[+35] Best Small & Profitable Family Business Ideas in 2024

Starting a family business means joining forces with your loved ones to create something special together. A family business can build wealth and stronger relationships between family members. It is also an effective way to turn a shared passion into profit, ensuring future financial stability.

There are countless options available to family businesses. A family can work together on any project, whether a thriving repair company or a little cafe. To help you find the perfect fit for your family's skills and interests, we've compiled a diverse list of the best family business ideas to consider.

Common Types Of Family Business Models

Family businesses use three primary ownership models, each with a different arrangement for allocating earnings, risk, and responsibilities among family members. Once you understand these models, you can easily decide on the best structure for your home business.

• Solely-owned: This type of family business has just one owner. Family members—parents to their children, for example—will take over the enterprise alternately. It's easy to preserve clear leadership while keeping the company in the family.
• Sibling ownership: In this model, two or more siblings share business ownership. They divided the earnings, risks, and duties. It's a fantastic method for sisters and brothers to collaborate and pool their skills.
• Family dynasty/diffuse ownership: This model involves a broader range of family members, extending beyond just parents, children, or siblings. There may be aunts, uncles, cousins, and other relatives there. This leads to forming a large network of owners, each of whom can provide the business with special perspectives and skill sets.

Read more: 

• Successful Small-Town Business Ideas
• Unique Business Ideas To Make Money
• 100 Low-Cost Service Business Ideas

Top 35 Family Business Ideas in 2024

1. Child Care Service

With the US facing a significant shortage of childcare providers, starting a childcare service can be a rewarding and much-needed business. You can open your home or rent a local community space to provide daycare or in-home babysitting services.

Benefits	Required skills	Type
High demand due to shortage of providers. Potential for steady income. Adaptable work schedules. Possibility of positively influencing children's life	Patience and strong communication skills. Knowledge of child development and care techniques. Capacity to provide a secure and supportive atmosphere. Basic business management skills.	Solely owned Sibling ownership

2. Housekeeping

Starting a cleaning business can be a great way to share your talent and earn good money if you and your family are neat freaks. You can offer general housekeeping services or specialize in more niche areas like crime scene cleanup, which can be particularly lucrative.

Benefits	Required skills	Type
Low startup costs. High demand for cleaning services. No extensive training is required for general housekeeping. Flexible hours and scalable business model.	Basic cleaning skills and attention to detail. Specialty training for specific cases (e.g., hoarders, crime scenes). Knowledge of cleaning supplies and techniques. Good organizational and time-management skills. Transportation, licensing, and liability insurance.	Sibling ownership

3. Automobile Repair Shop

Starting an automobile repair shop is a great business idea for families passionate about cars and mechanical skills. You can offer services ranging from routine maintenance to complex engine repairs, catering to a wide range of customers.

Benefits	Required skills	Type
High demand for reliable auto repair services. Potential for repeat customers and steady income. Opportunities to specialize in areas like classic car restoration or electric vehicle repair. The capacity to develop a devoted clientele by providing excellent service.	Strong mechanical and technical skills. Knowledge of automotive systems and repair techniques. Customer service and communication skills. Business management and organizational skills. Equipment and tools for diagnostics and repairs.	Sibling ownership Family dynasty/diffuse ownership

4. Tutoring

If you're skilled at helping kids with subjects like math, starting a teaching or tutoring business could be a perfect fit. There are numerous opportunities in homeschooling co-ops, online teaching platforms like Teachable, and personal tutoring for students at all grade levels.

Benefits	Required skills	Type
The rewarding experience of helping students understand concepts. Flexible hours and the ability to set your schedule. Low startup costs. Consistent demand for tutoring services. Potential to take summers off.	Strong knowledge of the subjects you teach. Excellent communication and interpersonal skills. Patience and the ability to work well with children. Teaching supplies and resources. Familiarity with teaching or webinar platforms for online	Sibling ownership Family dynasty/diffuse ownership

5. Catering

Catering is a family-friendly alternative to owning a full restaurant. You can run the core of the business with family members and hire temporary workers for events. Starting a catering business can cost between $5,000 and $40,000, is cheaper than even a food truck, and offers profit margins as high as 25%. Monetize your family’s famous recipes by catering corporate events and private parties.

