Top 50 Best Family Business to start

Best Family Business to start: Your family business is your pride and joy.

Here’s how to make sure it stays that way for generations to come.

Family businesses represent an important sector in our economy and a way to bring two of our most foundational cultural patterns — small business and family — together in a way that can reinforce both.

Though family businesses are a proud tradition.

They are also known for having high failure rates.

With each generation of the family, fewer family businesses remain, and by the third generation, only

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Best Family Business to start

3 to 5 percent of such businesses still survive.

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That may seem like a big risk, but there can also be big rewards.

Some of the biggest success stories in business history started as family businesses.

Family businesses: the movers and shakers of the business world

When we think of “family business,” an image of a mom-and-pop store may come to mind.

But Walmart, Samsung, Nike and other giants all started as (or even remain) family businesses.

According to research by Boston Consulting Group, 30 percent of all businesses with more than a billion dollars in sales are family-run.

It’s not surprising that some of the world’s top successes started under the family business model.

It has some important advantages.

Because family members are involved.

Best Family Business to start

Key stakeholders have a different kind of commitment to the company than may be found in non-family businesses.

Leadership tends to be stable, and team members tend to be more flexible.

Given the distinctive nature of such companies.

It’s important to be mindful of the most effective tactics to enable your family business to thrive for generations to come.

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Family Business for Next Generation

Here are a few simple things you should keep in mind if you want to not only maintain your family business, but grow it.

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1. Singing

Surely, not everyone can sing, and truly, it is not everyone who has the time and talent to sing.

Singing is doing anything with the ability to sing.

But for anyone who has what it takes and looking for opportunities to create other streams of income.

Becoming a musician is not a bad idea.

There are many music artists around us that we all know who have become mega super stars because of music. Folks like; Beyoncé, Ciara, West life, just to mention a few, have become who we know them to be today because they are musicians.

2. Music Production

Music producers are as important as the musicians themselves – if not more important. The producer is the person (or organisation as the case may be) who develops the general concept for a song, comes up with the beats and helps to generally fine-tune the music.

In Nigeria, there are outstanding music producers who now occupy legendary positions in the lives of musicians they have helped to turn their ordinary songs into household acceptable music through the kind of beats that the young people and the young at heart find interesting to dance to. Although, producers’ roles are usually in the background, some are no longer contented with being in the background and are now adding singing to their calling.

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3. Song Writing

Do not be deceived, it is not every musician that churns out hits upon hits that knows how to write the songs; even the ones that know how to write sometimes have people write songs for them. So ,you may not know how to sing, but can write, that in itself is a business idea that could become another stream of income for you and help to generate lots and lots of income. And the more hit songs you write, the more your clientele will increase and the more you can charge and earn. Are you ready to go?

Best Family Business to start

4. Studio Operations

With the increase in the number of musicians coming up almost on a daily basis and the cost of studio sessions rising, owning a music recording studio will not be a bad business idea for anyone who can muster the courage and resources to do so. Now, the truth is; you don’t have to know how to operate the equipment, just employ a studio manager. But if you know how to operate them, good for you. All you have to ensure is that you meet standards that will give good music production and before you know it, you will have flood of patronisers.

5. Artiste Manager

Imagine if you are the one managing an artiste like John Legend! What that invariably means is that you are a millionaire in your own right. Are you a coordinated person and can help others manage and coordinate their time and schedules? If you are, then being a manager to an artist may not be a bad idea. Your roles basically will be to organise his schedules, seal deals for him, remind him of appointments and generally keep him on his toes. I guess that is not too much to do and yet be making millions from.

6. Music Promoter/Marketer

If you think this is not a lucrative idea, go and ask great music label promoters, and you would be amazed of the success stories they have to tell. Sometimes, marketer/promoters are even richer than the musicians themselves. Can you come up with a distribution network and strategy to reach a wide range of music listeners? If this is something you can do, then, this is a line of business idea you can take advantage of as another stream of income.

