Things to Consider When Opening a Small Family Business Venture

 

At some time or another, many families decide to try to open a business together, with the most popular options ranging from setting up a retail or crafts store to building up a café or restaurant. Family businesses can be an exciting way to bond with your loved ones and work on a project together, so here are some things you need to consider when doing so.

The Safety of Your Family Members

The safety of your family members is paramount when you are setting up a business, but many family companies are lax with this. To make sure that your loved ones can stay safe, you should act as if you are starting up a much bigger venture or as if your employees are not your family members. For instance, if you are setting up a construction company together, you should invest in light bars that can alert other vehicles of your presence on the roads. You should also check safety regulations and make assessments of your work environment regularly.

Keeping Work and Personal Life Separate

When you are working for yourself, it can be difficult not to become all-consumed with your business. However, this can have a negative impact on your ability to have a healthy relationship with your family. It can even cause conflict. Therefore, you should aim to keep your work and personal life separate by meeting up outside of work and banning talk of the business at family gatherings. You should also stick to set working hours.

Encouraging Your Kids

If your kids also want to get a job in your business, once they hit the appropriate age, you should let them. However, you should discuss with them that you are their boss in the workplace and that they must act and will be treated like any other employee. You should also encourage them to get another job beforehand to gain experience and to gain more skills for their resume, though.  

Getting Everyone Involved

It can be upsetting for family members if you shut them out from participating in your project, and so you should get everyone involved by playing to their strengths. For instance, you may ask a tech-savvy artist to design your website or flyers and get another to be in charge of your marketing campaigns.

Whether to Employ Family Members

One of the biggest questions surrounding family businesses is whether you should employ family members or not. Although you should work together on the project, you should define a clear hierarchy and roles and responsibilities before you open. You also should consider employing people outside your family to give you another perspective and to help you to diffuse any chances for conflict.

Opening a family business can be a nerve-wracking experience. However, to make sure that your venture is a success, all you need to do is to plan in advance, considering some of the elements that could make your new project a challenge.