Benefits	Required skills	Type
Lower overhead costs compared to a full restaurant. High profit margins. Satisfaction of contributing to special events. Flexibility to scale up or down based on demand.	Cooking and serving skills. Knowledge of event planning and coordination. Equipment such as tables, chairs, and event tents (if needed). Reliable transportation. Necessary licenses, insurance, and permits.	Family dynasty/diffuse ownership

6. Food Truck

If starting a family restaurant seems too expensive or demanding, a food truck offers a cheaper and simpler alternative. It's an excellent family business because you only need two people to run it. Food trucks provide flexibility in their menus, allowing you to feature Grandma’s recipes or experiment with new dishes.

Benefits	Required skills	Type
Lower startup costs compared to a full restaurant. Potential to earn between $250,000 and $500,000 annually. Flexibility to change the cuisine and menu. Ability to travel and reach different customer bases. Requires fewer employees.	Cooking skills and creativity in menu development. Ownership or rental of a food truck. Food and fire safety certifications. A point-of-sale (POS) system for transactions. Necessary ingredients and supplies.	Sibling ownership Solely-owned

7. Rental

You can start a rental business with a collection of unique items like vintage furniture, miniature horses, or even a garage full of folding tables and chairs. Renting out items for special occasions such as weddings can be lucrative, allowing you to loan out things like cutlery, vases, chairs, and décor items multiple times a year.

Benefits	Required skills	Type
Opportunity to monetize your existing collection. Potential for recurring income with multiple rentals per year. High demand for rental items for special events. Flexibility to expand your inventory based on demand.	Organizational and inventory management skills. Basic marketing skills to promote your rental business. Ability to maintain and transport rental items. Customer service skills to handle bookings and inquiries.	Family dynasty/diffuse ownership

8. Event Management

Event planning is a popular and enjoyable business perfect for a family. It requires many skills, including organization, graphic arts, working with people, budgeting, and decorating. You can even add a catering arm to offer a full-service experience. Event planning is also a great side business for families with picturesque farms that can serve as unique venues.

Benefits	Required skills	Type
Low startup costs. Opportunity to meet and work with a variety of people. Helping clients celebrate essential events in their lives. High return on investment (ROI). Short-term contract work. Fun and creative work environment.	Strong organizational and scheduling skills. Networking and relationship-building abilities. Decor and design skills. Graphic design knowledge. Excellent people skills and communication. Budgeting and financial management.	Family dynasty/diffuse ownership

9. Baking

If you are passionate about baking, starting a bakery or supplying local restaurants and coffee shops with fresh-baked goods can be a fulfilling family business. For example, Roeser’s Bakery in Chicago, the city's oldest family-owned bakery, has thrived for generations. It’s now run by the fourth generation, who has expanded the business online while maintaining its traditional brick-and-mortar store.

Benefits	Required skills	Type
High demand for fresh, high-quality baked goods. Opportunity to build a loyal customer base. Ability to expand the business online. Creative freedom to develop unique recipes and products.	Baking skills and knowledge of recipes. Business management and marketing skills. Customer service and communication abilities. Basic financial management for budgeting and pricing. Compliance with health and safety regulations.	Family dynasty/diffuse ownership

10. Flower Delivery

While many flower stores and farmers' market vendors sell loose stems, you can use your skills in floral design to make and send personalized bouquets via your web business. This allows you to cater to special occasions and everyday orders, making it a versatile and appealing business.

Benefits	Required skills	Type
Opportunity to showcase your floral design skills. Flexibility to operate online with no physical storefront needed. High demand for flowers for various occasions. Potential for a broad customer base, including corporate clients and individuals.	Expertise in floral design and arrangement. Awareness of many flower varieties and how to care for them. E-commerce skills to manage an online store. Marketing and social media skills to attract and retain customers. Reliable transportation for deliveries.	Solely-owned  Sibling ownership

11. Pet Sitting

The pet-sitting industry is booming, with an expected annual growth rate of 7.5%, reaching $6.81 billion by 2032. This business is ideal for families who love animals, offering the flexibility to set your schedule. You can choose your level of involvement, from pet training and vacation kenneling in your home to virtual pet sitting.