Best Family Business to start

7. Music Reality Show

Did you know you can make income and even wealth from starting a music reality show? Well, if you didn’t know this, then now you know. Think about great reality show brands like the American Idol, X-Factor and what have you, Sounds interesting to make some money through this means, right? Well, if you have the wherewithal- in terms of finance, then you may want to tinker with this idea.

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8. Music Video Director

After the music video script has been written and it is time to perform it, the director is the one who takes centre stage. It is time for him to give artistic interpretation to each of the roles. Although, this is a highly technical skill and requires some level of training, especially practical, yet with determination and focus, one could learn the intricacies that are involved with becoming a world class music video director.

9. Teaching Music

If not for the fact that many privately owned schools today are now inculcating the teaching of music into their school activities, many people that went to school in the eighties didn’t have such opportunities in some parts of the world. It is because of the craze for music in recent times like never before which have caused schools to now teach music thoroughly.

This is largely due to the fact that to teach music goes beyond knowing how to sing. It requires knowing how to read music notes, having ear for sound and rhythm and so on. Do you have these technical skills, then you can become a music teacher? If yes, then you can rest assured that many people out there are looking for private music teachers.

10.Own a Music School/Academy

It is true that a lot of folk today want to go into the music trade, but the question is; how many of our musicians really know music? That is why many of them will rather use the keyboard than use real musical instruments when singing. However, if we have more music schools and academies coming up, more and more people will be encouraged to learn music and this will invariably impact on the school owner’s bank account as well as those who may from there pursue music as a career.

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11. Instrumentalist

Drummers, keyboardists, guitarists and other specialists that know how to play different instruments are in high demand today for different shows and by different musicians. Religious houses are always on the lookout for the services of those who can give them very good beats and sounds. So, without leaving your regular job, you can add playing of musical instruments to your sources of income. Please note that this in the long run can replace your regular income.

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12. Teaching How to Play Musical Instruments

Yes, just like teaching music generally, more and more people want to learn how to play some musical instruments like the guitar, the keyboard and drums. Which do you know how to play well, and can you teach it to others? If yes, then you can consider this as an idea you can leverage on as another stream of income. You can do home service where you go to teach your clients at home or you can have a specific place where your clients come to be trained.

Best Family Business to start

13. Music and Dining Clubs

Conventional restaurants are common everywhere. But people are looking for something more. Could you give that to them by setting up a diner where slow, soft and smoothening music are played. Something that is a clear departure from the regular and the norm.; where the music helps the food to digest, as it were. Does that sound strange to you? Such a place offers the experience of a place where serenity mixes with the divinity of the soul and refreshes the body. It can also be said to be a place where different people can come and socialise regularly. Do you think you have the knack for this? This might be a good business.

14. Record Label Business If you think you have the knack and eye for finding out new and budding music talents, then you can turn this into a trade. This is exactly what record labels do. They seek out new talents, and thereafter help them produce their albums, as well as give them adequate exposure. Do note that in starting this business, you have to be vast in the music business.

15. Organize Listening Parties

These days more than ever before, there have be the rise of listening parties. This happens when an artiste is set to release an album, and so invites people for a party where they can get to listen to the track yet to be released. If you have the knack for organisation, then you may want to build a business around it. These days, musicians; love to have listening parties. So, how does that concern this business? Well, this concerns you – especially if you have a good organizational skill. This means that you can help take off the burden of planning the listening party from a musician. This is one good way to make great wealth.

16. Studio Owner

Musicians to a very large extent spend nearly all their time in the studio, cooking up one send or the other. A studio on the other hand is a money spinner- especially if it is a high earned type. As such, you can look at starting a very equipped studio. Starting such a video, might not come easy, but in the long run it is a very lucrative one.

Movie Business ideas

17. Acting

Acting is one of the professions that have been around   for over two thousand years. It is a natural endowment that some folks exhibit that causes one to appreciate the fact that indeed some actors are naturally born to act. You watch them on TV and you are mesmerized by the way they perform their roles. Sometimes you wonder if what you see them do on screen is actually the way they are in reality.

