4 Family Businesses to Start and What to Consider Before You Do

4 Family Businesses to Start and What to Consider Before You Do

Going into business with family is often rewarding, but navigating dynamics can be tricky. Choosing the right business can make all the difference. Learn more about what family business to start and how the ideal opportunity can help build wealth and security.

Family businesses are an integral part of the U.S. economy. They generate 64% of the U.S. gross domestic product and have the potential to help families create a lasting legacy for future generations. But, starting a family business poses some challenges, and setting some ground rules is essential.

It is important to establish clear boundaries and maintain professional conduct in the workplace to help families separate personal relationships from business responsibilities. Setting aside time for family and business separately can also help. Open, honest communication is vital for success. You’ll need to establish a formal structure for decision-making, roles, and responsibilities to clarify expectations and reduce misunderstandings.

Best Types of Family Businesses

The type of business you run can also make an impact on your family dynamic. You’ll want a business with a variety of roles. Your venture also needs to generate enough income to support participating family members.

Here are some of the best types of family businesses to start:

  1. Restaurant: Kitchens are the heart of the home, and many families have treasured recipes. If your family likes to cook, a restaurant can be a lucrative business. Each family member can contribute to different aspects: cooking, marketing, sales, and customer service, and the business can become a central part of the community. A foodservice establishment has strong profit potential, but you’ll have to deal with licensing and health requirements, and heavy competition.
  1. Lawn care: A lawn care business has low startup costs and high profit margins. You don’t need a lot of equipment to get started, and once you obtain a stable customer base, your business will generate recurring revenue, ensuring a reliable income stream. In many parts of the U.S., however, a lawn care business is seasonal. You’ll have to supplement the business by offering snow removal, gutter cleaning, or Christmas light design to have a year-round income source.

  2. Event planning: An event planning business combines creative flair and business acumen. As a family business, you can network and leverage family relationships to gain clients. It provides options for family members with a variety of skills, such as music, photography, and decorating. Planning memorable occasions can be stressful, especially when you need to handle them in a family-run environment, and the bulk of your business will take place in the evening and on weekends, straining work-life balance.

  3. Franchise Ownership: Investing in a franchise offers a proven business with a recognized brand. You’ll get franchise benefits, like training, tools, and support to create a successful business.  The established framework of a franchise streamlines operations, aiming to create a conflict-free environment that encourages family collaboration. A franchise requires an initial investment, but you can pool family resources to help you get started. It’s designed to provide a way for people to diversify their income. For example, an elderly relative can be a semi-absentee owner, while the younger generation handles day-to-day operations. A franchise is a scalable business model designed to grow, providing ample expansion opportunities.

Join the No. 1 Pet Grooming Franchise

Pets are an important part of many American families. Nearly 90 million U.S. families own a pet. A mobile pet grooming franchise, like Aussie Pet Mobile, has low start-up costs and high profit potential. Our large, protected territories provide ample opportunities for growth and our three-territory package can support nine to 12 mobile grooming units.

Inquire now to chat with someone from our team about starting a family business in the thriving pet industry with Aussie Pet Mobile.

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