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If you were to start a family business now-----


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Considering how many businesses are closing in our area right now...I would not start one just yet.

 

There is such a trickle down effect from other areas that very few businesses are thriving right now. To get any business off the ground you really need a good economy or at least a lot of money in savings to help pay the rent the first couple of years. If your going to do all the work yourselves, and don't need employees, it may be doable with a year or twos worth of financial resources to fall back on. Maybe you will find a success, but if not, it could be a long road!

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We didn't start a family business nor do I know what kind would work.

 

My husband started an IT business in November and is doing fine. We aren't making enough right now but he is steadily adding on new customers and partnership agreements. He's seeing good, steady growth.

 

Whatever business you start, it may work if you can out price and out perform the competition. With the economy, people are looking to cut their costs and improve their situation. If you can help them with that, you may succeed.

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We are considering starting a family business.

 

My oldest wants a license to sell raw milk and a commercial kitchen to sell "value added" products.

 

If we do much of the work ourselves, and get our equipment from Craigslist, we can get both of these for $20,000. We would be able to pay cash for that. She already has her animals for breeding stock, so that would not be an additional expense.

 

We are still researching, and gathering information. If we do this, it will most likely be two years down the road. I'm not really sure how long the interest in locally produced food is going to last.

 

Another idea is to have cooking classes in the commercial kitchen. It would be like a party. For example, someone would invite their friends and reserve the time. We would demonstrate how to make cheese and bread and maybe a lasagna from beef raised here. Then they would eat and socialize. We would send everyone home with a kit that included all of the ingredients to replicate the meal at home.

 

I personally do not like the risk involved in owning our own business, but I need to invest some money, and it might make more sense to invest in a business we make decisions about instead of other people's businesses through the stock market.

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