You have come to love some of them to the point where you consider them as role models. You pattern your life after them and look up to them. Yet, if you were to get on stage with some of these ‘idols’ of yours you would take them to the cleaners and back. Acting is one profession that gives you fame and popularity. And there are things fame and popularity can buy that money cannot buy. If you think you have what it takes, why not.

18. Script Writing

Imagination and creativity, is one of the attributes of a good scriptwriter. The scriptwriter, have got be able to paint scenes and situation so that people can relate with it. Just like in the case of musicians, where they don’t necessarily write all their songs, same way in the movie industry, there are people who specialize primarily on script writing. They don’t act, don’t direct, nor produce. They just write scripts and quite a number of them are doing well.

19. Video Editing

After the filming of a movie, there would be the need to cut away unnecessary scenes that were filmed in error. This is so that everything that has been filmed would be as professional as possible. The entertainment industry is very vast and has a whole lot of business opportunities that one can engage in. Video editing is another lucrative business venture for anyone to take advantage of.

All you need is your desire, determination and your laptop that is already installed with editing suites. And hello, you are ready for business. This is another opportunity you can start by the side. You keep your regular job and use your evenings and weekends to focus on this. Again with time, depending on your personal drive and goals, this could become your main stream of income.

20. Movie Director

‘Cut, take one, take two’ those are some of the words that emanates from the mouth of a director. In fact, it is the official language of directors. If you have ever wondered how actors acted and it looked so real with all the sequence falling in place, then you have got to give kudos to movie directors. These folks are usually the ones saddled with how the scenes are to be played out. As a result, if you think being   a movie director is one forte you want to pursue; then you can go garner the skills to be able to start a   movie directing business.

Best Family Business to start

21. Make Up Artist

All of the looks and the way the actors and actresses are made up in a movie, is the business of the makeup artist. This means that you can make good money from being a movie set makeup artist. What is more, the makeup artist is also responsible for the make belief paintings which those who have to act an accident scene wear.

22. Costumier

Movies are never complete without those apparels and costumes which the movie starts have got to adorn their selves with. That in the real sense is the role of the costumier. Who really is a costumier, you may wonder? A costumier is that person who has the responsibility of determining what clothes are suitable for a movie scene, and she goes to the length of making it available. If you love the, movie world, and have a rich sense of style, then this business can be your forte.

23. Movie Marketer

Without the right marketing skills and techniques, one’s business may likely stay stagnant and unsuccessful. If you love to blow other people’s trumpets- in terms of helping others advertise their business, and all what not, then being a movie marketer might be your best bet. What you would have to do, is to help a newly produced movie get to all and sundry. There is great profit in this, if you know the right buttons to press.

24. Video Cameraman

The movies can never be said to be complete without it being filmed. As a matter of fact, filming is one of the things that make movies tick. Unlike stage productions that has little or nothing to do with camera men. Camera men in the shooting of movies are a constant need that can’t be ignored. Hence, you may consider being skilled in this regard, if you are determined to do this.

Best Family Business to start

25. Photography Business

Pictures capture what word cannot. This is one of the reasons why the photography profession will continue to evolve and come of age. Just like the cameraman, the photographer is needed and important. This is because of the point that there would be need to take still photographs for record purposes, as well as other personal of movie purposes. If you have a knack for making photographs, then being a movie photographer must be the right step in the right direction.

26. Movie Maker

One of the things that qualifies movie makers, is the fact that they are so versed in the niche, so that they cannot be make very profitable films. Some of these movie makers are certified, as they have bagged one degree or the other in film making. If you think being a movie maker is one thing you want to do, then you are headed for fame. However, do note that making movies isn’t a child’s play, as such you have to have a ready investment source.

27. Movie Set Hair Stylist

Looking good no doubt is good business; and being on the movie set means you have got to look flawless. This is one of the reasons why the hair is never toyed with on the movie set. The best hands are employed to make everything go smoothly and very professionally. If you are a very creative hair stylist, then you do not need to limit yourself to those who come to your place of business, to have their hair made. You can step up some notches higher, and become a movie hair stylist. This means that you would be responsible for the entire hair do which is being made on the movie set.

