Blog Introduction:Are you thinking of starting a family business? You’re not alone—according to a survey by USA Today, 30% of small businesses in the United States are family-owned. But while there are many benefits to starting a family business—including the ability to work closely with loved ones and instill values in the next generation—there are also challenges that come with it. Here’s some advice from experts on how to overcome those challenges and set your family business up for success.
1. Define roles and responsibilities.
One of the most important things you can do when starting a family business is to sit down with your spouse or partner and decide who will be responsible for what. This will help avoid misunderstandings and conflict later on. For example, one parent may be responsible for day-to-day operations, while the other focuses on long-term planning. Or, if you have older children who will be involved in the business, you may want to assign them specific tasks or responsibilities. The key is to have a clear understanding of everyone’s roles from the outset.
2. Create a business plan.
Any successful business starts with a sound business plan. This document should outline your goals for the business, as well as how you plan on achieving those goals. It should also include financial projections for the first few years of operation. Creating a business plan will not only help you get funding for your venture, but it will also force you to think through all aspects of your business—from marketing to finances—before you even get started.
3. Seek out mentors and advisors.
Starting a family business can be a daunting task, so it’s important to seek out mentors and advisors who can help guide you along the way. These people can provide invaluable advice and support, and they can help you avoid common pitfalls that new businesses often face. You can find mentors and advisors through your local Chamber of Commerce or Small Business Development Center, or even through online resources like SCORE.
Conclusion:
Starting a family business can be a great way to instill values in the next generation while working closely with loved ones—but it’s not without its challenges. By taking the time to define roles and responsibilities, create a sound business plan, and seek out mentors and advisors, you’ll put your family business on the path to success.
