Starting a family business is a tedious task and takes great effort to keep everyone focused on the common goal. However, a family business has the most significant advantage over any other type – shared responsibility to succeed.
If your family member is a citizen of another country and you want to involve them in your business, it is best to speak to immigration services like Total Law. Getting all the paperwork and documentation ready before you start thinking about finances, budgeting, money transfers, and more will be extremely useful in the long term.
If you are married and are planning to begin a family business in another country, it is best to extend spouse visa so you can start the new company together. You may also be eligible for benefits that only citizens and spouses have.
Here are some excellent family business ideas to get you started.
1. House Flipping
If you can take a mortgage on your existing home and have a flair for renovating houses, this is the perfect idea for you. House flipping means buying a rundown house for a discounted price, redoing the place as per the market demand, and upselling the house for almost double the invested amount.
People in this business need to have basic interior design and construction knowledge. If not, then everything can be outsourced to contractors, and you can gain knowledge on the go.
2. Real Estate Rental
If you have more than one house, you can buy a new house or have extra units in your existing home; property rental is a good idea for you. Never let your additional properties go unrented. You should always try to make a living from the other property. Whether it is a warehouse, multi-storied house, an empty basement, or a newly acquired apartment, the whole family can take part in this business and start renting properties one by one to make good money.
You can either lease these properties long-term or promote them on Airbnb for short-term stays.
3. Home Cleaning Services
Working professionals are always short on time and cannot find the time to clean their homes. You can start a local home cleaning business by involving your family members and distributing tasks as per everyone’s capabilities. There is no need to hire manpower, but you will need to buy appliances like heavy-duty vacuum cleaners, dry/wet fabric cleaners, rubber blade wipers, and so on. You can also find exciting videos online to learn about deep cleaning products and techniques. The overall investment is less than purchasing and selling homes or other maintenance tasks.
4. Gardening And Lawn Tending Services
If you love gardening and tending your lawns, this is the right idea for you. Gather your family members, discuss the plan with them and train them to maintain gardens and lawns. Once the training is done, make your business known in the local area and take orders for long-term gardening and maintenance contracts. After exhausting all the gardens in your local area, start exploring surrounding towns to get new business. Keep acquiring territories and develop your business.
People are perplexed when it is time to give gifts. Whether it is the festive season or someone’s birthday, gift-giving is a tedious job that many people do not enjoy but feel obligated to perform. You and your family can step in and make a business out of gifts.
You can curate gift boxes for different occasions. Procure the products wholesale and make a bundle of presentable goodies and look fabulous. Market your products on Facebook Marketplace, Amazon, or even your own website. The initial investment cost is relatively low, and it will not take too long to get customers.
6. Online Retail Reselling
Retail reselling is the recent buzz. You must have seen many people in online videos and reels telling you how they make money with drop shipping. In drop-shipping, you do not handle any product yourself, but in retail reselling, you can add drop shipping as well as procuring from local stores, yard-sale, and Craigslist items to your website or Facebook marketplace. Once you procure these items from various sources, you have to ship them in bulk to your preferred E-commerce business (Amazon, Shopify, etc.). These businesses will store, repack, and deliver your product to your customers.
7. Hyper-local Farming
If you love growing your own veggies and have a backyard that is not utilized, hydroponically grown vegetables and fruits can give you a good yield in a small space. The produce can be sold at the local farmer’s market or retail stores.
Hydroponics is a soilless method to grow vegetables and fruits. It utilizes 75-80% less water than the traditional method and can give you 5 times the yield from the same size of land with the help of vertical farming.
Hydroponic farming needs a controlled environment and a good capital investment. This idea can turn into a great business if you can involve your family members to pull in resources and start small. Moreover, you can scale up the business later by setting up hyper-local farms in your neighbor’s backyards or renting an industrial warehouse for a large-scale operation.
8. Retail Arbitrage
As an online business owner, you may want to consider retail arbitrage as an option. Shopping at one location and then selling it at a higher price at another area is known as retail arbitrage. If you’re looking for high-quality, well-maintained things, try looking in your city’s Craigslist free area. Also, selling your items on Facebook Marketplace may earn you money.
When it comes to running an internet company, dropshipping is one of the most low-maintenance options available. As a result, you act as a middleman between your website’s consumers and the company that really performs their purchases.
9. Business Brokering
Brokering business opportunities is a popular way to earn money online by many people worldwide because of its simple systems and extremely low start-up cost. Most of the people who start a business brokering business will have no experience in any field whatsoever and will learn more by trial and error in this competitive field.
You can become very powerful in your niche with the right contacts, knowledge, and experience. You can also share your money-making ideas with others online to make a good income.
10. Send Money Online (Middle-man)
Online money transferring is one of the easiest ways to earn passive income online by letting people transfer their hard earned money to you instead of having to send it directly overseas, which can take multiple months or even years. With organizations like Payoneer or Western Union, you can draw out thousands or even millions every month with this.