Do you know that in India, there are more than 100 family owned successful businesses. Billion Dollar companies such as TaTa, Reliance, TVS Group, Godrej group etc. are the highly successful family owned businesses in India.
Indian entrepreneurs have made family businesses their tradition and culture. Recent analytics indicate that more than 80% of .Inc companies in India are family businesses. And in this post we’re going to provide you some business Ideas which you can run along with your family members.
Advantage of Family Business
It’s a good idea to start a business where your family members have the most ownership and control.
Unlike any other small business, you will be able to grow your business with the most help from your family members.
Since it is not illegal to start a small home based business in India, you can easily start a business with your family members. There are 108 registered successful public owned family businesses in India. It tells us how India could be an ideal place to start a family business.
A good part of the family business is that you can leave the management part to your family members. If you set up a stock business you can hold maximum ownership of the business within your family.
However, if you want to start a business with your family members, you must know the official business terms/conditions of your country before starting any kind of business.
But when you want to start a business with or without the contributions of your family members, you will need some of the best ideas to build a successful structure of your business.
In this content you’ll know about some of the profitable Middle class family businesses.
Family-run Business Ideas In India
If you have access to land and other resources, family farming can be a very lucrative business opportunity.
In India, 50% of the population is dependent on agriculture. This is why family farming would be good a business opportunity for you. You can have your family members contribute to your agriculture and turn your small business into a profitable business.
Family Bakery Shop
You can start a family business of baked goods with the help of your family members. Running a family bakery is not a bad idea in India. You can make a lot of money from this business.
family members contribution will help you to grow your own business. And that would be a great business idea for a small middle class family here in India.
Running a restaurant with your family members is not a bad thing. In fact, you may have already seen many family restaurants near you.
The Indian restaurant market is one of the fastest growing. This sector is, without a doubt, one of the most lucrative businesses in India. But make sure you design your business concept and raise enough funds to start the business.
But if you want to start this business on a small scale, you do not need much capital. You can keep your family members engaged in management to avoid hiring outsiders for management.
You can start teaching students individually or add your educated family members to get some extra help.
Nowadays students need some outside help for their studies. And what could be better than having a tutor?
Online Reselling business
Resale business is a growing business in India. You can start your own home-based business right away. If your family members contribute to this business, you can let someone else in your family conduct marketing.
Child/ Elder Care
In this business you will need to provide caring services in your area that can provide care in your home or in your client’s home.
You can spread the motive of your business by marketing to people you know to promote your business.
Every year a variety of events are held in India where the services of an event management company are required for pujo, weddings, fashion shows, parties, meetings, conferences, exhibitions, music concerts etc.
Starting Event management business with your family could be a better profit generating concept for you in India.
It may not be one of the most successful business ideas to start with your family, however, it is one of the best family business ideas in this topic.
If you are serious about starting a family owned business and have all your requirements ready, then in this content you have read some of the family business ideas that are profitable.
All business ideas are based on small business ideas in India that can go well with the contribution of family members. So, you don’t have to rethink the idea of adding family members.