Advice For Running A Family Business
If you have always dreamed of running a wholesome family business, you might be using this crazy shift in our world to think about making it a reality. After all, the COVID-19 pandemic has taught us that life is short, and that the world is changing faster than we can ever imagine.
Family businesses have a huge amount of appeal, especially to those who want to support small companies and live a more locally-focused life. If you’re considering starting a family business, there are things you need to know about this mode of working – the good, the bad and the ugly!
In this post we will break down some of the challenges of running a family business, as well as demonstrating some of the upsides to this way of working!
Separating family and work… Can it really be done?
One of the most commonly used phrases in today’s business discussions is “work-life balance”. Your work-life balance is usually relatively easy to separate: work stays at work, and your family is a separate entity altogether.
However, when you run a family enterprise, work and family become inextricably intertwined. You will find yourself discussing work over the dinner table, and being tempted to work on weekends if your spouse or other family members are up for it too.
So how do you separate family and work? It’s best to be strict about it and check yourself if you find these rules slipping. Set specific hours in which you are working together – and when you aren’t at work, change the conversation.
Your goals as a family
When setting up a family business, you need to think about your mutual goals as a family. If you’re starting a business with your spouse, you should think of the company as an extension of your marriage. Ask yourself the tough questions: what if this business fails? What if we have completely opposite ideas of how to expand or take it further in the future? What is our ethos as company owners?
By asking these questions at the company’s conception, you will be able to unite around your ethos and mission right out of the gate. This will save you some hairy arguments down the line! You might find that your business ethos or working attitudes are totally different, meaning that a home-run business might not be in the cards for your family. By addressing potential issues early on, you have the best chance of succeeding.
The upsides to running a family company
Here are some tried and true upsides to running a family business…
1. A great social reputation. One of the main reasons people love family businesses is because they feel as if they are supporting something wholesome. Family businesses have great social capital, because they give an image of a family dynamic that has produced their product or service from a heartfelt place, not out of corporate greed.
2. Providing an alternative to large corporations. More and more people are turning away from big corps like Amazon and starting to search local. By providing a great alternative to big corporations, your family business makes its customers feel good about supporting a family in their endeavours!
3. You get to work with your favourite people! If you have spent lots of time at work wishing you could just be at home with your family, your wish is granted when you start a family business! You get to work with people you trust and love every day – what could be better?
4. A clear marketing strategy. By marketing your family image correctly, you can gain a large clientele. Marketing is everything in family-run establishments, so make sure you outsource to a reputable marketing consultancy firm. Consult a business advisory if you are struggling with some of the ins and outs of this complex project!
5. You can use the money to create a better life for your family. Working for someone else always feels a little unfair – you do lots of the work, and they get rich. When you run a family business, your work belongs to you – meaning you can keep the money in the family and have the life you deserve.
Final thoughts…
If you want to start a business with your parents, siblings or spouse, use our guide to the ups and downs of running a family company. Working with family isn’t for everyone – some people prefer to keep things separate! – but with the right attitude, your family business could be what you need to create the life you imagine.
