Family business ideas that will improve your finances

If you are trying to find the perfect strategy to improve your family’s financial status, then you must consider establishing a business. Family business ideas are plenty, but finding the most appropriate one for you particular case might not be easy. However, below you will find plenty of useful suggestions where to pick from, starting with investing in real estate.

1031 real estate investments

You might have heard about the 1031 Section if you are a tax nerd, and you might have been quite interested in it. To begin with, this section applies only to commercial properties and you can swap your grandma’s old farm ranch for an apartment building downtown, if they fit into the same budget. This is quite a flexible law, as long as you don’t enter in money’s possession at any given time during the transaction. Therefore, you need a third party to handle the money until you find a replacement property. Also, please note that “like-king” is quite of a broad term that applies to the properties’ prices, but not their types. This is a very appropriate option for those families who lack the resources to establish a business from scrap, but they have something to start with. However, if you are truly interested in these types of investments, make sure to contact a consulting company specialised in these matters. They will also act as a third party and help you close the transaction without entering in money’s possession in the process.

Family owned restaurant

If you and your family members are gourmands, you could start your own restaurant. This requires quite some resources, but in the end it will be worth it. Make sure to involve all your family members to have an easier start. Collaborate with local suppliers and you might be able to get lower prices and better deals. However, given the equipment and furniture needed for starting such a business, it might be too pricey for most families. If this is your particular case, our first suggestion might fit you better.

Landscaping business

If you truly enjoy spending time outside, this one is for you. You will certainly need a starting budget, but in many cases, the results start to show up even in early stages of activity. Create an audience formed by your neighbours and start from there. A great marketing campaign will also help you. But most importantly, make sure you use eco products and techniques. They became highly appreciated in the past few years. You might want to consider enrolling in some special courses, since accreditations are also important.

These are some of the easiest family business ideas you could try if this is one of your goals. Make sure to research the market well in each case and you will surely have a great result in the end. Also, if you choose our first idea, make sure to find a reliable third party.