16 Family Business Ideas for Generational Wealth and Building a Legacy

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One thing that we all have in common is that every one of us wants to build a legacy that we can leave behind for future generations. Starting your own business allows you to spend time with your family and achieve your goals of building generational wealth. Ready for some family business ideas? Here are 16 ideas to get you started.

Table of Contents

1. Family Business Consulting

If you’ve had success with running a family business, you can help others be successful too. You can help them to decide the best way to start a family business, help with family investment ideas, or help family businesses develop their digital marketing plan. Families might need help with ideas, or they might have a few family business ideas and need your expertise to help them get it off the ground.

2. Blog or Media Business

CraftWrites.com is a family media business. If you have a topic that you are passionate about, professional blogging is an excellent way to share your expertise with the world. Everyone has at least one topic in which they are an expert. If nothing comes to mind, look at some of the things that you do every day that you do not think about, like keeping an organized home or managing your finances. You are probably so good that it is easy for you, and that is an excellent place to start a blog that can help others.

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3. Home Cleaning Business

This is a good business that your children can participate in and learn some valuable life skills in the process. The pandemic has created a wealth of opportunities in this area, with people working from home and spending more time in their homes. Even without the pandemic, this business is always in demand. Another potential source of business in this area is cleaning offices and churches.

4. Lawncare, Gardening, or Landscaping Business

If you have a love of gardening and like the outdoors, this is an excellent way to transform your hobby and skills into a business. Depending on the age of your children, you can get your kids to help, too. Landscaping is an excellent business for stay at home dads who probably already take care of the yard work around the house. This is one way that you can support other family businesses by taking this task off their list.

5. Child Care Business

Childcare is an excellent business for stay at home moms who already have children to care for. This business is always in demand, and the need has increased lately as people struggle to find childcare while schools are on alternative schedules. Older children at home can help care for younger ones, too.

6. Tutoring Business

The best way to learn a subject is to teach it. If you have older teens, they can help younger children master important skills. If you already have school-aged children, you probably already know people who can use your service. This business helps you have the satisfaction of helping young minds grow and develop the skills that they will need for success.

7. College Consulting

If your children are in college, you know how confusing and challenging the entire process can be. You can put your skills to work by offering advice for choosing an institution, applications, FAFSA, financing, and helping young adults make the transition to independence. Many families beginning the process could benefit from your expertise and experiences.

8. Sports Training Business

Did you help your child earn a college athletic scholarship? If you did, then you already know that it takes to succeed. You can help other young athletes with sports training in your own gym, at their home, or even at a public park. This is a great business to combine with college consulting to help student-athletes prepare for marketing themselves to colleges.

If you live in the Atlanta area and you want to introduce your kid to basketball, we highly recommend that your child plays and trains at IBALL.

9. Real Estate Investing and Rental Property Management

Real Estate Investing and Rental Property Management are popular choices for many people. If you are new to real estate investing, you can easily find books, courses, and a wealth of information on the Internet to help you get started. If you have an extra property that is sitting around, then you have an excellent opportunity to use it to start generating revenue.

10. Online Store

Online shopping has seen a significant increase in recent years and especially in the last year. eBay and Etsy are experiencing incredible growth, which means that it is the perfect time to start your online business. The best part about running an online business through these platforms is that it typically does not take a large initial investment. The most important advice is to research your market before you begin, and then, you can turn your skills into wealth.

11. Store/Food/Grocery Pickup and Delivery Business

Pickup and delivery services are expected to see exponential growth in the upcoming years. Websites such as Door Dash, GrubHub, and other similar sites are booming. If you live in a suburb or a small town where these larger companies do not deliver, you have an excellent opportunity to fill the gap.

12. Restaurant, Bakery, or Food Catering Business

Are you a good cook or baker who loves what they do? If this sounds like you, then you can share those excellent meals that you cook for your family with the world! Cooking YouTube channels, podcasts, and blogs are among the most searched for topics on the Internet. Catering is a business that is always in demand anywhere you live.

If you ever find yourself in the Atlanta area and you’re craving some good baked goods, you have to check out Bolton’s Bakery in Newnan, GA. Their cinnamon rolls are amazing!

13. Freelance Writing Business

Do you have your own blog or write your church newsletter? If you do, then you could become a freelance writer who specializes in content marketing. The demand for this business continues to grow, especially since webpages have replaced traditional forms of advertising. You can help businesses meet their goals with your talent.

14. Marketing Agency

If you are successfully marketing your own business or you like the art and science of getting the word out, then your family should consider starting a marketing agency. Many people have businesses, but they have no clue about how to develop a digital marketing strategy. If you do, then you have an excellent opportunity to use your skills to help others grow their business.

15. Senior Care Business

This opportunity is closely connected to childcare, and if you are creative, you could combine these two ideas. Many families need a little extra help caring for their aging parents. As the demographics of the population shift, the demand for elder care will continue to grow. Providing a little extra assistance could be all that a family needs to help their loved one remain at home instead of in a long-term care facility.

16. Family Entertainment Business Ideas

A family entertainment business is something that everyone can participate in from the youngest to the oldest member of your family. Some family business ideas in this category include music production, acting, scriptwriting, voiceovers, and dramatic work. Other ideas include children’s party planning, renting bounce houses, providing clowns and costumed characters, and freelance content production.

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Remember That Family Comes Before Business

Starting a family business and building generational wealth takes discipline. I know that you want your family business to be successful, but remember that ‘family’ comes before ‘business’. This doesn’t mean that you should keep a family member in a position in the business if they are underperforming in the role, and this doesn’t mean that you should ignore the health of the business, but it’s important that you maintain healthy family relationships. Striking this balance is the key to building a family enterprise that is in it for the long haul.

family business ideas

About Chris Craft

Hi! I'm Chris(topher) Craft. I'm a believer, husband of an amazing woman (Wanda), and father of three talented kids (Naomi, Maria, and Elijah). I love writing, making music, learning about God's Hand in History, entrepreneurship, and basketball. Thank you for reading my stuff! ❤️ Connect with me on Twitter @CraftWrites.