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28. Comedian

Yes, you can become a comedian and start raking in millions of naira yearly from just making people laugh. The challenges of life are weighing heavily on people and life expectancy is reducing gradually, if not rapidly. It is a medically proven fact that joy and laughter can help increase one’s lifespan. So, do you have what it takes to make people laugh and possibly roll on the floor? Instead of telling those jokes to just yourself, why not take a bold step and start by asking your friends who have events to allow you take 5 – 10 minutes to crack some jokes. You can start from there and if you are good, you might soon become the next big thing.

29. Compere (Master of Ceremonies)

Occasions aren’t complete without the right person assuming the role of an anchor. It would amaze you to know that this is a full-time profession for some people. They have learnt how to use the power of the gab so well that when they get on stage or handle the microphone people just love them and then they combine it with helping to give life to events as anchors. Some comedians combine this with their trade of comedy, but there are those who strictly what they do is just anchoring events as Comperes and they are living comfortably. You may not want to do this full-time, but you can do it by the side and it serves as another source of income for you.

30. Dancing

Dancing isn’t a function of whether you are young or old; if you think you are flexible and fit, and have got what it takes to be a dancer, why not. Hence, do you go to parties and dance and sweat? When you dance, do people gather to watch you and clap for you because you do it so well? If you do, you may truly have to have a rethink in this regard. While it is understandable that many who are in this profession promote nudity and to an extent promiscuity with the way they dance, you could be the change maker. The difference you bring to the dancing floor may just be what some ‘sane’ minded people are looking for and will be ready to path their money for.

Best Family Business to start

31. Online Entertainment Portals

The internet since its inception has been a wealth of knowledge. It is the reason why people are addicted to it unreservedly. Because entertainment is big business it generally attracts a lot of followership. And anywhere people find any entertainment gist, they generally tend to flock there. Are you internet savvy and can come up with a portal that gathers entertainment gist around different players in the industry and feeding people with the latest news? Then you already have a business idea waiting to be harnessed.

32. Events and Social Media Management

Events management is a big deal today. Many people don’t have the time and when they do. They don’t want to go through the stress of putting together an event, hence they contract it out to event planners/managers. It is the duty of the planner/manager to put together the different aspects of the event- this could be a music show, music awards, or movie award. Mind you, you only have to coordinates all the different aspects and activities of the event. And I am sure you know at least one big event planner around you. Maybe you even tell yourself sometimes that you can do better.

33. Sound Engineering Services for Movie Awards, Music Concerts and Movie Premiers

Whether as an individual or setting up a proper business structure, there is a huge need for professional sound engineers. There is not as disturbing as holding an event and the sound is going haywire, because wires are not properly connected of speakers are not properly placed or for whatever reasons. Many entertainment related businesses will seek for your services should they know you are out there and can give them good qualitative sound that will make their events special. You could even become a sound engineering consultant and even to churches.

34. Night Clubs

Night clubs have been in existent from time immemorial. If you asked your grand mum, about night clubs, chances are that they would tell you they went nightclubbing in the olden days. Another very popular business venture in the entertainment industry is the night club business. Night clubs are everywhere and they thrive within metropolis. Night clubs particularly do well during weekends, so, if you are thinking of venturing into this line of business, you must be ready to sacrifice your weekends or else get someone who can manage the business for you dutifully.

Best Family Business to start

35. Dance Studios

Just like its counterpart, the music studio, owning/running a dance studio could be a very lucrative business if well managed. As interests in dance is increasing due to many dance groups springing up as a result of many dance competitions events and programs, starting a dance studio to teach people how to dance will not be a bad business idea. Besides couples and love birds are looking for fun activities they can partake in or learn together and dance is one such activity that can help couples bond a lot more. You can/or hire someone to teach different dance steps like Salsa, Tap dance, Bata and various dance steps. Remember this is at a cost to those who come to register in your studio.

36. Entertainment Blogging

Blogging business is a mega bucks business, because it generates a lot of followership and brings traction to your blog site- which is what advertisers are looking for. As a result of this huge traffic, advertisers would be willing to pay millions just to have their products and services listed on your blog. Mind you, if you know your onions, you will be doing this at a very minimal overhead cost.

