A family business is an oldest and most utilized practice in the economy. Some of the biggest global companies are actually a family-run business, so it’s easy to be inspired to start your own. However, today’s market dictates different economic rules and responsibilities. Nevertheless, there are still some activities just right for a family business, and here are our top five ideas you can go for in 2018.
1. Family-owned restaurant
You may have predicted this one, but actually, it’s on the list because family-ran restaurants are great for those who turn cuisine into an event. People like going to the family-owned restaurants to feel the tradition, comfort and good food, especially when it comes to the local community.
Before you start buying tablecloths, make sure that you know all the rules and regulations, as well as that you obtain all the licenses for opening and managing the restaurant. The amount of bureaucracy can be discouraging, but every business has its fair share of forms and fees.
2. Organic farm
Organic farms are very popular in the last few decades, but especially now that the world is in the environmental crisis. That makes this an ideal family business at this time, especially if you own a land and want to help the planet. It’s also a very positive behavior to teach the younger generations in your family and set examples for others.
Organic farming is a hard working job, and it will take some time to learn all the pros and cons. However, the moment the first sprouts grow from the soil you will start feeling the benefits of your efforts.
3. Bookstore
If you and your family love books, then working with them might be the right choice for your mutual business. Bookstores are romantic, so make sure to employ one family member to keep a close eye on financial requirements and regulations for opening one. You will also have to sign contracts with suppliers, rent the property, remodel it and work on the marketing.
Consider adding some coffee tables and comfortable chairs for those who like to do some sample reading before buying. Another great way to gain publicity is if you host book promotions, signings and readings with the authors.
4. Laundry business
Starting your laundry business can be profitable and successful but it will require some careful planning. Commercial and industrial laundry equipment specialists always stress the importance of the service quality through obtaining the best possible dryers, washers, ironers and folders.
Expenses for small laundry start-up can amount be as much as $250,000, so make sure that you have a sound financial plan from the start. This is a perfect family business and can quickly grow into a brand if you are prepared for some hard investment and dedication.
5. Wedding planning
A wedding planning business sounds like something not that hard to do, but it’s more about logistics and not so much about creativity. You will organize all the creative work and acquire everything necessary for the wedding ceremony. This includes catering, flower decorations, venue, wedding gown, makeup and hair, music, programme and anything else that the newlyweds-to-be desire.
Considering the amount of responsibility, this is a great family business since some tasks are sensitive and require trust. However, it’s important to divide all the duties according to the skill set of every family member. Mistakes and problems in this job can cost people the moment, which is supposed to be one of the best in their lives.
And, finally…
A family business is just like any other. It includes CEO, employees and all the subsequent legal requirements just like any other business. However, the plus side is that you’ll work with your family for the family. This doesn’t mean you or anyone else can cut corners, but that you all know each other well enough to be familiar with skills and knowledge each of you will invest in the business.
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