Starting a business based on your sole hobby, skill, or interest is one thing – starting one which the entire family loves is a whole different deal. Bringing the family together in one united goal to create a successful business not only strengthens the bonds between each individual, it creates a valuable asset to build family wealth.
The following are three different family business ideas you may find interesting if you’ve been feeling the itch to start something with your close ones.
1. A Gym
Starting a gym, as a family business, comes with two immensely great benefits:
· You’re developing a business that can rely on recurring income
· Members of your family can become active with the gym and improve their health
A gym doesn’t necessarily need to be on the same size and scale as chains that dominate your local business community. You could create a small gym that caters to specific clients within your community that may have been neglected by the chains.
The investment for exercise equipment will be one of your largest expenses but, again, this comes down to the scale you choose to take on. Location, too, will be the other major expense since you’ll want to consider all the factors as to which area would be the most convenient for those joining.
Once you’re operational you can use gym membership software to coordinate the business and delegate which members of the family take on specific roles. Income will grow with each new member and locking individuals into a subscription plan will remove the troublesome element of keeping steady revenue – it’s win/win for everyone involved!
2. Baked Goods Shop
Baking is a skill that can be acquired by just about anyone willing to put in the time to learn the basics and keep an open mind about experimenting with recipes. The major bakeries down the road (or big grocery stores) may have most of the main baked goods covered but people want something new with a “home cooking” feel.
Equipment for starting a baked goods shop varies; you can choose to bring in commercial baking equipment or keep it simply by using what you have at home – it all depends on what you plan to create for your customers.
Create a unique spin on classics like cupcakes, breads, donuts, candy, and others and you can begin to generate a buzz around your cooking once you get them out the door and into the hands of those hungry for great items.
You will need to adhere to food safety regulations but the process is simplistic compared to launching most other businesses.
Gather the family, spend time coming up with ideas for various baked goods, practice your skills, share your work with friends, family, and neighbors, and you could see a brand new family-run baked goods shop!
3. Online Stores
One business idea that knows no barrier to entry is launching an online store.
Yes, the truth is that there are hurdles to source products if you plan to sell, but the web has given these companies the ability to create platforms for interested parties to get in touch – and there are many other resources to help you find these companies by spending time searching for suppliers.
The other alternative is to consider creating a business around services (freelancing) or information products much like what you’d find when individuals sell ebooks, video series, or memberships – you could also become affiliates for products/services and make money selling other people’s products.
The whole family can get together, find a topic they all love, and begin contributing to the website; this collaborative effort will allow the site to continually publish new content and have a “workforce” that will push the site all over social media.
The reason this business idea has great potential, and almost no barrier, is that all one needs to get setup is a few bucks for a domain name, hosting, and a website theme – you can literally start for about $30 – $50 if you research your options!
There are countless options and ideas for businesses to choose from but these selections are here because they present you with the ability to find a place for each member of your family; stand strong, together, and the lot of you will build a truly successful venture.