37. Publicist

Do you think this is new? No it is not. A publicist is someone in a nutshell that publicizes. Yes, there are entertainers who need opportunities to connect with their followers in more ways than just through the screen of the TV. A publicist can help to look for or create such opportunities. It could be in form of shows, TV/Radio interviews or attending other social events that will give the ‘star’ desired publicity. All you require to do this is just to have contacts.

Best Family Business to start

38. Voiceover Artiste

Do you have   a sonorous voice, and do you command English so well? Well, if you can read some lines of thought over a recorder without plosives, then you are fit to be a voice over artiste. You would be amazed at the number of jobs that await you if you cut your teeth in this trade. There are several jobs that you can partake of, they include; radio jingle, TV commercials, and a whole lot more.

39. Radio Presenter

If you have what it takes to be a radio presenter then that would be one of the best steps that you will be taking in life? This is because of the great level of fame that you can command. One of the very good things about this business is that you will have a huge fan base.

40. Television Presenter

Who is your favourite TV presenter, and what makes him or her tick? Well, you do know why you may have picked, who you have, as your favourite. But the Bottom-line is that being a television presenter makes you famous, aside from the money you make. Just like the radio presenter job, being a television presenter is one good way to do business. This means that you could present as many programs as you want, so far that none clashes. One of the very good things about this business is the fact that you have time to pursue other interests of yours without it clashing.

41. Freelance Entertainment Content Creator

Have you ever read some entertainment stories, and wondered how some blogs write so well and come about the information? Well, truth is that in most cases it is the handiwork of freelance entertainment content writers. These folks are always on the lookout for stories that they can write on, and once they do, they sell. You too can join the train, if you have a passion for writing.

Best Family Business to start

42. Dance School

If you have all that it takes to keep your audience spell bound whilst they watch you dance, then you have what it takes to start a dance school. What does it entail? It entails that you bring in diverse other people who will be able to teach other dances from different cultures, to help train those who   pay a fee to learn how to dance. As a matter of fact, you can be involved in churning out dancers that can be used for musical videos, and other entertainment acts.

43. Karaoke Bar

There are a lot of folks who wished they could at least sing so well. Alas, they cannot and they take to karaoke for leisure. It is for this reason that you may look at running a karaoke bar. This means that you will be giving them and many more people to taste their fantasy. Starting a karaoke bar also means that you have to have the best and finest collection of songs that have been hits in the past and present.

44. Disc Jockey

Take a look around you and then count the number of DJs that you know or have come across. They could be too numerous to count, right? Well, truth is that even though it seems like the industry is too saturated, yet folks are smiling to the bank regularly. You can join the lot too, if you have the knack for music collection. This also has a lot to do with having a listening ear for good music.

45. Circus

If you have gone to a circus as a kid, and really loved what played out there, as well as the experience, then you will agree that the way circuses are being run now have taken a better and more entertaining shape. If you think this is one business that you want to do, then you can take flight. Remember, that running a circus business has a lot to do with music, as you will need to serenade the people who come to your circus with some of the finest tunes.

46. Comedy Shows

They come up at late nights, and sometimes during the day on the TV; well, that is talking at comedy shows. If you have ever found yourself waiting patiently for your favourite comedy show to hit the air, then you will agree that comedy show is one good way to ease stress. As such, if you have got the natural ability to crack people up, then you may consider starting a comedy show. This could be either on the Radio or Television.

47. Puppet Shows

This is one good way to keep the kids spell bound. As a matter of fact, there are adults who also love to be entertained by puppets. If you have got a rich sense of creativity, then you may consider creating characters that would entertain the kids. This could be as a live show, television show, or a radio show.

48. Park Business

One of the very ways families unwind, is going to parks for picnics and what have you. These days, parks area full of entertaining activities, more than ever before. If you are looking for one source of income to embrace, then you may want to start a park business. Such a park can be loaded with horse rides, swings, and a host of other types of rides that appeal to the family.

