Top 15 Family Business Ideas

Overview

Having a business that runs by family is the significant source of income for many successful entrepreneurs associations. Even though family business may sound like a conventional form of initiating the business. Yet, it has the ability to uplift the unique structure of business that often traditional public firms lack. According to the latest data released, FOBs or Family Owned Business contributes more than 75 percent of the total GDP and will likely rise 80-85% by the year 20247. Therefore, family business in India is the better opportunity in the form of competitive advantage, flexible working hours, speedy decisions, and contributes to the development of business. This blog, we’ve provided you with the top 15 ideas for starting a family business in the Indian business ecosystem. 

1) Clothing Business 

Clothing business is the better source of income ideas especially for families. This assertion is taken because clothing businesses have an ability to cover multiple demographics under one roof of shops. If half of the demographics tends to choose timeless fashions, the remaining demographics choose to follow the latest and vintage trends accordingly. 

2) Automobile Repair Shop

Automobile repair shops are a great business for families that are passionate about mechanical skills and repair techniques. These services include repair of automobile shops to complex engine repair. This business creates the credibility and trust among customers that lead to repeat services and potential incomes. 

3) Tourist Company

If you belong to or know your region, cultural and natural heritage of your own area where you reside, this business then becomes a complete opportunity for you. By becoming a professional tourist guide, you can lead and provide information of the place to the tourists. You can also share your guide via many online platforms such as TripAdvisors, Airbnb and Get your Guide and can earn money too. 

4) Interior Design

Interior design is the trendy business for the families nowadays. Every individual likes to achieve an aesthetic and pleasant look of their home through furnished furniture, floors, walls or even optimized spacing. This design entirely depends on the aligning factor of aesthetics and human psychology. This service doesn’t require taking courses from accredited institutions but requires keen details and color schemes to design the space accordingly. 

5) E-commerce:

E-Commerce is the medium to buy and sell various products in India. This business form is an alternative to mortar and brick shops that operate from online only. The digitization brought up the trend to deal with the selling of goods and services. Since the E-Commerce business doesn’t necessarily need to purchase or gather the stocks of products for selling, this business can easily run by the family itself. 

6) Skin Care Business

For starting a skincare business, the first step you can take is to introduce a line of skin care products. This business can resolve the pain points of people who don't have a stable skin type or desire to improve their skin with the help of these products. Launching your own products can help to maintain the common skin type that are considered better for skin care business. For example oily and dry skin types.

7) Craft Business

With the knack of creativity and authenticity, the handmade products are reliable and authentic rather than an unnatural mode of producing the products. Collaborate to design and produce the designs by family which is based on your creativity would be liked by many people. Products such as scented candles, nature extracted perfumes, jewelry, home decor, and personalized gifts can be sold through handcraft business. 

8) Transportation services:

To build a strong reputation in the market by focusing on single services such as transportation business is a better family-oriented business. This business provides freight logistics, medical transportation, and passenger transportation to provide the better customer services related to transportation. 

9) Fitness Centre

If your family loves to exercise or yoga to be mentally and physically well being in the bustle of time, then this passion must be the next business opportunity for you. The clients who are also fitness freaks mostly prefer to perform their yogas or exercise under professionals guidelines. Therefore, your family business must engage to teach the yogas and exercise that are fit according to the client's expectations with some basic diets. 

10) Photography Studio:

Photography business by the family is the profession itself that provides image-related services to organizations, individuals or other businesses. This service not only captures images to clients but also takes incharge to edit and deliver the image for various purposes such as advertising, portraiture and artistic expression. 

11) Fast Food Outlet

Fast foods is the demanding realm for half of the demographics. The relishing, mood refreshing taste of foods raises the demand for fast foods. Families can start the stalls or shops for starting the business in the name of your family. 

12) Cafes and Restaurants

Cafes and restaurants are the entertainment place where friends or families like to make their short outing. Opening cafes that have a vibrant atmosphere and delicious foods attracts the customer retention rate. So opening the cafes is suitable for your family business.

13) Consultancy Business 

Starting the consultancy services as a family business can help people to get industry knowledge and insights. Having the knowledge in a particular industry is better to start your consultancy at the specific services such as management, finance, and marketing that provide important insight and direction to firms. 

14) Coaching Classes

If your family is keen on teaching various types of subjects and are subject specialists, then these skills also knock the business opportunity as well. Coaching classes is the easiest way to get income and to operate the business in flexible times. 

Requirements of Licenses 

Here is the legal and administrative requirement for blogging websites, which are as follows: 

• Requirement of GST Registration: In case your threshold limit exceeds Rs. 20 lakhs through the blogging site, a taxable person needs to pay taxes by registering under GST registration. 
  
  
  
• Requirement of Business Registration: Although Blogging website doesn’t need any sort of administrative requirements, yet if your blogging website drives the conversion into revenue. It is important to recognise in which business category it falls. There are 5 types of business registration which includes: OPC registration, sole proprietorship, LLP registration, partnership registration and private limited company registration.
  
  
• Udyam Registration: As you are beginning your business from home, your business would fall under the category of Micro, Small, and Medium Enterprises. For getting government incentives without heavy investing on your business for inventory stocks, etc. you are required to get Udyam Registration. 
  
  
• Trademark Registration Online: The trademark registration protects the rights and identity of your brand and logos. 
  
  
• Shop and Establishment Act Registration: Even for online business, the registration for Shop and Establishment Act Registration is essential.
  
  
• FSSAI Registration: FSSAI registration is required for family business that needs to open fast food outlets or food related business
  
  
• Trade License: For any business that engages in selling or trading goods and services, trade license is required to ensure that trading is legal and compliant according to standards and regulations. 

For getting multiple benefits from legal and financial regulations, you are required to get assistance from experienced CA and CS experts for easing your application. We at Bizfoc team will dedicatedly serve your needs to make your business to meet your needs for legal and financial regulations. 

Conclusion 

There are many standing ideas that have potential to hit the market. Family business is one such idea that has a flexible approach to draw the ideas for earning the income without much investment on searching manpower requirements to boost their business. Many families favor this idea of opening a family business so that they can earn without draining their brain in 9-5 jobs. If family members become specialists in a certain field that fulfills the skills to open their business, then you should become your own asset to run your business. There are top 15 ideas which are mentioned to get family business ideas at low cost. 

Frequently Asked Questions

1) What legal considerations should we keep in mind while starting any family business?

Legal considerations such as company registration, MSME registration, Udyam registration, trade license and Shop & Establishment Act Registration. This registration should be considered while starting any family business. 

2) What are some common challenges faced by family businesses?

There are many challenges you can face running the family business such as balancing the personal and professional relationship, family changing moods, and succession planning. 

3) What financing options are available for family businesses?

As any business, family business also requires financing through loans, crowdfunding, small business loans or even personal savings. 

4) What are the benefits of running a family business?

There are many benefits of running a family business such as income earning, fame, flexible working hours, shared values and passing business to the legacy.