If you’re an entrepreneur looking to start your own business but don’t want to shoulder the responsibility of an entire company on your own, you may consider starting a small family business. Many of the most successful companies in the world started with small teams that grew over time. Starting your own business is often cited as one of the best ways to create wealth in today’s economy, but not all businesses need to be large corporations. Many small family business ideas can help you generate income, learn valuable skills and have fun in the process.
New entrepreneurs are looking to start businesses from home with their families by their side, and if that sounds like something you want to do, then these eight ideas might be just what you need to get started on the road toward family business success.
Owning a winery is one of those small business ideas that has existed almost as long as grapes have been cultivated. It can be more profitable than you’d think and requires little investment. Wineries sell their wines directly to consumers, which means you don’t need to purchase wholesale products or ship bottles all over the country; you can simply serve wine on-site or create your private label. If you want to get into it but aren’t ready to buy land and equipment right away, consider working with local vineyards during harvest season to help pick grapes in exchange for exposure and knowledge from an expert.
If you’re an event planner or even have some event-planning experience, capitalize on it by starting your own business. Check out our complete guide to launching an event planning business, complete with industry statistics, tips and tricks for potential entrepreneurs, and even sample business plans to help give you an idea of what’s needed when getting started.
Vegetable and Fruits Plantation
If you have some land, there’s no need to purchase pricey vegetables and fruits. If you’re up for it, you can always start your vegetable and fruit plantation right in your backyard. It is particularly convenient if you are an urban dweller or live in an area with limited options when it comes to producing. Keep in mind that planting fruits and vegetables that grow well in your region will take more planning and effort but will save on costs.
If you have time and you don’t mind working with your hands, laundering clothes can be very lucrative. Many people hire laundry services rather than doing their dirty work, so offering to wash, dry, and fold for your friends and neighbors is a great way to do something productive in your spare time. You may find it easiest to start small and focus on your closest neighbors as you become more comfortable with what you’re doing; eventually, though, who knows?
If you know your way around the business, consider providing consulting services to new startups. Become an expert in advising small businesses on how to improve their revenue streams and cash flow through effective management, hiring, training, and marketing. If you’re looking to get involved in business coaching, this could be a lucrative side hustle into those rewards.
A small kitchen business with low overhead and flexible hours is an excellent option if you want to be involved in your child’s school community. Offer to bake goods at cost for local schools, scout troops, or other groups. For example, have a dozen homemade chocolate chip cookies or muffins ready for pre-order.
Rather than create your own business from scratch, you can franchise your way into entrepreneurship. Franchising allows you to purchase an existing brand with an established customer base—you don’t have to be a jack-of-all-trades or have every skill needed to run your own business. A good franchising business may be related to real estate, like a home construction franchise. This is why there are so many opportunities in these fields. Think about what skill set you have and then look for ways that would benefit those skills through franchising.
Working parents who need to hire someone to watch their kids may qualify for a tax credit. In addition, many family businesses are set up around child care; if you have nieces, nephews, or other relatives with whom you can share costs and responsibilities, your family business may be just what they’re looking for. If you do decide to run your own daycare business, make sure that you comply with all local regulations and ordinances. Also, be aware of any state rules on providing childcare services from home. Many states require background checks and training before you provide such services. You should also check whether there is anything else specific to your state that could impact how you operate your home-based daycare center.
There are many choices when it comes to starting your own family business. A small family business allows you and your loved ones to work together and invest in something new—and there are plenty of ideas out there to get you started on your search!