subject: Do Your Homework For A Family Business [print this page] Starting a family business? If you are starting a family business, you may be on the road to business success. But a family business has some unique challenges as well, so be sure to think it through before getting the family involved in a family business venture. Let's take a closer look.
A family business can be one of the most satisfying business ventures going, as you can get all members of the family involved. Of course, not all family members may want to be involved in a family business, so this can be one of the first issues that is encountered. You certainly don't want to have the kids resenting "Dad's crazy idea" for making a million dollars! But getting the entire family involved in the family business is never necessary, and most times a business will start small and grow naturally. That will give other family members time to get used to the family business and time to decide if they want to be involved.
Every business needs certain business servicess to function, and a family business is no different. So, when starting your family business, you'll need to be aware of these needs and make sure they are provided for. Advertising, telephone, accounting and payroll are all standard business services that a new business needs to account for. And nowadays, a web site is almost required, as customers will often look online to get information about a business, even if it is a family business. The internet is simply the way that business gets done these days, so keep that in mind when starting your business.
An internet web site actually provides many services to the customers of your family business, so it is a good investment from the start. A web site is open 24 hrs a day, so it can provide basic information about what your business does, your normal working hours, and what area you cover if you are providing in-home services to your customers. Success starts at the beginning, and having internet services conveys the message that your business is here to serve the customer. This can help get you off on the right foot with the community you expect to provide services to.
Business success comes from a combination of many factors. When starting a family business, it would be good to have a business analysis performed for you in order to get an idea of how much work will go in to getting that success. Business analysis can be provided by professional sources whose job is to analyze markets and know what business services are already provided. While this may feel like an unneeded expense at startup, it can be the difference between a family business having success and not being able to keep your head above water. You certainly don't want to risk getting the family involved in a bad situation, and no matter how good your idea sounds, business analysis will provide an objective idea of whether it can succeed.
by: Kenneth Ranks
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