The Basics Behind a Profitable Family Investment and Great Business Ideas

Posted in Real Estate

If you want to boost your family’s financial resources, you are most likely in the search for a profitable and secure business idea. Well, there are some ideas that will make your bank accounts grow, but not as secure as the ones that we will present below. Choose wisely, since not all are equally approachable and for some of the ideas you will need some certificates and training.

 

A family restaurant

Family restaurants are an amazing business investment, especially if you have some experience in the field. If not, you may need some training courses in restaurant management, food safety and also, cooking, if you plan to prepare the meals yourself. Make sure to pick the location so it is highly accessible. Avoid buildings with their entrance in back alleys, as these will never be seen by potential customers. Pay increased attention when you create the menus. Research what people are keen on in the area, if the catering demand is high, so you will be able to include courses that are appropriate for catering. The drink offering should also be tailored to the needs and preferences of the local audience. This will save you from some bad investments, as some beverages are pricey and might not be in demand in the area you plan to cover.

1031 property investments

If you already own a commercial property and you are ready to get rid of it and reprofile to a more profitable sector, then DST 1031 properties are what you want to look into. These investments are tax-deferred, with some conditions, and this is why you want to collaborate with a skilled team of professionals. But what do you have to do to enter in a property of this kind possession?

  • Identify a replacement property within 45 days;
  • Identify a secured financing option;
  • Never getting in money’s possession yourself, you will need intermediaries;
  • Coordinate with intermediaries;

While you won’t be able to deal with all the above yourself, a DST expert will definitely help you and will keep you at bay of all the traps of this type of investment.

Build an online empire

Online businesses are certainly profitable, and if you carefully choose the niche, you can easily become a local sensation. From blogging to online photography blogs, and retail business models, these all can bring you quite some profits. However, make sure not to begin your journey without a proper market research and a business plan. Only because it’s online-based, this doesn’t mean that you can jump into cold waters. Make sure to find out everything about the niche BEFORE starting that business. Generally, online shops have a high rate of success and you can think of some innovative business models. For instance, what about creating a business where you deliver fresh mothers the necessities for their babies, while they can’t leave the house?

These are three profitable family business models that you can try this year. With modicum investments, and high rates of success these are very likely to make your bank account “happier”.