When thinking about starting a business with your family, you may notice several possibilities arise. This is typical, as the prospect of beginning a business venture with those closest to you is certainly exciting. However, not every type of business is amenable to becoming a family business, so it helps to know which ones give you the best chances of success. Learn more about ten great family business ideas for you and your loved ones to start.
Open a Law Firm
If you’ve watched your local television channel for even a few minutes, then you’ve likely seen commercials for family law firms. This is because law firms are one of the most common types of family business. Everything from law firms that deal with civil cases to those that employ securities attorneys is likely to have some level of family involvement.
What makes a law firm a good family business to start? Well, a few things. For starters, law firms often operate on an intimate basis, meaning that employees and co-workers need to know that they can trust one another as they work long hours and deal with complex tasks on a day-to-day basis. A strong level of trust and commitment to the field is necessary for success, so leveraging your family’s bonds is a great way to find your way in the legal field, which gives law firms a strong place on the list of great family business ideas.
Gas and Oil Companies
Gas and oil companies are commonly operated by families. These business models stress the importance of communication and a diversity of thought in market positioning. These factors make them a great route for families that are looking to pursue a business venture as a unit.
When you’re thinking about great family business ideas, it’s helpful to consider the common challenges you can expect to face. While oil and gas companies bring their unique set of hurdles to overcome, they are also rife with opportunities for families who are willing to leverage quality trust and communication to achieve success. Before diving into this field, have an honest discussion about your goals and how you plan to achieve them with the rest of your family and business partners.
Become a Bail Agent
When most people think about great family business ideas, they fail to account for more practical business models, often opting for trendy or fashionable businesses. If you want to start a family business that has a chance of success, while also offering a necessary service to the local community, then you may want to look into becoming a bail agent. As a bail bondsman, you can expect to open up a business that has a large chance of both success and longevity.
Becoming a bail bondsman involves a series of steps to navigate the legal and financial aspects of the profession. You should always be sure to research and understand the specific licensing requirements in your state, as regulations vary depending on where you live. Several vocational schools and community colleges offer comprehensive courses that will help you and the rest of your family members gain a thorough understanding of the bail bond industry.
Once you’ve absorbed the necessary knowledge, you’ll need to pass a licensing exam administered by the state. When you obtain your license, you can move on to working under an established bail bondsman to learn the ropes of the business. There is a lot to discover as you grow your business, as bail bond offices require a wide range of experience in everything from client interactions to court proceedings, all of which can fluctuate depending on your location and practices.
Work in Home Improvement
Working in home improvement is a great way to begin your journey as a family business. Whether you want to be a roofer or a general contractor, there will always be a strong demand for those with home improvement skills, which is why this is such a lucrative field. If you want to pursue home improvement as a business model, then you should always be aware of the innate challenges you’re likely to face along the way. A successful field like home improvement is profitable, but that doesn’t come without a set of roadblocks.
Lots of great family business ideas have the ability to thrive in the home improvement space. For one, you can always create a business that solely focuses on creating new homes, which means you’ll want to pitch your services to those who are moving into a specific area. If you want to focus on renovation projects for flooring, for example, then this brings a different set of potential clients. Knowing your market is one of the keys to defining your metrics of success as a home improvement business.
When you bring your family into the fold of a home improvement business, it’s usually a good idea to delegate tasks and keep them separate. Home improvement business models can quickly get overly complicated, so it helps to have someone who is overseeing the whole venture and keeping things on schedule. You’ll also want someone in charge of hiring and training, as mistakes on home improvement projects can set back your finances and your reputation as a whole. The good news is that when you work with people you know and trust, you can usually avoid this type of thing from happening in the first place.
Work with Insurance
As a business model, insurance gives you a lot of different options to pursue within the framework of a family business. You can pursue automobile insurance if you want to join a more established sector of the market and work to set yourself apart from the competition. Or if you want to offer insurance policies for buildings and other forms of real estate, you can look into home insurance and even local church insurance. Regardless of your preferred market segment, there’s no denying the fact that the insurance industry is one that will continue to grow, making it a great option for those who are starting a family business.
