When setting up your own business, you can take heart that it could not only be operated with help from family members but even significantly outlast all of you. If the latter indeed happens, your company could continue with its founding ethos due to being run by your descendents or other family members. However, this only starts explaining the key appeal of starting and running a family business. Here are 5 other powerful reasons to keep your business firmly at your family’s fingertips.
As nibusinessinfo.co.uk explains, “you and your family are likely to share the same ethos and beliefs on how things should be done”. This, in turn, can fuel your pride and sense of purpose as a businessperson. As further explained on BusinessZone: “When family members understand the history and the emotion of the company, customers can get a sense of this too.” The abundant time that family members spend together allows values to be spread thoroughly within the group.
There are particular things that you are likely willing to do for your family but not necessarily other people – including, possibly, close friends. This attitude of “going the extra mile” for your family has clear advantages in a corporate setting. For instance, you could be up for working extra hours or, quite simply, exerting more effort in your drive to make the company successful. Furthermore, your family is especially likely to be accommodating should you request more flexible working hours.
As you start running your business, you should remember that some difficult times could occasionally arise. For those times, a determination to stick in there and weather the storm can obviously serve you well. Showing this kind of determination can come more naturally when you are working with your family, with which you can have strong personal ties.
Nonetheless, don’t allow your loyalty to your family to become so strong that you overlook suitable opportunities to outsource certain responsibilities. If, for instance, hard-to-reach parts of your business building need cleaning, you could turn to SAS Rope and Rail, an industrial abseiling specialist. They could complete the job for you in a way that is both safe and effective.
Knowing that your business could keep passing through successive future generations encourages you to apply long-term thinking. This kind of thinking is essential for growing the company. However, watch out for, and do your best to prevent, an excessive rigidity that could prevent the firm reacting sufficiently speedily to a changing business environment.
Cost-cutting can be easier
When things get financially challenging, there could be a need for some sacrifices – and your family could be more willing to make them than other people to whom you are not related. Perhaps your brother might settle for a smaller wage packet than would be available elsewhere; alternatively, your son could be content to defer receiving their payout should a cash flow crisis hit. When recruiting only close family members, you might even be able to avoid employers’ liability insurance.