3 Ways To Earn Money With Family Members
Written by
Brooke Barley
Edited by
Jenna Klaverweiden
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Starting a family business or enterprise can be a good way to make money while working with people you know well. The trick is to know you can work together for a long period of time, and then devise a plan for success.
Here’s what experts who have either started family businesses or advised those who have said are the best ways to work together to earn a living.
Utilize Each Family Member’s Skills
For those who want to start a business with their families, it might be hard to narrow down options.
Alex Smith is the manager and co-owner of Render3DQuick.com, a business he started with his family. He said the key to the success at the early stages was figuring out what each family member’s strength was and applying that to the business model. This not only ensures a job gets done well, but also helps everyone feel like they’re contributing equally.
“One family member was naturally good with people and took on all client interactions, from first contact to final delivery. Another had an eye for design and took charge of our branding, social content and overall look. I handled the technical side, creating the 3D renderings, models and virtual walkthroughs. Every single piece we put out passed through all three of us before going out the door,” he said. “No one was sidelined. Every job depended on all three roles being done right.”
Buy a Home Together
It’s no secret that real estate is expensive. A strategy to make a home more accessible is by splitting the cost among family members. After the home is purchased, the family can use the asset to generate income.
“By pooling resources together, the home purchase is more financially achievable, and then the property can be turned into a rental, where it can turn out regular monthly earnings to be split between the family members,” said Adam Hamilton, the co-founder of REI Hub.
Use a Home To Start a Business
Renting out the property isn’t the only option to make money. Another way to profit from the home is to turn the house itself into a business, like a bed and breakfast.
“If multiple family members work together, leaning on their individual strengths like cleaning, or dealing with finances, or communicating with guests, that can make it a lot more achievable,” said Steve Schwab, CEO of Casago.
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Sources
- Alex Smith, Render3DQuick.com
- Adam Hamilton, REI Hub
- Steve Schwab, Casago