When you are exploring great family business ideas in the insurance space, be sure to remember the costs of getting these businesses off the ground. Like any business, you can expect to have some startup costs as you get your insurance business working as it should. The industry can have a steep learning curve depending on your location and the type of policies you want to offer your customers. Research is always advised so that you know what you’re getting yourself into before it’s too late.
Once you’ve done your research and chosen your preferred insurance market, you can get to work on establishing a location and getting the word out in your local community. It’s likely that you’ll be facing lots of competition regardless of your location, but rest assured that with the right approach of consistency, you’ll be able to locate your specific place in the market with minimal trouble.
Start a Medspa
Spas are one of the most popular forms of local business because they offer customers a way to relax and unwind. In a world that is busier and more hectic than ever before, it’s logical that these types of relaxing spaces have become a more important part of the global business picture. When it comes to starting a family business, a spa is a great avenue to pursue both for profitability and fulfillment.
Medical spas are one of the more trendy approaches to the space. These types of spas take the concept of a traditional spa and add extra layers of services, many of which include some sort of medical benefit. This comes in the form of services such as cold plunges, pediatric foot treatment programs, and even thermal sauna environments. This diversity of services is one of the reasons medical spas have seen such a dramatic rise in popularity over the past few decades.
When you’re examining the great family business ideas available to you, such as spas, make sure you set up a realistic budget for your startup costs. This is an excellent way to minimize potential problems as you pursue the kinds of businesses that will become profitable within a realistic time frame. Opening a spa will have some upfront costs related to investing in quality equipment, for example. Being prepared for this by developing a comprehensive business plan and budget can help you to start your family business off on the right foot.
Work With Cars and Automobiles
Opening a car business is an excellent venture because the automobile industry carries strong demand. Whether you’re looking to open up a local dealership or if you want to start a car tire repair shop, you probably won’t have too much trouble getting set up with a business that has plenty of potential customers. Working with your family makes this prospect even more appealing, as you can kickstart a business alongside those that you trust the most.
Start by determining the specific niche within the car business that aligns with your interests and expertise, whether it’s selling new or used cars, offering maintenance services, or specializing in accessories. Your preferred niche will have a major impact on your business plan, so make sure to set your sights accordingly. From here, develop a detailed business plan outlining your target market, competitors, pricing strategy, and marketing approach. Next, you can shift your focus as you secure the necessary licenses and permits and establish strong relationships with reliable suppliers for cars, parts, or accessories.
Although the automotive industry is established, there is still plenty of room for innovation, particularly when it comes to your marketing efforts. Leverage digital platforms and social media for marketing and to create an online presence. Prioritize exceptional customer service to build trust and foster repeat business. Whether it’s a dealership, repair shop, or specialty store, the key to success in a family car business lies in a combination of industry knowledge, customer satisfaction, and effective business management.
Work for Mental Health Advocacy
As the world evolves, the general focus society has begun to place on mental health is major. Whether you’re looking at psychiatrists or the world of therapy, it’s no wonder that so many new mental health facilities are being established all across the country and the rest of the world. This rising industry makes it one of the more popular forms of great family business ideas that you can hope to encounter.
Open a Dental Office
As you explore the different types of great family business ideas that you can open up in the modern world, it’s often a good exercise to look at domains that have staying power and a proven track record of success. This is apparent in the medical field, which makes private practices one of the more profitable business models. If you’re curious about dentists and offices, then this is a great avenue to pursue when starting a family business.
Dental offices are necessary in communities around the world. As you start this business, set aside funds for equipment and marketing, as both of these are instrumental to your success. You’ll also want to consider rental costs, as many dental practices rent a space in a larger commercial building.
Work in Plumbing or Home Maintenance
Finally, consider a home maintenance service-based business for your next family venture.If you’ve ever wanted to become a plumber or a drain cleaner, then you’re looking in a profitable area, as these kinds of services come with high demand. Remember that infrastructure requires skilled laborers, making plumbing and home maintenance an excellent business model both today and in the future.
As you think about some of the great family business ideas you’ve learned about, make sure you are certain of what’s required to turn them into success. Often times it’s not enough to ponder about a business, as the execution of a business plan is far more productive. Speak with your family members, develop a plan of action, and pursue it to determine which family business model is the best for your situation.