In today's ever-changing economic landscape, many families seek ways to secure income and stability for their loved ones. Owning a family business has emerged as a popular option, offering a unique blend of financial independence and a shared entrepreneurial journey.
Family businesses often have a set of shared values, vision, and loyalty. Their commitment to long-term success and strategic planning enables them to weather economic fluctuations. Many of the top businesses in the United States are family-run operations. Walmart, Ford Motor Company, Samsung, and Mars share a family commitment to long-term unity and innovation.
A family business is not just about financial gains; passion, unity, and shared purpose set them apart. The benefits of owning a family business extend beyond the bottom line. It provides an opportunity for shared connections and experiences and allows you to leave a legacy for future generations. You can create a work environment that caters to your family's needs to foster a healthy work-life balance. Family businesses have an inherent advantage in succession planning. You can groom the next generation to take the reins and ensure the continuity of your business.
Family Business Ideas in the Franchise Industry
Franchising offers a proven path to entrepreneurship with an established brand. Owning a franchise can generate income and provide stability for your family both now and in the future. Check out these top family business ideas as you explore opportunities in franchising.
- Auto repair. There are more than 290.8 million registered vehicles in the U.S. As long as there are vehicles on the road, there will be a demand for auto repair services. This demand can provide stability and resilience, even during economic downturns. Automotive franchises can offer a wide range of services, such as general repairs, diagnostics, tire services, oil changes, brake repairs, and more. Providing diverse services allows you to cater to various customer needs and increase revenue streams to build a successful business.
Moran Family of Brands debuted in 1990 and is the franchisor of six brands in the aftermarket auto repair and window tinting industry, including Milex Complete Auto Care, Mr. Transmission, and Turbo Tint. Barbara Moran-Goodrich purchased the company from her parents in 2010 and focuses on long-term, sustainable growth. We’re committed to helping our franchisees succeed and create a legacy for their families. Many of our current locations are led by second-generation owners who started working at the business in their teens as a part-time job during high school.
“Moran represented to me the type of family-oriented company that would truly partner with me in my attempt to carve out my niche in the small business world,” said Roman Combs, a Moran franchise owner in Oklahoma City, Oklahoma.
For an initial investment of $118,219 to $296,767, you get the keys to a full-service automotive repair shop. We partner with Key Commercial Capital to provide financing solutions for your new venture. We ensure you receive training, tools, and ongoing support to help you build a potentially thriving business in your local community. Each of our franchise owners participates in two weeks of online pre-training, one week of classroom training, and one week of field training.
- Tutoring. Demand for tutoring jumped after children missed valuable classroom time at the height of the pandemic. Coping with learning loss was a challenge for many children, so parents turned to tutoring services to help pick up the slack. Tutoring is an ideal family business because it allows everyone to have an important role. You can concentrate on adding customers and scaling the business while other family members provide tutoring services.
- Senior care providers. Helping family age gracefully is a shared challenge among many family members. Use the skills learned during that difficult season to help others cope by launching a senior care franchise. The rise in life expectancy is heightening the demand for senior care services. As the baby boomer generation ages, the number of seniors requiring nursing home care may reach 1.9 million in 2030, versus 1.2 million in 2019, according to the Population Reference Bureau. At least 14 senior care providers landed a spot on Entrepreneur magazine’s 2023 Franchise 500, and the senior care market is on track to hit $2.4 billion by 2029.
- Fitness centers. To improve mental health and practice self-care, Americans continue to spend money on health and wellness. Collectively, Americans spent $450 million on health and wellness in 2022, and around 50% of people rank wellness as their top priority in their day-to-day lives, according to a report by McKinsey & Company. As more people prioritize their health and fitness, there is an increasing demand for fitness services and facilities, which can lead to significant revenue potential. Many fitness centers offer multiple revenue streams, such as personal training sessions, group classes, retail sales of fitness-related products, and nutrition coaching, which gives you the option to diversify beyond adding additional locations.
- Home services. Home services businesses typically operate within a specific geographic area, allowing you to establish a strong presence in your local community. This localized approach can help you build a loyal customer base and establish long-term relationships with clients. Once you establish your infrastructure, many franchises offer complementary home services brands to limit seasonality and provide additional revenue streams. Having trusted family members involved in the business can help foster growth and provide a place for each person to shine.
Tips for Running a Successful Family Business
Navigating family dynamics to run a rewarding business can be challenging. The franchise business model helps eliminate guesswork by outlining clear procedures and policies to improve professionalism and put you on the road to success. Establishing clear roles and responsibilities is essential to ensure your new franchise venture achieves your financial and lifestyle goals. Keep the lines of communication open and do your best to create a positive work environment.
Learn More About Moran
Become a franchisee to build a legacy for your family. Moran’s franchise business consultants can help you learn more about partnering with us to build a rewarding future for your loved ones.