the average age to get married, move out of your parents’ place, or start a family has only gotten older. But there is one shocking aspect where the age has gotten younger: In starting a small business.

The average age of Millennials and Generation Z to start a small business has gotten increasingly younger, and the general number of individuals in these age demographics is far also higher than those in older generations such as Boomers. The contrast in generations is evident, so the question is not whether the difference is present, but rather why it exists.

The ability to make your own path to success is a defining factor in the typical “American Dream” mindset so many people possess, yet it is interesting to see the different paths so many people take.

One very possible factor that is influencing this is the increased cost of living the nation has seen over the past decades. The average value of a home has increased by 73% in the last few decades, meaning the average Zillennial would have to work longer and save more in order to take the step of homeownership. The same type of increase applies to even renting as well, as the average rent has increased by as much as 46% in just the span of about 40 years. College tuition, a payment deemed as an investment to ensure you can earn more later in life, faced an increase of 213% at public schools. All of these expenses are considered essential to many individuals, so the increase in such has sparked a need to earn more money.

Even in the face of continual price increases, the pay of federal minimum wage has not increased in well over a decade. In order to adapt to this slippery slope, and to be able to still reach goals set upon Zillennials by previous generations, supplemental action was necessary. Turning passions into lucrative business has proved an effective way for younger generations to take control of their financial freedoms.

From the beauty industry, crafting, photography, digital media, to even cooking and baking, the trend of young small-owned businesses is a booming one. Individuals are finding ways to turn what they love into helpful side incomes- but does it come at a greater cost? Working multiple streams of income just to achieve what older generations have done with one must come with downsides, and they’re visible. Less and less of younger generations feel college is necessary, as it is a pricey investment that many people work for years to pay off. The allure of being your own boss, despite the unique trials and tribulations it would bring, is a strong one. Seeing higher pay at a faster rate than if you pursue a degree is a very compelling factor in why so many current college-aged individuals start these businesses.

Many of these individuals, however, also state that turning their joys into jobs was the biggest price they paid. This is not the cost for many, as lots of business owners don’t view their jobs as chores when it is something they wholeheartedly enjoy conducting. But for many who use their passions as side incomes to stay afloat through college or their climb up the ladder in their respective fields, it has turned something that once made them happy into yet another worrisome aspect of their life. “Will I book enough shoots to make rent?” “Did I make enough clients this year to finally save for that down payment?” are the kinds of anxious thoughts that replace ones such as “I love helping people capture these happy moments!” or “I’m so glad people are enjoying what I made.” Is it a fair price to pay to have to choose between what makes you happy and what could help pay the bills?

The drive and dedication necessary to start your own business are always admirable traits, and seeing younger generations have the initiative to want to succeed so deeply is an interesting feat. It is possible to both simultaneously appreciate the rise in small businesses we see, and to also question if something can be done to alleviate the pressure that brings them into existence.

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