Benefits	Required skills	Type
Growing demand in the pet care industry. Flexibility to set your own hours and work environment. Opportunity to meet a variety of animals and their owners. Potential to expand services into pet training, grooming, or holistic care.	Love for animals and understanding of their needs. Primary pet care and training skills. Reliable transportation and pet supplies. Knowledge of pet health and safety. Liability insurance to cover any incidents.	Solely-owned  Sibling ownership

12. Interior Design

Turn your passion for rearranging furniture and creating beautiful spaces into a family business by helping clients select and implement design schemes for homes and offices. This business allows you to blend creativity with practical design solutions.

Benefits	Required skills	Type
Possibility of making a hobby into a successful business. High demand for professional interior design services. Ability to work on a variety of projects, from residential to commercial. Potential to build a strong reputation and client base through quality work.	Strong sense of style and creativity. Knowledge of design principles and trends. Excellent communication and client service skills. Project management and organizational abilities. Access to design software and tools.	Solely-owned  Family dynasty/diffuse ownership

13. Skin Care

Launching a skincare line could be a perfect fit if you want to start a family business. Since some skin conditions are hereditary, there’s a good chance that your family members will experience the same issues you want to address with your products.

Benefits	Required skills	Type
Opportunity to create products tailored to your family’s specific skin care needs. Growing market for natural and specialized skin care products. Potential to build a brand with personal and family-oriented stories. Ability to start small and scale up as demand grows.	Knowledge of skin care ingredients and formulations. Understanding of the skincare market and consumer trends. Primary business and marketing skills. Ability to develop and test products. Compliance with health and safety regulations.	Family dynasty/diffuse ownership

14. Organic Extermination

Turn your love for the environment into a local business by offering pest control services that use organic pesticides or poison-free, humane traps. This eco-friendly approach helps rid the community of pests without harming the environment.

Benefits	Required skills	Type
Growing demand for sustainable and non-toxic pest control solutions. Opportunity to differentiate your business with eco-friendly practices. Potential to build a loyal customer base who values green solutions.	Knowledge of organic pesticides and humane trapping techniques. Understanding of local pest species and their behaviors. Strong communication skills to educate customers on eco-friendly practices. Marketing and business acumen to advertise your offerings. Necessary licenses and certifications for pest control.	Solely-owned  Family dynasty/diffuse ownership

15. Personal Stylist 

Turn your love for fashion into a small family-owned business by sourcing custom wardrobes tailored to your clients’ needs. Family members can work together on marketing, administrative, and accounting duties as well as purchasing, trend and designer research, clothes sourcing and curation, appointment scheduling, organizing modifications, and scheduling.

Benefits	Required skills	Type
Opportunity to turn a passion for fashion into a profitable business. Ability to offer personalized styling services, enhancing clients' wardrobes. Flexibility to work with various clients, from individuals to corporate groups. Potential to build a strong brand with a unique, family-oriented approach.	Strong fashion sense and knowledge of current trends. Excellent research and sourcing skills. Good organizational and time-management abilities. Customer service and communication skills. Essential marketing, administrative, and accounting knowledge.	Sibling ownership Family dynasty/diffuse ownership

16. Plant Nursery 

Does anyone in your family have green thumbs? Establish a family-run nursery where you may produce, raise, and sell everything from rare variegated plants to cherry tomato beginnings. This business is perfect for promoting a healthy lifestyle, growing food, and enjoying the outdoors.

Benefits	Required skills	Type
Promotes a healthy lifestyle and sustainable living. Opportunity to grow and sell a diverse range of plants. Enhances the environment and supports local communities. Provides joy and relaxation through outdoor work.	Green thumb and knowledge of plant care and cultivation. Agricultural and animal husbandry knowledge. Familiarity with farming equipment and gardening tools. Sales acumen and customer service skills. Ability to create and market unique plant products.	Family dynasty/diffuse ownership

17. Home Repair

It used to be that many of us learned how to fix a sink or repair a broken porch by watching our parents. Now, many people turn to YouTube or call a handyman. If you love to fix things and want to pass that skill on, starting a home repair business could be the perfect family venture. This business has excellent earning potential, with profit margins ranging from 15% to 50%, depending on the job and location.

