Every parent wants what’s best for their children. They’ll often sacrifice, save, go without, and sometimes back-burner their dreams to help their children realize their own.
What if those dreams could be tied to the same star?
The reality is that many of us are still searching for our own dreams. One solution might just be investing in a business that will give your family a future beyond your own.
“Launching a business with the idea of handing it off to your children is one of the most enduring things you can do for your family’s legacy,” says Robin Wilson.
Robin has seen the impact of family business through her husband Kevin Doyle’s own business, Strategic Franchise Consultants.
According to Kevin, getting started in a new business can start simply, without a huge investment in overhead such as a storefront or a mile-long supply chain.
“Businesses can easily be started out of your own home,” Kevin explains. “There are things that can be set up that you might not think about, like investing in a vending machine franchise. Once you get it up and running, it’s relatively low maintenance.”
Going into business with the end goal of handing it off to your heirs isn’t quite the same as naming your plumbing business “John Smith and Sons Plumbing”, with the expectation that your kid will someday follow in your footsteps. It’s not about a skilled trade.
Maybe it’s about a passion, like starting a baseball camp because of a shared love of the game. Maybe it’s because you’ve said to yourself dozens of times, “Hey, you know what this town needs…?” Or maybe it’s just that you recognize that building a future for — and with — your children is a life experience that can do more than just put tonight’s dinner on the table.
A common complaint about some Millennials and Gen-Z is that they have great ideas but little knowledge about running a business. Some will even hire what amounts to “professional mentors” to help them manage the business end of their inspirations. If that works for those young entrepreneurs, it’s a perfect place to start for a parent.
An easy place to start is with your own knowledge base. Teachers can start their own tutoring companies. IT pros can leverage their skills in the growing AI world and cybersecurity. But what do you do if you’re not so specialized?
Here are a few ideas to get you thinking:
· Moving consultants and hauling services. We’ve all moved a few times. This life-changing process can be overwhelming for those who’ve never been through it. And who doesn’t need a good junk hauler at some point?
· Pet boarding and day care. Have a love for animals? Get involved with man’s best friend.
· Wellness sells. This hot market has growing opportunities as we take better care of our bodies and extend our age with more grace. Therapeutic care and skincare products are just the beginning of the health and beauty spectrum.
· Child and senior care. There are needs at both ends of the human life cycle.
· Renewable energy and sustainability. Electric cars need care, too. Home improvements that help the environment like composting and recycling services are in high demand.
· Food trucks. Whether you join an existing company or leverage your own kitchen secrets, these mobile culinary services are everywhere. Healthy organics, hearty comfort foods, and even classic ice cream are always good to roll up with.
· Collectables, sports, and entertainment. If you have an appetite for pop culture, there are hundreds of niche industries to find others who share your passion.
Launching a new business isn’t a casual decision. It involves research, startup costs, a solid business plan, and a myriad of other considerations. Digging in with professionals like Kevin to get you started finding your path or even a mortgage consultant like Earl Schick to help manage your financing plan can give you an advantage.
We spend a large part of our adult lives teaching our children about responsibility, accountability, resourcefulness, and so many more life skills that translate directly into the business world. Creating a business with them in mind does so much more than putting your money where your mouth is. It’s really putting your money where your heart is.
To get in touch with Kevin about what franchise opportunities might be right for you, he can be reached at 973-303-6112, or see his website, sfcnj.com.