Family Business Ideas: 6 Great Business Ideas For 2021

Family Business Ideas: 6 Great Business Ideas For 2021

November 10, 2021 0

There are so many great family business ideas that you can invest in. Who says business and family can’t coexist? It is no secret that our family members can drive us crazy at times. Regardless, so many business owners own businesses with their family members as partners.

Would you like to start a business with your family members but are not quite sure what business to start? The good news is, there are several opportunities to build a successful family business and have fun doing it.  Keep reading and you’ll find out how. 

6 Great Business Ideas for 2021

While coming together as a family may be simple, coming up with the perfect business idea may be more difficult. To discover what you’re made of and what you can create, you’ll have to look at everyone’s strengths and shortcomings. 

It might be surprising but family enterprises create over half of the world’s wealth. Also, over 85 percent of businesses are owned by family members.  Below is a list of some of the best family business ideas you can start, why don’t you dive in.

Daycare

Family Business Ideas: 6 Great Business Ideas For 2021
Daycares are among the top thriving family business ideas today

Do you know that many daycares began in someone’s house rather than some high-cost location? A daycare assists parents to take care of their kids when they are unavailable. This may be during working hours or when they need to handle other engagements. It emphasizes games and free play considerably more than a preschool does. A daycare allows babies, toddlers, and children to enjoy their daily activities away from their parents. 

You can start this family business by advertising to the people you already know or on a caregiving website. Offer to fill in here and there as a date-night babysitter or to simply help out an elderly neighbor. Once you’ve built credibility, you can advertise your services online or word-of-mouth.

Running a daycare center is both interesting and profitable. You’re ready to launch if you have prior business experience, startup funds, and a passion for children. It can also be a way to make passive income. 

Retail Arbitrage

If you’d rather manage an online business with little to no human interaction, retail arbitrage is an option for you. The concept of retail arbitrage is that you can buy something from one place and resell it on another. You can then profitably sell those things on Facebook Marketplace or other social media channels.

Running a dropshipping business is another e-commerce business concept that involves little effort on your part. You act as the middleman between the customer, who places an order, and the supplier, who fulfills the order. 

Cleaning and repair services

One of the benefits of entrepreneurship is that you can choose your hours, schedule, and fees. You can establish a cleaning or repair service if your family is particularly handy or skilled with their hands. Some cleaning agencies, for example, provide laundry services, while others do not. You only take on jobs that you know how to do or desire to learn as a fixer. Also, you can check into corporate cleaning if you like to work nights or weekends. These kinds of enterprises are completely adaptable.

Working with your family members in this business allows you to offer more services and work faster. With this, you can take on more jobs than a one- or two-person operation could.

Event Planning

Weddings, baby showers, gender reveal parties, sweet sixteens, and several other events are all part of our daily life.  ​​Event planning is among the best family business ideas that you can consider. It makes more sense if you have a family with a lot of females. If you have the creativity, resourcefulness, and all planning skills necessary, it can be a fun venture to start. Building a strong client base can earn you a lot of money every month.

Property Rental

Family Business Ideas: 6 Great Business Ideas For 2021
Property rental

Almost all the businesses on our list require little or no startup costs. However, this business idea requires either funds or resources to begin. You can start renting out your property to others if you own multiple properties or the financial means. This business venture thrives when you have family members on board. The reason is that more people can assist to bring money to the table as well as maintain the property. Once you have a house to rent, you can do it through long-term rentals with a regular lease. 

Personal Home Chef Services

Is your family known for their culinary prowess? If you are good in the kitchen, then this business idea could be the perfect one for you. One of the advantages of becoming a personal chef is that you are not required to cook at a client’s residence. You can also provide pre-prepared items that only require reheating. This business is a terrific approach to reach out to a wider audience without committing to a single client.

Conclusion

Hopefully, our list of family business ideas should be helpful to you. What other ideas do you know of? You can share them with us in the comments section. Meanwhile, check out SME360 for other posts on how to start a business.

Rejoice Obike
Rejoice Obike
Rejoice Obike
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