Benefits	Required skills	Type
Opportunity to work with your hands and solve practical problems. High satisfaction in creating and repairing homes and structures. Low startup costs compared to other businesses. Potential for high profits, especially with specialized skills.	Strong handyman skills and ability to fix a variety of issues. Creativity and problem-solving abilities. Basic tools and equipment for various repairs. Reliable transportation for job sites. Necessary licensing, liability insurance, and specialty certifications (e.g., HVAC, electrical).	Sibling ownership Solely-owned

18. College Consulting 

College consultants provide guidance and services to families when choosing and applying to colleges, scholarships, and financial aid. If you have kids, this business offers the advantage of giving you a head start on your college adventure. When choosing target schools, filling out financial aid papers, and getting ready for standardized tests, families are frequently eager to pay for assistance. You can also assist with preparing admissions materials and making college consulting an advantageous family business idea.

Benefits	Required skills	Type
It provides valuable services that many families are willing to pay for. Inexpensive to start, with a low barrier to entry. Highly rewarding, with the satisfaction of helping students achieve their academic dreams. Control over your workload and scheduling.	Strong writing and editing skills for admissions essays and applications. Ability to navigate complex college and government websites. Research skills to find scholarships and understand the financial aid process. Knowledge of standardized test preparation and college admissions procedures.	Sibling ownership Family dynasty/diffuse ownership

19. Travel Planning 

Taking time off for a trip is one thing, but who has time to arrange it? Make your family into a concierge for travel information and reservations. Adding a tiny booking fee can relieve some people of the burden of organizing their travels.

Benefits	Required skills	Type
Opportunity to share your love of travel and help others plan their trips. Low startup costs, especially with online and social media marketing. Potential to build a loyal client base through personal recommendations and social media.	Strong organizational and research skills for destination planning. Excellent communication and customer service abilities. Knowledge of travel trends, accommodations, and activities. Basic marketing skills for promoting your services online. Familiarity with booking platforms and travel planning software.	Sibling ownership Family dynasty/diffuse ownership

20. Antiquing 

Establishing an antique or vintage clothing resale business might be a great way to make money from your love of antique collecting. Engage the whole family by assigning chores like furniture restoration, product posting to your online store, estate, yard sale hunting, and developing an innovative marketing plan.

Benefits	Required skills	Type
Opportunity to turn a passion for antiques into a profitable venture. Ability to work together as a family, each contributing different skills. Potential to build a niche brand with a loyal customer base.	Knowledge of antiques, vintage items, and their market value. Skills in furniture restoration and basic repairs. E-commerce skills for setting up and managing an online store. Creative marketing abilities, including social media and content creation. Strong networking skills for sourcing rare and valuable items.	Sibling ownership Family dynasty/diffuse ownership

21. Experiential Learning 

Are your family members avid anglers or expert rock climbers? Schools, businesses, and social groups often seek immersive outings to boost morale and encourage teamwork. Turn your family’s skills and passions into an experiential learning business. Your lawyer cousin can handle legal and regulatory requirements, while your Gen Z niece can help with social media marketing and content creation.

Benefits	Required skills	Type
High demand for experiential learning and team-building activities. Ability to create memorable, engaging experiences that enhance teamwork and personal growth.	Expertise in activities such as fishing, climbing, or other outdoor adventures. Knowledge of safety regulations and risk management for outdoor activities. Strong organizational and planning skills for coordinating events and outings. Marketing skills, especially in digital and social media platforms.	Sibling ownership Family dynasty/diffuse ownership

22. Ecommerce

The possibilities for ecommerce are wide open: dropshipping, product sales, e-products, online services, and more. Because it’s online, you can handle sales and marketing entirely from home or while on the go, making it perfect for families that love to travel. The ecommerce industry is booming, with online sales topping $1 trillion in 2022 and expected to comprise 25% of global retail by 2026. If your in-person family business is struggling, transitioning to ecommerce could boost your sales.

Benefits	Required skills	Type
International reach, allowing you to sell to customers worldwide. Low initial expenditures in contrast to conventional brick-and-mortar establishments. 24/7 sales potential, enabling customers to shop at any time. Flexibility to run the store from anywhere, ideal for traveling families. The capacity to quickly adjust to shifting consumer tastes and market trends.	Customer service skills to handle inquiries and support. Basic programming knowledge or familiarity with ecommerce platforms. Strong online and social media marketing skills to drive traffic and sales. Understanding of ecommerce software and tools for managing online stores.	Solely-owned Family dynasty/diffuse ownership

One of the essential points of an e-commerce business is that you need an eye-catching website that attracts customers. Nowadays, creating a great website is not too difficult or time-consuming because there are many options to support you, like using a page builder app (e.g., EComposer Page Builder) or hiring website building experts (e.g., The4 services)

23. Lawn Care 

Like a small cleaning service, a lawn care firm can help you get repeat customers and a consistent flow of income. Your services are needed by the community as long as the grass grows. From mowing lawns to trimming hedges and landscaping, your family can build a thriving business that keeps local yards looking their best.

