There is nothing quite like running your own business. Better yet, there’s nothing quite like running your own business with your family. Working with family members can be both extremely rewarding and painstakingly frustrating. There will undoubtedly be several lessons learned the hard way, but this post focuses on a few you can learn the easy way!
Train the next generation
Most family business owners dream of passing on the fruits of their labor (and the actual labor) on to future generations. In order for this legacy to be successful, owners must take great care to pass on the necessary knowledge to their offspring. Working side by side with your family members will be a quick way to teach them the ins and outs of your business. Just be sure to keep a close eye on the amount of pressure you put on the next generation. Too much and they may choose to go in an entirely different direction.
Never Pass Up A Great Opportunity
When you have your family that will encourage and support you, it is easier to take an otherwise terrifying leap. Instead of waiting around for “the perfect fit”, use your family support system to challenge yourself and turn an available opportunity into the perfect opportunity. With your family backing you up, you’ll likely find that you can conquer more than you originally thought possible.
Family members make great employees
Family members are a great resource for when your business is just starting out. They can help with general labor, customer service, or even stress relief. It’s also likely that they will be more than understanding when times are tight and pay is delayed. As long as there are clear boundaries between work and home life, and family members accurately understand the current stage of your business, then hiring them as employees can be extremely beneficial.
While entrepreneurship is a difficult task, it doesn’t have to be all work and no play. Running a business with your family members can be fun. Think of it as more time to spend with your kids, or more opportunities to teach them valuable lessons. Working in a multi-generational business can be a great way to make new inside jokes, work on a common goal together, and bond overall.
Getting your family involved in your business can change the involved parties for the better. Working with your family can create deep and long-lasting relationships that will well extend beyond business hours.