Take a look at some of the business that has stood the test of time from generation to generation, you would find that they are majorly family businesses. This is because some folks who have future insights began to act on their dreams of building a family business, so that if it became successful, they can pass to the ownership to the next generation. It is true that creating such a business can be very rewarding and thrilling but it also requires hard and smart work.
Therefore, it is also very important to grow a business like a family business where everyone can work together. The company has to be well planned out with all the vital structures in place so that there wouldn’t be any friction. If on the other hand your family members aren’t available to build with you, then you may consider starting a business that you can pass on to other family members when they come of age.
If you have been tinkering with starting a family business, then this article is for you. You have to first recognize that building a business might not be a child’s play but with the help of other professional and all it can come to fruition.
Now, let us see the steps that are needful for the building of your business.
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How to Start a Family Business Successfully
This is one very important step that has to be taken. What does this entail, you might ask? Research in this regard means that you have got to take time to study family businesses that exists in your country, as well as internationally. For instance; a brand like coke is a business that was started by family members. You may consider using the internet to garner this information. You may also consider reading up the history/ biographies of the individuals behind these businesses.
2. Determine the Type of Business to Start
Next, you have got to figure out the type of business you are looking to make a family business. It may real estate, starting a shoe line, a clothing line, construction business and what have you. Bottom line is that it has to be a business that is well thought of and researched about.
3. Learn About the Business
If the business that you have settled for is such that needs you to acquire a skill, then you must know that it is pertinent to do so. You may consider going to an expert in the industry or field of business. Why is this important? This is especially important because you would need garner some hands- on experiences that would do your business a world of good. Conversely, if there are family members available, they may also consider going to get trained to acquire the skills needed for such a business.
4. Learn Business
Running a family business is no child’s joke. Therefore that is why you and other family members have got to make out time to attend a business training or school. This is vital so that you all can have some background knowledge on what it means to run a business. On the other hand, if you are lucky, then there may be business experts who may want to mentor you in the trade you plan to start.
5. Assess Family Members Skills
If you decide to start out this business with your family members from the scratch, or if you are pooling resources together with your family members, then it becomes imperative that you assess family members’ skills. Check out their talents, familiarity level, strengths and weakness so that you are able to determine the best responsibility for each. You would need to also decide whether your personalities fit together and if also you can work together in accord.
6. Register Your Business
Make sure the business you want to set up is well structured thoroughly from a legal standpoint. You may consider seeing an attorney to help you do this, or you may want to do this on your own. The chamber of commerce in your country or the corporate affairs office would help in this regard. Be sure to also trash out issues like ownership shares and also procedures for liquidating shares in the occasion a family member leaves.
Next up would be getting a location for your business. If you all decide to start from the house, that is also a good idea, be sure that you get an office space. If on the other hand, then you can ask that a realtor to get the type of space that fits the type of business you want to start.
8. Furnish Space
After you may have secured the space for your business, then the next port of call would be to buy all the needed equipment that is needed to start your business. Whilst you are looking to buy all that is needed do not forget to get the fittings and furniture that gives the offices a lift.
After things may have picked up, then you can now begin operation. Whilst you may be saddled with the task of starting business, do not forget to put in place good marketing strategies. This is very needful so that you can attract all and sundry to your business. This is vital because the amount of work you put into advertising your business would reflect on the profit you make.
10. Continue the Learning Process
It is important that you note that learning in business is a continual thing. It is for that reason that you and members of your family must continue to research so that you can continue to stay abreast with the changing trends in your industry.
It is a great idea to start a family business, but do ensure that the type of business you choose to start is such that is profitable and guarantee returns on your investment.
Top 10 Best Family Business Ideas to Start Today
What are the best family business ideas to start this year? What businesses can you start with your wife and kids? What opportunities exist for those who want to start a family business? Well, you are going to find your answers below.
Every successful business starts with an excellent idea. Although it is important to keep your family’s competence in mind, you should never limit yourself. Now there are a lot of advantages of running a family business but that’s a topic for another day. Today, I will share with you a list of the top 10 family business ideas that have proven to be a success to other entrepreneurs. If you are ready to learn, then read on.
The World Wide Web has grown into a huge market and it is continuously growing which makes it right to include it in the top 10 family business ideas. If you have an aptitude for web design and development or any skill whatsoever, then it’s time to get your family online because this can prove to be a rewarding venture. With just a small capital, a little space at home, a good plan and careful delegation of duties among family members; you are good to go.
- Buy and Sell
Buying and selling have worked out well for some families, a great reason for making it to the top 10 family business ideas. What makes this idea good for the family is that you can easily delegate operational duties to everyone. Whether it is clothing, used cars, home and business equipment, you will find plenty of suppliers and you always have the internet to disperse them.
- Food Retail
One of the top 10 family business ideas has to do with food. Everybody eats no matter how dire the economic situation is. This is one of the topnotch business ideas that have lesser risk of going wrong. Secondly, I have seen several successful food businesses run by family members without any hitch. In this business, thorough understanding and effective communication is very important.
Anything that has got to do with food will less likely miss as a business opportunity. Catering business is also one that your family may be able to run well together as you work together.
This kind of business may not be exactly glamorous but it is undeniable that there’s definitely money in the industry. Whether you want to cater to home or business clients, this venture can pay off big time.
- Tutorial Center
If you are a family of whizzes, you may have what it takes to start a tutorial center. Keeping up with the demands of technology, you can put up a web design training center, photography boot camp or whatever subject matter you are excellent enough to train other individuals for.
Party and events planning is one of the top 10 family business ideas that can be run by a family, especially if your family is female dominated. If you have the creativity, resourcefulness and all the planning skills necessary, it can be a fun venture to start. And it can pay off well too, especially after building your strong base of clients list.
- Network Marketing
Taking advantage of the internet popularity, you can also consider network marketing as part of the top 10 family business ideas. You can put your tech, sales and marketing skills to practice and operate online. In fact, network marketing is the perfect family business because you tend to work together as a family, grow together and the entry barrier is very low.
Again, this may not be as glamorous as it sounds. But if you have the space, the knowledge and ability, you can raise your clan by raising livestock. And there sure is a great demand to fill.
A rental business is one of the easiest in the top 10 family business ideas. It does not require much work and the family does not even have to work on it full time. Whether it is a real estate property, vehicles or big equipment, party equipment, you can put anything out for rent and assign your family to run it.
In conclusion, the above are ten businesses you can start together with your family. There are also lots of other ideas but the list above will help you get started. However, one tip you must bear in mind is that competence is very essential to the success of any business. Don’t delegate duties sentimentally, let the most competent member of the family handle the important tasks of the business. It will save you a lot of headaches.