Benefits	Required skills	Type
Consistent demand for services throughout the growing season. Ability to work outdoors and stay active. Potential for expanding services to include landscaping, garden maintenance, and snow removal in winter.	Knowledge of lawn care and basic landscaping techniques. Physical fitness and stamina for outdoor labor. Abilities in customer service to establish and preserve client relationships. Basic business management skills for scheduling, invoicing, and marketing.	Sibling ownership

24. Winery

Starting a winery can be a great family business if you love craft beers or designer wines you want to share with future generations. Family members of all ages can contribute, from learning how to grow grapes and choose hops to cleaning equipment. Even if some members aren’t into beer or wine, they can still handle the business and sales.

Benefits	Required skills	Type
Possibility of producing a product that future generations can use. Engages family members of all ages in different aspects of the business. Crafting beer or wine can be a meditative and rewarding process. Formal education is optional to get started in home brewing.	Knowledge of home brewing and winemaking processes. Access to and understanding of brewery equipment. Licensing and liability management for producing and selling alcohol. Routes of distribution to get your goods to market. Business skills in sales, marketing, and administration.	Family dynasty/diffuse ownership

25. Organizing 

If you get satisfaction from bringing chaos under control, starting an organizing company could be ideal for your family. You can volunteer to clean up your neighborhood's attics, garages, basements, and closets. Assisting people with organizing and decluttering their spaces is fulfilling and beneficial to those in need.

Benefits	Required skills	Type
Flexible hours and varied tasks, keeping the work interesting. Low startup costs, mainly requiring organizational tools and transportation. High demand as more people seek professional help to manage their spaces.	Strong organizational skills and attention to detail. Good communication and interpersonal skills to understand client needs and preferences. Physical stamina for moving and sorting items. Marketing skills to promote your services locally. Basic business management skills for scheduling, invoicing, and customer relations.	Sibling ownership Family dynasty/diffuse ownership

26. Small Store

Retail can be risky, but family-run stores have advantages that large department stores can’t match. A family-owned small store can provide a personal touch and foster a sense of community. From finding and purchasing products to working with customers and managing schedules, family members have numerous roles to fulfill. Your store could become a local gathering place, much like the small candy store my mother often reminisced about.

Benefits	Required skills	Type
Ability to create a community hub with a personal touch. Flexibility in choosing and changing products based on customer preferences. Numerous roles are available, offering opportunities for all family members. Potential to grow into a larger business or even a national brand.	Marketing skills to attract and retain customers. Accounting and budgeting skills for financial management. Sales skills to engage with customers and promote products. A good location to attract foot traffic and ensure visibility. Knowledge of products and a reliable POS system for smooth transactions.	Family dynasty/diffuse ownership

27. Photography 

A family-run photography business can preserve photographs taken at conferences, weddings, family reunions, and other community events. Family members can take on different roles: one or two can handle the photography, another can focus on selecting and editing shots, and someone can manage the online gallery and order fulfillment.

Benefits	Required skills	Type
Opportunity to work together as a family while capturing important moments. Flexibility in project selection and timetable establishment. Ability to specialize in various photography niches (e.g., weddings, corporate events, portraits). Relatively low startup costs, especially if you already have some equipment.	Photography skills, including knowledge of cameras, lighting, and composition. Photo editing skills using software like Adobe Photoshop or Lightroom. Good organizational skills for managing bookings and schedules. Marketing know-how to promote your firm and attract clients. Customer service abilities to communicate with customers and guarantee their happiness.	Sibling ownership Family dynasty/diffuse ownership

28. Singing Telegram 

Have a show-off family as a whole? Make money from their skills by starting a family-run singing telegram company, and don't forget to include the kids! This fun service can add a unique twist to celebrations, making any occasion memorable with music, humor, and a personal touch.

