KENT Lifestyle > Business

Things To Consider Before Starting a Family-Run Business

So many of Kent’s towns have a lovely community feel, and part of that comes from the array of family-run businesses. Everybody loves a business with a truly local feeling, it makes towns seem even more idyllic and traditional. And once you’ve been on the receiving end of such a business, you might start to see the appeal of starting your own family business.

Starting a business with the help of your loved ones is the ultimate dream for some. You can base your business model around doing what you love, with the people you love.

But it’s easy to get swept up in the dream, so to help you keep a level head when starting your family-run business, here are a few things to consider.

It will change your family dynamic

This one is especially true if you’ve never worked with your family before. Suddenly, some of the people you’re closest to, the people you might usually complain about work to, will become your colleagues.

No matter how close you are with your family, working with them is going to change the dynamic between you.

That’s not necessarily a bad thing though, as it could bring you closer in every aspect of life. Just be aware that the way you interact in the workplace, and the way you interact at home will inevitably be quite different.

You still need to do everything by the book

Even though you’ll be dealing with family members, you still need to follow the same rules as every other business. This means paperwork, job titles, and perhaps the most important one, appointing someone to be in charge.

If you want to run your business effectively, and be taken seriously by other businesses, you’ll need to decide who wears the trousers. Who’s going to have the final say on important decisions?

You’ll also still need to get legal advice and protection for your business, and come up with a solid strategy and business model.

Family Business Paperwork

Some family members will be more passionate than others

When you have a family business, it’s easy to assume that your family members, especially your children, will want to follow suit. But that’s not always the case.

Of course if your family members are just as passionate as you are, and want to go into the family business, that’s great! But if they don’t, that’s okay too. They’ll still be there to support you, they might just have different dreams and visions to you.

Also, be aware of the opposite happening. Some family members may be so passionate about the business that there’s a clash of ideas and visions for the future. You’ll need to deal with any disputes professionally, and put your personal opinions and affections to the side.

You will have fun!

Whilst there are some things to consider and be wary of, you’ll still have fun starting and running a family business! As long as you keep boundaries in place, and keep a clear head, starting a family business might just be the best thing you can do for you and your family’s future.

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