Did you know nearly 40% of family businesses pass down to a second generation? It’s an incredible success rate, and it shows that families who work together with a common goal can achieve anything.
Are you ready to jump in and start a business with your family? Though family businesses have a higher success rate, that doesn’t mean it will be easy. You also have to find the right opportunity for you and your family.
Do you want to find out more? Read on for the best family business ideas.
1. Family Restaurant
60% of all restaurants fail within their first year. The restaurant business is one of the most challenging businesses to find success. Many folks try, especially those who are successful in other industries, thinking their ability to make money will translate to hospitality.
It often doesn’t. Successful restaurants are a science and a labor of love. Those who fail often lack the passion and the understanding of the science to maximize profit.
That said, family-run restaurants have a leg up on the competition. Why?
Most family operations keep labor costs low through employing family members. They cook the food, serve, tend the bar, and manage. Small businesses staffed by family ownership cut labor costs and keeps the level of service high.
2. Food Catering
Do you and your family have a passion for food but not for restaurant operations? Catering might be the best small business for you and your family to find success.
You get to work in the kitchen without the pressure of a busy restaurant. While you have to meet deadlines, you get to work with your family in an insulated and less chaotic atmosphere. The best part is, not everyone doing the work has to be a chef.
Family members with no culinary skills can offer their labor to the financial side of the operation.
3. Vegetable Farm
If you have the land and resources, a family-run vegetable farm is a great way to make a profit and display your family’s core values. Beliefs in organic vegetables, sustainable farming practices, and environmental policies are all visible through the vegetables you and your family sell.
Small-scale farming is a fantastic opportunity in South Carolina or other southern states. The longer growing seasons give you a source of year-round income.
Vegetable farming isn’t the only option. Livestock and large-scale crops allow your family to pack and distribute your values within a local market.
4. Car Repair Shop
As long as there are cars on the road, people will need mechanics. The trades are always in demand.
If you’re a trained professional mechanic, why waste time working for someone else. Opening a repair shop with help from your family can put the money into your pocket where it belongs.
The best part about this family business? Not everyone in your family must be mechanically inclined to work there. Car repair shops expand into gas stations, convenience stores, and car dealerships.
5. Arts and Crafts
Arts and crafts are hobbies, but you can turn your hobby into cash through a family business specializing in arts and crafts.
Thanks to the internet, there are so many sales avenues without ever leaving your house. Night markets, craft shows, and city carnivals are also fantastic places to sell your wares.
6. Beauty Products
Starting a new family business during an unprecedented global health emergency isn’t ideal. COVID-19 mitigation efforts on restaurants, bars, and public gatherings presented and continue to present challenges to all small businesses.
Starting a business unaffected by COVID-19’s pernicious spread is a way to protect your initial investment and protect your family. Beauty products you can make at home are one of the best business opportunities in the COVID era.
Nobody is sure when life will return to normal, but people still need to look good. Make artisan soaps and cruelty-free make-up from the safety of your home, and everyone can get in on the business.
7. Pet Kennels and Other Animal Care
Though we are in a pandemic, vaccinations are now making it possible for life to return to a “new normal.” Many workers who spent the majority of 2020 and 2021 at home are now returning to the office. This shift presents several complications, including pet care.
During the dark days of 2020, many people stuck at home yearned for companionship and adopted a dog or a cat. As people return to the office, many are finding pet care untenable. Unfortunately, many pets adopted during the last year get returned to animal shelters.
If you have the space and the know-how, a pet day-care center or dog walking business could be a perfect fit for your family.
8. Parties and Events
One of the most unfortunate aspects of COVID-19 was how many important life events it delayed. Weddings, anniversaries, milestone birthdays were all left waiting for a safe time to celebrate.
Now that society is coming alive, people will need help planning their events. Like catering, it’s a perfect family business because you can utilize every family member’s strong suit. There’s the event design, food, alcohol, and physical labor!
In South Carolina, people can hold outdoor events for most of the year. If you start a business like this, expect to hustle for the months to come.
Profitable Family Business Ideas
Starting a small business of any kind is no easy task. You must have the capital, the ability, and the work ethic to find long-term success. Even then, many businesses buckle under the pressure.
If you’re going to take the jump, why not do it with the people you love and trust the most? Consider these family business ideas when deliberating your start-up.
Do you need help planning and executing a family business plan? Positively People is here for you. Contact us today to learn more about what we offer a small business.