Benefits	Required skills	Type
Opportunity to showcase your family’s talents and creativity. High demand for unique and memorable entertainment at parties and events. Flexibility to tailor performances to different themes and occasions.	Singing and performance skills, with a flair for drama and comedy. Being able to captivate and amuse audiences of all ages. Basic marketing skills to promote your services online and locally. Reliable transportation to reach event venues. Creativity in costume design and performance planning.	Sibling ownership Family dynasty/diffuse ownership

29. Grocery & Errands Service

With the rise of task and shopping apps like TaskRabbit and Instacart, there's a growing demand for grocery and errand services. By starting a family-run grocery delivery business, you can provide a personalized touch and avoid platform service charges. Your family can help build relationships with clients and local suppliers, ensuring the freshest products. Offering flexible delivery times can give you a competitive edge over larger businesses.

Benefits	Required skills	Type
Personalized service that can build strong relationships with customers and suppliers. Lower startup costs compared to other businesses. Flexibility in setting your own hours and delivery times. Potential for repeat business and loyal customers.	Strong organizational skills to manage orders and schedules. Effective communication abilities to engage with suppliers and customers. Knowledge of local grocery stores and suppliers for the best products. Transportation for delivering groceries and running errands. Basic marketing skills to attract new clients and grow the business.	Sibling ownership  Family dynasty/diffuse ownership

30. Laundry 

A family-run laundry business can be a profitable venture. By offering services like washing, drying, dry cleaning, and searching, you can command premium prices. Despite the challenges portrayed in films like Everything Everywhere All at Once, a professionally run laundry company can generate a substantial return on investment (ROI) and establish itself as a significant player in the industry.

Benefits	Required skills	Type
Strong ROI with the potential for steady income. Minimal employees are needed, making it easier to manage as a family. Opportunities to build a loyal customer base within the community. Ability to add premium services to increase revenue.	Business acumen to manage operations and finances. Some knowledge of plumbing and electrical systems to maintain equipment. Liability insurance to protect the business. Customer service skills to ensure client satisfaction.	Sibling ownership Family dynasty/diffuse ownership

31. Meal Prep 

Many individuals want to eat homemade, healthful meals but don't always have the time to make them. Your family has fantastic business potential with this. You can create and transport pre-made meals using your family's special recipes by launching a meal prep service. This service is ideal for families, health-conscious people looking for quick lunch options, and working professionals.

Benefits	Required skills	Type
Fulfills a high demand for convenient, healthy meal options. Potential for repeat customers and subscription-based income. Flexibility to operate from home or a commercial kitchen. Opportunity to showcase and share beloved family recipes.	Cooking and meal preparation skills. Knowledge of nutrition and dietary preferences. Strong organizational skills for managing orders and deliveries. Marketing skills to attract and retain customers. Compliance with health and safety regulations.	Family dynasty/diffuse ownership

32. Jewelry Making

Some of the best family business ideas are inexpensive to start but still highly profitable. Jewelry making is a prime example. You can create and sell beautiful pieces online at a significant markup by sourcing beads, strings, and wire from a wholesaler. This business allows for creativity, personal expression, and the flexibility to sell through various online platforms or at local festivals and markets.

Benefits	Required skills	Type
Provides a creative outlet with full control over designs. Low startup costs compared to other businesses. No need for a physical storefront. Opportunities to travel to festivals and markets to sell products. Potential for high markups and profits.	Artistic skills for designing and creating jewelry. Steady hands for intricate work. Marketing and sales abilities to advertise and close deals on goods. Basic knowledge of jewelry-making equipment. Equipment such as beads, strings, wire, and tools. Display cases, tents, and tables for festivals and markets.	Solely-owned

33. Print-on-demand Business

If you’re a skilled graphic artist or can create catchy one-liners, a print-on-demand business could be an excellent fit for your family. This online business model allows you to design custom apparel and home goods without needing inventory or significant startup costs. As products are made and distributed in response to purchases, it's a low-risk method of testing various designs and markets.

Benefits	Required skills	Type
Minimal overhead and startup investment. No need for inventory storage or management. Flexibility to design a wide range of products. Easily scale up based on demand.	Graphic design skills for creating appealing designs. Marketing and social media skills to promote products. Basic knowledge of e-commerce platforms. Understanding of print-on-demand services and platforms. Customer service skills to handle inquiries and orders.	Solely-owned

34. Candle Making

When starting a family business, choosing an idea that everyone can get involved with is essential, and candle-making fits the bill perfectly. Whether it’s a family member who enjoys crafting candles, another who loves selling in-person, or someone with a knack for ecommerce, this business allows your family to work together seamlessly. You may make lovely, fragrant candles to sell online or at regional fairs and markets.