Best Family Business to start

49. Organize Showbiz Concerts

If you have got the funds and the facility, then you may consider starting to organise celebrity shows. Of course, this would be for a fee; as all those who want to come in to see the celebrities you have must pay a fee. This is one cool way to make good money. You may also consider having these celebrities, do what they know how to do best. That means if you are bringing in a musician or comedian, then they have got to entertain the people.

Best Family Business to start

It is no doubt that the entertainment industry has loads of business opportunities to offer, this is because of the millions of people who are ardent followers. It is for this reason that millions of dollars are raked in from various aspect of the industry- be it the movie, music, or other categories. You can make a great deal of wealth and fame if you key into the industry through any of the means stated earlier.

 Don’t be arrogant: Outside advising can save your business.

Family businesses are passed down from generation to generation, and their employees often become experts regarding their product or service. But, that does not mean that they have a background in all aspects of a business.

Some businesses were founded long ago — in some cases, hundreds of years ago — and their traditions may not reflect current realities in terms of the market, technical innovations or investment. For that reason, it’s important to have someone with some distance from the company advise the business on its future direction and how to plan for viability in the years to come.

Best Family Business to start

Jeff Johnson, managing director of Blackford Capital, underscored this insight in an Entrepreneur article, writing, “Private equity investments can serve as catalysts for growth and product development for family business entrepreneurs by helping bring precision and accountability to those companies.” He added that private equity firms can be a great help in implementing winning strategies for governance. Although it takes courage to ask for outside assistance for your family business, reaching out to quality advisers will benefit the company in the long run.

Best Family Business to start

Outside help also pertains to keeping excellent financial records. In a family owned business, it is easy to find someone in-house to do your books to save money, but this only works if he or she knows what he or she is doing.

This is one of the areas that many family businesses will outsource to private accountants or financial firms, because balancing the books can make or break a business. Leaders must be willing to take their financial adviser’s advice, and accountants need to level with family business clients, whether they want to hear the hard truths or not.

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 Communicate regularly: Families that talk together profit together.

When your business partners are also family, it is vitally important to make sure no one is left out. Of course, doing that well is not always easy. For example, all family members must be clear on their expected role in the business — or out of it, as some may prefer to pursue their own career paths.

Even when family members are out of the day-to-day operations, they can still participate as board members or receive dividends. Be sure to keep communication open and current within the family to make sure everyone is clear on the business’s plans and expectations.

Among its tips for formalizing communication, The Family Business Consulting Grouprecommends holding a general meeting at least once a year, using a flexible and inclusive formal agenda and keeping business jargon to a minimum. During these meetings, leaders of the business should be able to share their passion and vision for the future, and other family members should be able to voice their questions and concerns.

Related: The 3 Ts of a Successful Family Business Transfer

Best Family Business to start

 Teach your children well: The future is in their hands.

Because family businesses are intended to be passed on to the next generation, it’s a great idea for younger family members to start the process of understanding business fundamentals as early as possible.

When asked what topics were most important for the next generation to learn about, respondents to a 2015 IMD Global Family Business Center survey said that family and board governance topped the list. Close behind came entrepreneurship, leadership, and matters of succession.

Fortunately, today there are many enriching ways to launch the next generation’s business education.

One approach is to have younger family members participate in summer internships.

Best Family Business to start

Another excellent option is summer camps that offer entrepreneurial programs, such as the Business Entrepreneurship program at Julian Krinsky Camps & Programs, which features a Shark Tank-styled competition.

Learning by doing can be extremely engaging and effective for students and is excellent preparation for the real business world.

What all these strategies have in common is keeping the flow of information open and connected to reality.

That information can be about business or investment options, the values and hopes of the family members or entrepreneurial education for the younger generation.

Best Family Business to start

Isolation — whether of a family member from the business or of the business itself from the larger market context — is the biggest risk to the continued health of family run enterprises.

Staying open and receptive can make all the difference in whether a family business remains a point of pride not only for this generation, but for ones long into the future.

Commit to these few basic strategies to enjoy the stability, trust and pride that comes from being part of a family business.

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