There are no limits to starting a business. A business can be run in various forms, from single entrepreneurs to joint ventures, partnerships, or family-owned enterprises. Many successful families have built profitable businesses together. If you have a family, we’ve compiled 10 family business ideas to help you embark on a business venture as a team.
Take a look at famous business families like Walmart. This family proves that you can break the business barriers as a family. By combining your creativity, profession, skills and expertise you can build an everlasting enterprise.
Business has its constant challenges, it feels nice when you solve them as a family. Sitting on the table and coming up with the measures to mitigate them. This also brings a sense of motivation, unity, and togetherness.
In Africa, a well-known example is the Dewji family from Tanzania, led by Mohamed Dewji. The Dewji family has established a significant business empire under the umbrella of MeTL Group. This family has served as an inspiration to other African families, demonstrating the potential for building successful businesses on the continent.
What is a family-owned business?
A family-owned business is a kind of business that two or more bloody related people have initiated. In other words, is a business that is owned and run by family members. A simple example is that, If you start a business with your sister or brother that is regarded as a family business.
Research suggests that nearly 80% of Asian business companies are family-owned businesses. Therefore, Asians are serving as a great example of how family businesses can be run and operated.
Advantages of owning a business as a family
As with other forms of business ownership, family-owned business has its benefits and challenges. Let’s explore the benefits! Here are the benefits of a family-owned business;
- Shared vision and walking with long-term goals
- Commitment and strong leadership
- Trust
- Common values
- Stability and flexibility
- Next generation oriented
A family can more easily unite around a shared purpose than a group of individuals with diverse backgrounds and beliefs. It is easier to survive hard business times with a family business than with other businesses.
A post from Harvard Business Review suggests that even during the economic slump family-owned businesses have seen to stand strong than other businesses. Therefore, they concluded that family businesses focus on resilience rather than performance.
What are family Business ideas?
Here are some of the unique but popular family business ideas you can consider if you are looking for one or two to start in the coming days.
1. Baking Business
As simple as its name baking business is one of the unique businesses you can initiate as a family and make a move all together. In any way, you can start a small bakery with your family at home. With your homemade treats like bread, cakes, cookies, and pastries you can create a strong business stem even from home.
Not only can you start this business from home, but you can also launch it anywhere! It depends on your team, business structure, capital, the targeted market and your business strategy.
Focusing on quality rather than quantity and customer satisfaction is key in this business. Research shows that 90% of customers in the food business need quality products rather than quantity. Therefore, you should tie your business to delivering what customers need and that is the root of a successful business.
Miguel Morales Entrepreneur, Co-Owner, 1885 Grill, Tremont Tavern, The FEED Co. Table & Tavern, Parkway Pourhouse was once quoted by a City Scope magazine journalist saying;
Quality is more than a means of measure. It is both the standard and driving force behind a memorable visit. Quality extends far beyond the ingredients on the plate. From the first impression to the service, the presentation to the taste, a quality meal is the culmination of the dining experience
2. Banking and Microfinance Business
Investopedia.com define microfinance as a type of banking service provided to low-income individuals or groups who otherwise wouldn’t have access to financial services. This is another family business idea to initiate and deepen your roots in the business industry.
Consider your community. Is there a demand for microfinance services? How can you assess this need? Here are some approaches;
- Microfinance represents banking services for low-income individuals or groups who otherwise would not have access to financial services.
- Microfinance allows people to take on reasonable small business loans safely and consistent with ethical lending practices.
Microfinance institutions often operate in areas with limited access to traditional banking services. Does your community face similar challenges in accessing banking facilities? Is your community considered low-income? If so, starting your own microfinance business could be a valuable way to leverage these circumstances and provide essential financial services to your community.
3. Fashion
Known for its diverse groups, the fashion industry offers limitless opportunities. This is one of the potential family business ideas which can be implemented anywhere. As a family, you can start a fashion business to increase your income. This industry has historically shown high returns and potential for success.
When starting a fashion business, you can choose to develop your own brand or work with established fashion brands. This industry involves various aspects, including design, manufacturing, distribution, marketing, retailing, advertising, and promotion of apparel.
Key factors to consider in a fashion business are budgeting and pricing, product quality, distribution, financing, marketing, and merchandising. Here are examples of 10 fashion brands you can learn from.
Related Post: Low-cost Fod Business Ideas to Start Now
4. Food Production and Catering Business
The food production industry is a vast field with many different business niches. Within this industry, you need to choose a specific area to focus on. For example, this could include the production of flour, soft drinks, ice cream, edible oil, or baked goods. If you have sufficient capital, you can start almost any of these businesses.
In Tanzania, there are two companies that can provide guidance and support: MeTL and Bakhresa Food Products Company. These companies produce a wide range of food products, but not everything. MeTL is a family-run company, which might be a good model to consider if you’re interested in starting your own family business.
Besides starting a food production company, you can also make money by sharing your cooking expertise. This could involve starting a catering business or launching your restaurant.
All of these businesses can be very profitable and help you build a successful future. Consider KFC as an example of a successful food business. Don’t be afraid to share your skills and talents with the world. Customers are eager to support you.
5. Crops Farming and Poultry Keeping
Another inexpensive business to start can be this one. Begin by identifying suitable land within your community. Consider factors like soil fertility, water availability, and proximity to markets. Also do not forget to develop a comprehensive farming plan outlining crop selection, planting schedules, and harvesting techniques. Also, remember, investing in quality seeds, fertilizers, and pesticides reads to quality products and enough yealds.
In addition to that. You can also start a family poultry business, starting with a manageable number of birds can sound great. A small number of birds such as chickens or turkeys will help you to understand the ups and downs of the business. Ensure proper housing, feeding, and sanitation.
Extend your understanding by conducting some regular research on different breeds to select those that suit your climate and market preferences. Consider selling eggs, meat, or both. Explore local poultry cooperatives for knowledge sharing and potential markets.
