Prince Charles has Duchy Originals – who’s to say Harry and Meghan can’t have their own global enterprise?

There are a lot of things that could go wrong, but the Sussexes could incorporate their business in the UK, the US, or indeed Canada

What type of business could the Sussex brand become? Many people assume that if someone is a senior member of the British royal family, they cannot also become business tycoons. So, the argument goes, the Duke and Duchess of Sussex, aka Harry and Megan, have to choose. They can either remain part of the family, with all the privileges that go with it, but that would limit their ability to earn money. Or they could strike out on their own, but would have to give up their titles, pay for their security, and among other things repay the British taxpayer for the cost of the refurbishments to their Windsor home, Frogmore Cottage.

Actually, this is a false choice. We will have to see the deal that emerges from the talks with the Queen today (13 January), but it is perfectly possible to envisage a halfway house, where Harry and Megan lead independent lives yet remain active “royals”. Indeed, it is overwhelmingly in everyone’s interest they should do so.

There is even a model: Prince Charles’s Duchy Originals.

The Price of Wales founded the food brand Duchy Originals back in 1990 to sell organic products. The name came from his private estate, the Duchy of Cornwall, which gives him and his children an income. But it is separate from it. Actually, it has had rather a bumpy ride, and was in effect rescued by a deal with Waitrose in 2009 after sales had been hit by the recession. Waitrose now runs the brand Waitrose Duchy Organic, though sales through other outlets keep the old name.

The company is not huge: the latest accounts filed at Companies House show pre-tax profits of £3.4m, most of which goes to charity. But since the Waitrose deal, it has been doing fine, with profits gradually creeping upwards.

The Sussex model will be somewhat different. It could be incorporated in the UK, or the US, or indeed Canada. It has to provide living expenses for them, and initially would rely on fees they can earn. Gradually, it would evolve into a sustainable business, investing in other products and services. There are many examples of this in America, including George Clooney’s investment in the tequila brand Casamigos, the late Paul Newman’s salad dressing, and Gwyneth Paltrow’s Goop. There is also the example in the UK of the web of companies founded by Tony Blair after he stepped down from prime minister, and funded largely by his speaking engagements.

Personal appearances get the show on the road. Wise investment builds the long-term business for the days when Harry and Megan lose their youthful glamour.

Where should the Sussex family live? Well, from a business point of view it does not really matter. Much of the income will be generated in the US, but much will come from the rest of the world. So that is a matter of where they feel most comfortable. It would, however, be wise to maintain a UK base because that is where their brand is anchored. To be brutal, if there were to be a serious rift between them and the rest of the family, it would seriously devalue their own brand – quite aside from any collateral damage to the royal family as a whole.

There are lot of things that could go wrong. It may not be possible to reach an amicable deal with the Queen, though her wisdom would be invaluable for the young couple. The transition from being successful performers to running a sustainable business is always hazardous – there are plenty of “advisers” who try to rip off celebrities who want to leave their areas of expertise. But Harry and Megan have an amazing launchpad not just to make money for themselves but to do something useful for the world.