There are more than five million family businesses in the US today. These companies range from multi-billion dollar global firms to small "Mom and Pop" corner stores.
What they all have in common is the passing down of responsibilities between family members over generations. If you’re an entrepreneur considering a family business, what are some of the best business ideas to consider for 2020?
PricewaterhouseCoopers' (PwC) Ideas for the Future of Family Business
A 2019 PwC surveyed established family-owned companies to come up with suggestions to get ahead in 2020. Their recommendations suggest that family business owners should:
While these are all important strategic ideas for the established family business, what are the best types of companies to start from scratch in the New Year?
Top 10 Best Family Businesses to Start
While the Internet has been a great equalizer, allowing anyone to jump into an online business, what about families seeking to start a small business in rural areas? Some of the options available in more urban areas are absent, and the market size may be limited. Business Idea Insight tried to tackle this by suggesting a number of business ideas specific to rural areas, including:
Small Business Trends has additional start-up ideas for your family-run business that could work no matter your geography. They suggest:
Many people dream of starting a small family business, but believe the dream is out of reach due to funding obstacles. Benetrends Financial helps remove those obstacles with a comprehensive suite of funding options, including 401(k)/IRA (ROBS) funding strategies, SBA loans and more. Get in touch to schedule a consultation with one of our funding specialists today.
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