There is no shortage of examples of successful businesses run by moms all across the country. In fact, you can read an interview with one of them every Monday on this blog.
These are the “mompreneurs,” a successful group of business leaders who have turned passion into profits while keeping a focus on family and life balance.
Although these companies may have begun as the dream of one brave entrepreneur, many of them have grown into full-fledged family-run enterprises over the years, often strengthened by a level of loyalty, commitment, and long-term outlook that other types of businesses can’t achieve.
But there’s a new and different type of small business emerging that seeks to capitalize on the benefits of working with family right from the start, and the post-recession economy is a fantastic breeding ground for these start-ups.
Rise of the Fampreneur
The term “fampreneur” – coined by BusinessesForSale.com, a global marketplace for buying and selling businesses – describes groups of two or more family members who invest together in a business venture in order to spread the risk while capitalizing on the loyalty and commitment that comes with strong family ties.
Although the term was first introduced based on U.K. survey results, similar studies in the U.S. have proven the trend is strong there as well.
This unique style of start-up has become far more popular in recent years than in the past. Traditionally, mompreneur small businesses have been started by one brave entrepreneur while other family members kept the steady day jobs, tightened up the budget, and did their best to support Mom as she got the business running.
When the economy is uncertain, as it has been for the last several years, it makes a lot of sense to be so risk averse.
But now, with the recession finally over, we’re seeing less aversion to risk and more interest in investing in a brighter future for the entire family. Husband and wife teams, sibling partnerships, or Mother/Daughter teams are pooling their capital and talent, jumping into entrepreneurship with both feet.
Or, perhaps more commonly, they’re seeking out an established business opportunity to purchase and making it a family concern.
That’s what the fampreneur is in the modern business world: entrepreneurs taking the best aspects of family-run companies – loyalty, commitment to the business, and the ultimate team atmosphere – and applying them to exciting new ventures in the post-recession economy.
For mompreneurs who have a great idea or entrepreneurial drive, but may hesitate to go it completely alone, this new trend could be the wave you ride all the way to the bank!
For more details on the fampreneur phenomenon, you’ll enjoy BusinessesForSale.com’s full survey-based report: The Rise of the Fampreneur.