Your own business: 10 creative business ideas for young couples
Have you decided to start a family business and don't know where to start? We'll help you figure it out.
First, you need to choose the area in which you plan to develop. When choosing a field of activity, it is worth considering the abilities and skills of each family member.
After choosing a field of activity, it is necessary to analyze the competitiveness of the selected industry and the demand for this field. It is also important at the beginning of the formation of a business to determine how income will be distributed among family members.
Before starting a business, you need to draw up a business plan.
Steps to go through before starting a business
Below is a sample business development strategy. Where to start?
- It is necessary to determine the amount of financial investments that are necessary for the development of the family business.
- Select an area of employment for each family member.
- It is necessary to determine the target audience of the business.
There is no business that does not require investment. Your family business will have no prospects if you do not invest enough money in it. If you do not have the required amount of money, then you should contact the bank and take out a loan.
After you have collected the required amount of money, you need to register your business with the state registrar. Then find a business space and purchase the necessary equipment. Never neglect these business building steps. Remember, the first steps are always the hardest.
Family Business Ideas
Below are some business ideas.
- Creating an online store. You can start selling shoes, branded items, handmade accessories, various equipment, toys, and so on.
- Helping people to create websites and online stores.
- Create your own site (for example, a dating site).
- Organization of special events: weddings, anniversaries or children's parties.
- Opening a hostel or small hotel.
- Opening a coffee shop, bakery, pizzeria or even a restaurant.
- Providing services: cleaning, organizing space, renovation, landscaping and so on.
- Farming (for example, raising pigs or producing dairy products).
- Furniture manufacturing.
- Conducting a variety of courses and seminars.
A few tips
Starting a home business with your loved ones will help to study other people's experience in this area.
Examples of family businesses in the West
It is very popular in Western economies to develop business within the family. Many of the world's largest corporations have grown out of small family businesses.
The European firm "Este Lauder" was created by a simple hairdresser Este. Then her husband and sons began to work in the company. Now the company has several subsidiaries, and this large farm is run by the founder's son and his wife.
Another example of a family business that is popular overseas is car companies. Famous brands such as the French Peugeot, the American Ford, the Japanese Mitsubishi and Toyota are companies run by several generations of the same family.
Family businesses are developing well in trade. The French firm "Auchan" has branches in several countries.
What about us?
The main examples of family business in our country can be found in the past centuries. They were based mainly on trading activities, as well as on small industrial manufactures, which later grew into large plants and factories, such as the famous Demidov dynasty, which owned metallurgical enterprises in the Urals.
Few people in Russia do not know about the merchant Morozov and the well-known supplier of imported goods Eliseev.
After the 1917 revolution, most of the family companies in Russia were nationalized, and we forgot what a family business was for many years.
Currently, most family-owned companies in Russia are in their infancy or are at a relatively young age. So far, we are talking about the employment of family members in business, and not about the continuity of the business.
The largest family associations in Russia:
- V. Zaitsev, whose active participants are the son and granddaughter of the famous fashion designer;
- Transaero Airlines, owned by the Pleshakovs' spouses;
- Promsvyazbank of the Ananyev brothers;
- " Kaspersky Lab, run by Natalya Kaspersky and her ex-husband, founder of the company, Eugene Kaspersky.
Starting your own business is associated with both benefits and potential risks. First, you need start-up capital. Secondly, careful selection of personnel is required. Thirdly, the choice of the optimal niche for work, which would have a demand for goods or services, but would not imply serious competition. All these stages are excluded if you do business together with relatives. There are dozens of family business ideas, so below are only the most relevant options.
The benefits of a family business
Abroad, such a phenomenon is not only not uncommon, but almost commonplace, when parents, children or closest relatives are engaged in one business. In Russia, the family business is only gaining popularity, but there are many ideas for implementation.
Before moving on to organizational activities, you should find out all the pros and cons of a family business.
- Cohesion - people who work together automatically become closer, acquire common interests and views. Considering that a family business is envisaged, relations between relatives are only improving.
- Savings - there is no need to hire staff and pay wages to outsiders. All profits remain within the family.
- Trust - you can discuss any working moments with your relatives without fear that the information will fall into third hands.
- Purposefulness - if hired employees work only for a salary, then a family business provides for the desire to develop and expand, even with some financial sacrifices.
- Ease of organizing a business - this can include low investments due to the joint participation of several family members, the absence of the need to find premises (when growing agricultural products, animal husbandry and similar ideas).
- The need for subordination in business relationships - despite the fact that family members are involved in the business, there is no place for feelings and emotions in the work process. Not everyone understands this, making fatal mistakes. For example, the appointment of a wife or son who does not have the necessary knowledge to the post of financial director, instead of giving the position to a relative with a special education.
- Different views on doing business, leading to family quarrels.
- Lack of other topics for conversation between husband and wife, because they are constantly in the center of the same business, and besides, they do not have time to rest each other. According to statistics, couples working together are more likely to conflict over trifles than spouses working in different places.
The last point is a fairly common problem, because close people see each other constantly, talk about personal things at work, and about work at home, which leaves a negative imprint on both sides of life.