Benefits	Required skills	Type
Involves all family members, leveraging diverse skills. High-profit margins with relatively low startup costs. Potential for expanding the product line with seasonal and themed candles.	Candle-making skills and creativity for designing unique products. Sales and marketing skills for selling in-person and online. E-commerce knowledge to set up and manage an online store. Basic understanding of health and safety regulations related to candle making.	Sibling ownership  Family dynasty/diffuse ownership

35. Real Estate

Real estate can be an excellent family business, offering flexibility in schedules and the potential for high profits in a relatively short time. Success in real estate hinges on maintaining strong professional relationships and a keen focus on customer needs. Whether buying, selling, or renting properties, your family can work together to navigate the market, meet various clients, and close deals.

Benefits	Required skills	Type
Schedule flexibility, allowing for an excellent work-life balance. High-profit potential, especially with the right market conditions. The opportunity to network and meet various people is also available. The joy of assisting customers in locating ideal residences or rental properties.	Strong people skills to build and maintain client relationships. The capacity to recognize and accommodate the demands and preferences of clients. Sales acumen to negotiate deals and close transactions. Real estate license to legally operate in the industry. Reliable transportation to visit properties and meet clients.	Sibling ownership Family dynasty/diffuse ownership

What Are Some Of The Problems Running A Family Business?

Although it can be fulfilling, managing a family business has its share of difficulties. Here are some common problems families might face:

• Disagreements: Family members may have different ideas about running the business, leading to conflicts. These disagreements can spill over into home life, making it hard to separate work from personal relationships. For example, a daughter might struggle to challenge her father’s decisions.
• Leadership issues: Sometimes, the person in charge, like the CEO, stays in their position for many years. Because of this, it could be challenging for the company to adjust to emerging trends and shifts in the marketplace.
• Obligation: Children might feel pressured to continue the family business even if it's not what they want to do. This sense of responsibility can lead to resentment.
• Lack of motivation: In certain prosperous family enterprises, children may view the family business as a safety net rather than a vocation they are enthusiastic about, which could lead to a lack of enthusiasm and dedication.
• Growth limitations: The business might grow slowly enough to support all the family members. This can create financial stress and limit opportunities for expansion.
• Over-specialization: Children might follow in their parent’s footsteps too closely, becoming highly specialized in one area. This can make it difficult for them to adapt to changes and new opportunities in the industry.

Read more:

• 44 Profitable Small Business Ideas for Men
• 35 Profitable Rental Business Ideas
• 30 Creative Business Ideas For Kids
• 21 Best Profitable 3D Printing Business Ideas

Frequently Asked Questions

1. What is the most accessible family business to start?

The most accessible family business to start often depends on your unique talents, existing resources, and location. However, an inventory-free online business, such as a print-on-demand shop, is one of the simplest options for most families. These businesses typically have straightforward startup processes. You don't need to worry about managing physical inventory, and you can create and sell custom products like T-shirts, mugs, and posters with minimal upfront investment. This makes it an accessible and low-risk option for many families looking to start a business together.

2. What is the best structure for a family business?

Although it typically depends on your unique needs and objectives, many find that creating an LLC (Limited Liability Company) or a partnership is the best option for their family business. These structures protect liability, shielding personal assets from business debts and legal claims. Additionally, they have fewer administrative requirements than a C corporation, making them easier to manage. An LLC or partnership allows family members to focus more on running the business and less on complex paperwork and regulatory compliance.

3. Do family businesses succeed?

Family businesses face unique challenges, and according to the Harvard Business Review, 70% of them fail or are sold before reaching the second generation. However, selling the business can also be considered successful, as it often means it was built to a valuable and sellable state. While many family businesses struggle to survive long-term, those can provide significant financial and personal rewards, creating lasting legacies and opportunities for future generations.

Bottom Line

Starting a family business can be a fantastic way to blend work with family time while building something meaningful together. Finding a project everyone is interested in and can contribute to will make the journey enjoyable and successful. So, take the leap, explore these ideas, and remember that the best family businesses are built on love, trust, and a shared vision. Let’s make this year your most rewarding one yet.