There is everything to love about having a family business – the passion, legacy, collaboration, loyalty…the list goes on. This is, however, not to say that a few things can’t go wrong.
Family businesses have existed as far back as the existence of mankind. Most of the known brands we have today started as family businesses.
Simply put, a family business is a business controlled by one or many family members. These businesses usually go down the line for many generations.
If you want to start a venture and also control how it grows, you need to start a family venture. This is a sure smart way.
In this article, we will give you 6 fun ideas you can use to start a new family business.
What do you need to start a family-owned business?
Before we go into the family business ideas, there are some first things first. Here are some important tips to consider before opting for a family venture:
- Start with a business plan and do your groundwork very well.
- Consider the contribution of each family member to the business in terms of funding.
- Consider seeking external funding; don’t keep everything in the family.
6 Amazing family businesses
If you want to be successful in the family business line, you need to have a specific niche. There are so many ideas that will amaze you as it relates to starting a family or small business.
So, let’s go over some profitable business ideas that will guide your next family venture.
1 Start an online store
One of the easiest ways to start a family business today is to own an online store. There are many products you can sell online.
In this type of business, a huge investment goes into sourcing the right product to sell based on interest.
You can start small by going into the drop shipping business.
2 Pet sitting
If you love animals, then this is a wonderful business idea for you to start with your family. You can enjoy your passion and, at the same time, make passive income from it.
This business is easy to start and may not require any capital at all. However, you may need to set aside some amount for publicity around your neighborhood.
That being said, you can start this business right in your neighborhood. With time, you can expand the business to other horizons. All you need to do is build a strong reputation, and you will excel.
3 Start a nursery
This is for any family that has a green thumb and loves plants. If your family falls into this category, then this business is for you.
You can start small. Start with nursing home and indoor office plants. At the start, your customers are most likely going to be the people around you. Then gradually, you grow your customer base and even start selling outdoor and economic plants.
4 Start a tutoring business
There are many opportunities available in the tutoring niche. Think of what you are good at teaching. Is it language or mathematics? How about the tech stuff?
As long as you have some skills or knowledge that somebody requires, you can fare well in this business.
5 Catering business
For food lovers, this is a great fun family business idea. The truth is, everybody loves food. This translates into the fact that this business will do well in any geographical location.
Start with the meal or snack you love and can prepare very well. There are customers around you who love it just the way you do.
With time, you can grow your catering business to start offering outdoor services and event management.
6 Photography businesses
People love keeping memories alive, and the photography business is one business idea that does just that.
As a photographer, you can help people keep their memories alive. You can help people document their weddings, conferences, birthdays, reunions, and community events.
You can have a family member do the shooting, while another is doing the editing. Then finally, one family member can handle the printing aspect.
If you have a family passion, then you can turn that into a profitable venture.
There are many fun family ideas out there. You just need to find where you belong. Here, we have given you a few suggestions, you can build up from there.