Tip: so that the family business does not harm personal relationships, you need to draw up a business plan for a future idea and assign positions (responsibilities) in advance that should not overlap. For example, the husband is responsible for finding suppliers of raw materials or distribution channels, being the bulk of the time in negotiations, and the wife is responsible for accounting or receiving calls from customers on the phone.
Family Business: Best Ideas
The choice of direction for a family business directly depends on the practical knowledge and experience in any area of all family members. It is inappropriate to choose a computer or Internet subject if the whole practical base comes down to starting a PC and going online.
Situations are widespread when one of the family members is well versed in something or has the appropriate education, and at the same time introduces the rest of the relatives to the case. In this case, an important role is assigned to teaching people their responsibilities, as well as an intelligible explanation of the principle of the business scheme.
Starting an online store involves skills in the following areas:
Close people are our most reliable support and support, so there is nothing surprising in the fact that the world's largest corporations are representatives of family businesses. Parents and children, aunts and nephews, grandchildren and the older generation - all these tandems have a place to be in today's global market. Over the years, small representatives of small businesses turn into real mastodons who confidently lead their industry niche. Is family support at all levels of business critical? Certainly.
Probably, each of us at least once in my life had an idea to create my own brainchild, relying on the help of the closest circle. In this article from Kühnet, we have collected the most successful examples of family business that will definitely inspire you to new achievements and motivate you to take a step forward towards your dream.
Estee Lauder: a family business empire
Cosmetic brainchild of Este Lauder is a classic representative of the family business. The history of a powerful empire began in the small kitchen of John Schots, who created a cream for all occasions at home and brought his curious niece to this business, who was distributing the novelty among young classmates. Since childhood, Este dreamed of the beauty industry, as she believed that a woman should look great regardless of the circumstances. Introducing beauty into the world is not the only good aspiration of the young lady, because she dreamed of monetizing her successes in this industry.
After getting married, she, together with her beloved, organized a hand-made production of creams for all skin types. In 1933, the first family business was created, which was named Lauter Chemists, but 1946 is considered crucial in the life of a woman, since it was during this period that Estée Lauder Cosmetics Inc was founded and her name thundered all over the world (the company's annual turnover for that moment was 7 million).
Este Lauder is an icon of the cosmetics industry, because she really tried to bring women a little closer to the mythical elixir of eternal youth.
Now the grandchildren and sons of a woman run a huge enterprise. The brand has over 30 items, the list of which is constantly updated.
Cosmetics are a great idea for a family business.
Ford and his family ties
Henry Ford is a major innovator who has made a real breakthrough in the automotive industry. Everyone knows this brand, but its history remains a mystery to many. Ford Motor Company is the most successful family business in the mechanical engineering industry. The Forbes magazine rating reports that the company is ranked 4th worldwide among its automotive counterparts. Is this not an indicator?
Let's go a little deeper into the history of creation and understand the family ties that led Henry Ford to such success. The main adherent of the company created his first car back in 1903, and during this period he did not even have the idea of putting production “on the conveyor” in order to increase money turnover and monetize production. Everything changed in 1908, when Henry presented the first budget car to the world.
No, no, do not think that all this time the great Ford was building his business alone, because his son Edsel was at the helm of the company, who helped his father in everything. In 1945, the reins of government were transferred to the founder's eldest grandson, Henry Ford II.
Many people want to create their own business, which would bring a stable income. Employees account for a large part of success in sales or manufacturing. But it can be difficult to find truly motivated employees who take their tasks seriously. It is not surprising that future entrepreneurs are thinking about how to start a family business, because this would provide significant benefits.
Family business as a business
A lot of people with an entrepreneurial streak are thinking about starting their own business. I would like to open a business that would bring a stable income and require a minimum amount of investment. But the modern market dictates its own conditions: it is quite difficult to become a successful entrepreneur from scratch, because, in addition to significant investments in renting premises and purchasing equipment necessary for operation, a significant part of the costs will have to be spent on remuneration of future employees. That is why many entrepreneurs around the world prefer family businesses.
This approach allows you to use your loved ones as employees, leaving a significant part of the funds within the family. This form of running your own business is not new. In many eastern and western countries, the family business has been actively practiced for many centuries and is still relevant today. Food industry, farming, trade - in many areas people earn money with the whole family, jointly investing in the success of their enterprise.
Family business makes it possible to spend more time with loved ones and, at the same time, receive a significant income for all family members. In addition, this form of entrepreneurship allows you to work with those people in whom the initiator of starting a business is confident.
Although a family business is easier to start, budget planning remains an important task. The number of investments always depends on the chosen direction and on how competently the business plan of the future enterprise is drawn up.
Family business from scratch with and without investments
Naturally, when starting your own business, you want to save money, but so that it does not affect future profits. Even with a well-developed business plan, it will not be possible to do without investments at all.
If a novice entrepreneur plans to develop in the field of providing various services, he will still have to budget some amounts that will be spent on renting premises, purchasing equipment and registering his own business with various government agencies.
Family employment allows you to minimize costs, but does not provide an opportunity to give up them altogether. Paying attention to the experience of successful companies, one can understand that regardless of the scale of the business and the profit that it brings to the owner, such an undertaking requires significant start-up investments.