How to Make Money With Family, 8 Ways

characteristics of family business

Image Source: Image via pixabay

Are you interested in the characteristics of family business arrangements?

By reading this post, you will understand the characteristics of family business management, you will discover family-run business ideas, and you will discover how to make your family business a success.

So, you want to start a business, but you need help. You do not want the hassle of having to hire strangers to get the work done. So, what is the happy medium?

Starting a business with your whole family where your loved ones can take a cut of the profits, and everyone wins. Not to mention, if you have even two to three family members that are on board, whatever business you choose to start can flourish very quickly.

Before you read about these family business ideas, make sure you know the characteristics of family business arrangements:

  • Percentage of ownership
  • Voting control
  • Decision-making power
  • Involvement of multiple generations
  • Managing of family members

The characteristics of family business organization may include any or all of these.

Now that you know the characteristics of family business management, you may be wondering, what business should I start?

Let’s dive in by looking at the characteristics of family business arrangements.

Characteristics of Family Business Definition

Before we can delve into family business ideas and how to make those ideas a success, let’s examine the definition of family business.

Family Business Definition

Part of the characteristics of family business strategies involve labelling the business so potential customers know they are patronizing a family business.

Why is this helpful?

Phrases like “locally owned and operated” make consumers feel good they are giving to local businesses.

Here are other labels that are part of the characteristics of family business:

  • Family-owned
  • Family managed
  • Family controlled
  • Business house
  • Industrial house
  • We are a family-owned and operated business

How many people in the family are we talking about? For the characteristics of family business to apply, how many people in the family need to work in the business?

At least two. That’s all.

Did you know that we are a family owned and operated business? My husband and I run Mostly Blogging.

More characteristics of family business relationships:

How are the people in the family business connected?

They can be connected through blood, marriage, or adoption.

Can other people who are not related help run the business for the company to still be considered a family business?

Yes. However, the family members will have a greater percentage of control such as decision-making power over the business.

Now that you know the characteristics of family business definitions, here is the scoop on business ideas you can start with your whole family quickly.

Business Ideas You Can Start With Your Whole Family

characteristics of family business

1. Start a Home Care Business

Starting a Home Care Business is a business idea you can start with the whole family without much overhead. Your family can provide services in your home or at the person’s place of residence. You and your entire family can take care of elders or children.

A Home Care Business can be anything from babysitting, special needs children, or the elderly who need help with daily tasks. An excellent website to promote your services is Although, they do require a background check.

2. Start a Running Errands Business

An Errands Business is a great business idea you can start with your whole family because it usually requires many workforces, especially if you take on many clients at one time since you cannot be everywhere at one time. Your whole family can do grocery shopping, pick up dry cleaning, buy essential home goods, and even drop kids off at soccer games.

3. Start a Gift Baskets Business

A Gift Baskets Business is undoubtedly a good business idea that the whole family will love to do, especially if your family likes to get creative.

Your family can provide gift baskets for Easter, graduation, weddings, proposals, house warmings, and even birthdays. The sky is the limit on what you can think of. The overhead for this type of business is usually small, as well, and can be done in the comfort of your own home.

4. Start a Retail Arbitrage Online Business

A Retail Arbitrage Online Business is bound to be easy to start if you have your whole family helping.

A Retail Arbitrage Online Business is where you buy items at a low cost and sell them at a higher price point online. You can buy things like handbags, books, T-shirts, or jewelry.

Then, place them on websites like Facebook MarketPlace, Poshmark, Etsy, or eBay. This business will require you to store and ship inventory. You might want to learn more about the business model- drop shipping.

5. Start a Design Business

A Design Business can be an enjoyable business to start with your whole family, especially if you have young children. You and your family can purchase things like hoodies, duffel bags, T-shirts, and socks.

Then, create your logos and designs on the items to sell for a profit. Since your customer base could get relatively high (who does not love a good design when they see one), this is the perfect family business to start since it will require many hands.

6. Start a House Cleaning or Repair Services Business

A House Cleaning or Repair Services Business, again, is a great business idea for the whole family to start since cleaning houses or fixing repairs in a home can take many people to get the job done right. If you have a big family, you can even expand your business wider and clean many different homes on the same day.

This way, your family does not limit the number of clients they can take in a day. Most full-time job workers do not have the time to clean their house or fix repairs, so this is undoubtedly a business idea that can profit and is a commodity.

7. Start a House Sitting Business

You and your whole family can house sit for people when they go out of town or are traveling. This business can make sure their house is safe while they are gone or take care of pets while they are away.

The house owner gets peace of mind and does not have to put their pet somewhere they might feel uncomfortable, and you and your family get to stay in a new place for a week or two. Just do not forget to water the plants!

8. Start a Landscaping Business

Do you and your family like to get their hands dirty? If the answer is yes, a good business idea you can start with your whole family is a landscaping business. Help families clean up their yards and plant flowers and trees.

A Landscaping Business will surely put a smile on a homeowner’s face, and you and your family make a profit doing something the whole family enjoys.

These are all great ideas, but since you are starting a business with your family, what are the logistics? They are family, but they are also employees.

Some tips on making helping your family business thrive are:

  • Create boundaries: Set boundaries between work and play. When you and your family are at work, make sure that you are getting the job done, and when you sit down to have dinner, make sure you are not talking about work.
  • Communicate Clearly: Make sure that your family members know what is needed to get their job done and what they can and cannot do by creating a baseline of rules.
  • Have Clear Roles and Job Titles: Setting the stage of who does what is extremely important in a business. This way, Aunt Sally is not taking care of the financials when she is supposed to be marketing the business.
  • Establish A Payroll: Even though you are working with your family, everyone wants to profit, and we need money to live. So, it is essential to put your family on the payroll, whether cash in hand for young children or direct deposit for adults.

Follow these tips, and you’ll run a successful business with your family members.

Characteristics of Family Business FAQs

What are the advantages of a family business?

Your loved ones get a share of the profits and you get help which boosts your free time. You also get more time with your family.

What are the characteristics of a family business?

A family business is usually characterized by a unique label such as “family operated.” Also, more characteristics of family business include the amount of control family members have in a business populated by non-family members.

Wrapping Up: Characteristics of Family Business

Starting a business with your whole family can be exciting and highly satisfying. You get to see the people you love every day and make money while you are at it. Just be sure to make sure you are legally establishing the business and if you need to hire someone to do the book, then do that.

In closing, by reading this post, you discovered the characteristics of family business arrangements, synonyms for “family business,” family business ideas, and how to make your family business succeed.

Readers, please share so entrepreneurs considering working with their relatives know the characteristics of family business arrangements before they start their family-run business.

I look forward to your views in the comments section. Do you know any additional characteristics of family business arrangements or more family business ideas?

Related Reading

If you are interested in jobs that don’t entail working with your family members, consider these best day jobs for writers.

Authors: Janice Wald and a Contributing Author

This post was made possible by the support of our readers.

Source link

Leave a Comment

%d bloggers like this: