Looking for family business ideas that you and your loved ones can do together? In this article, we’ll cover some ideas for starting your own family business!
Did you know that 90 percent of American businesses are family-owned?
Family businesses are an important part of today’s economy. Having a family business can provide a rewarding career path and source of income, while splitting costs, responsibilities, and profits among each member.
Let’s start by going over the benefits of a family owned business, then cover some small business ideas for families that might work for you!
- What Are the Benefits of Getting Into a Family Business?
- 1. A Strong Support Base
- 2. Expert Assistance and Financial Backing
- 7 Fun & Profitable Family Owned Businesses To Start
- 1. Lawn Care Business
- 2. Family Farm
- 3. Cleaning Business
- 4. Photography Business
- 5. Car Wash
- 6. Family Bakery
- 7. House Flipping Business
- Finding the Right Family Business Idea for You
What Are the Benefits of Getting Into a Family Business?
You stand to benefit in numerous ways by getting into a family business.
There are multiple options to choose from, and they all offer impressive returns.
Here are some of the benefits you stand to enjoy when you get into a family business compared to going at it alone.
1. A Strong Support Base
In many cases, family offers you a steady support base. They are sure to stick with you throughout the business startup and growth process.
As long as you have a good relationship, you can also communicate with your family better and more freely than you can with any other people.
This ensures that your business is run with honesty and understanding and will help your business grow.
2. Expert Assistance and Financial Backing
One of the benefits of going into business with family is that you may be able to split the expenses, especially as you’re getting started. This can reduce the start-up costs for each individual.
By splitting the expenses, it also makes it more affordable for everyone involved. If one of the family members involved in the business has a larger income, they may be able to financially back the business while other members of the family contribute more of the labor. This can give you a head start, especially in those early days of growth.
If you have family members with different strengths and specialties, you can divide the labor so everyone is doing what they’re best at!
Now, here are some of the businesses you could get into with your family.
7 Fun & Profitable Family Owned Businesses To Start
See if any of these family business opportunities appeals to your loved ones.
1. Lawn Care Business
Are you handy with a mower and a trimmer?
Do you have family members who love to work outdoors and could help with lawn maintenance or snow removal?
Lawn care may be a side hustle or a business opportunity for those who love to work outdoors and is a great way to help people who cannot do the work themselves.
Lawn and yard maintenance also usually needs to be done frequently, so by doing good work you can amass a regular clientele who re-hire you often.
2. Family Farm
Got a green thumb and not afraid of hard work? If so, growing your own food and selling it for a profit could be a family business idea for you.
Whether you have a small area and start with container gardens, or you have acres of land that you could till and plant, farming can be a family business that everyone can be involved in.
Start small and sell your goods at a farmer’s market and then scale up your business as you have continued success.
3. Cleaning Business
Love to clean and looking for a way to help people?
A cleaning business can help busy individuals, businesses, and families keep their spaces under control. And it can also be a great family business for your family to make money with no experience.
Supplies needed to start a cleaning business require a minimal investment and has few expenses other than labor. By working together with family members, you can split the work as well as the profits.
To get started, build up some references by doing complimentary or reduced rate work for friends and associates.
Then create some business cards and social media pages to start spreading the word about your services. It can also help to join community Facebook groups for your area, since many individuals often inquire there about various services that are available.
4. Photography Business
Do you love to take photos and have great photography equipment?
If so, starting a photography business could be a profitable side hustle. If you’re great at taking photos and dealing with people, this can easily be a hobby that can grow to a full-time family business.
Start by gathering a small portfolio of your work by taking photos of family and friends. Once you have great samples of your work, create a business Facebook page, Instagram account and other social media pages to grow you customer base.
Many families are looking for senior photos, business photos or even family photo “mini” sessions that can help them celebrate certain seasons or milestones.
One family member can take the images, one can set up appointments, another can edit images, and another can do marketing and customer service. It can be a fun business venture to get everyone involved!
5. Car Wash
While this passive income opportunity does require an investment in property and equipment, a car wash business is a growth opportunity that is in demand.
Family members can help out with the different aspects of operations.
As the business continues to grow, you can think about delegating management of additional locations.
6. Family Bakery
Does your family love to cook and bake? Baked goods are a popular commodity, and many potential customers are seeking quality places to order items online for special occasions and daily consumption.
Get started baking from home and making orders for family and friends, and then as your portfolio and reputation grows, consider selling your baked goods at markets or fairs. You can also promote your items online and on social media to generate sales until you’re able to afford a storefront location.
Some areas may have certain guidelines about sales of baked goods and those produced at home. It is wise to check the laws and requirements for your area.
7. House Flipping Business
Do you or a family member have great construction skills? If you know how to paint, rebuild and remodel, and have some money to make an investment, flipping houses can have a profitable reward.
Many families pitch in money to buy the homes, complete the work together, and then reinvest some of the profits for their next projects. This can also offer an avenue to explore your creativity and gain skills as a family.
Finding the Right Family Business Idea for You
If you’re looking to start a business that your whole family can participate in, there are lots of options depending on your interests. While some business opportunities require select skills or an investment, others can be started with minimal cost.
Starting a family business offers a great growth opportunity.
There are many business opportunities to venture into, and many are bound to become successful. This can be a great opportunity to create a financial future for your family, and to make your own careers that can be done together.
Kim Ritter is a frugal living expert, blogger and mom of two from small-town Iowa. What began as an effort to help her family save a few dollars a month has now transformed into a full-time passion to help other parents money. Visit her online at twokidsandacoupon.com and follow her on Twitter at @2kidsandacoupon for more ways your family can have fun on a budget.