Family business: how to succeed

Family business is a fairly popular phenomenon. Starting a business in which work responsibilities will be distributed among family members is not easy, but its fruits, subject to the right choice of direction of activity, will bring a decent profit. This is a great way out for people who do not want to work for an outside employer, but who dream of a team consisting of close relatives. Are business and family compatible? Where to start and how to develop a family business in order to improve well-being?

Is the game worth the candle

What is a family business? A common type of entrepreneurial activity, where 2 or more relatives from the same family take part. Everyone has a specific role and area of ​​responsibility. Many people are of the opinion that a family business is a good idea, and the business will be doomed to success. Is it true?

Business at home has significant advantages:

• all participants are interested in the prosperity of entrepreneurial activity and the successful development of the business;
• significant savings on hired labor;
• unites the family working for a common result;
• good trusting relationships develop in the team, because all employees know each other in advance;
• all production secrets will not go beyond the enterprise;
• allows children to develop business qualities from an early age.

According to statistics, firms created by relatives stay afloat longer than other companies.

Family business: varieties

For a novice businessman, involving relatives who are competent in specific matters is considered a good idea. This means that close people will work together to improve their well-being, having a huge potential for further development. Depending on how many people will be involved in the work process, there are several types of family business.

home small business

It employs up to 10 employees. This type is characterized by the absence of a hierarchical ladder, all workers are universal and interchangeable.

Company

More serious organization. Here, each of the employees is responsible for a certain work process, there are chiefs over the departments and a clear hierarchy can be traced.

Corporation

This form of doing business is similar to a joint-stock company, it was created on the material investments of all relatives. Large family corporations are usually inherited.

Organizing a business from scratch: what you need for this

Modern opportunities for starting your own business are infinitely great. A home business from scratch can be built in any direction of business, with the exception of some prohibited by law:

• production of alcoholic beverages;
• production of pyrotechnic products and weapons;
• production of medicines and their sale;
• stocks and bods market.

How to start a family business First of all, you should decide on the scope of activity. Study the features of the market, find your niche where your knowledge and skills of relatives will be relevant. There are many options for a family business, but which one to choose depends on the specific abilities of the organizers.

Having decided on the direction of activity, it's time to start drawing up an important document - a business plan. You will definitely need it if you need to take a loan from a bank or seek help from investors. What should be indicated in it?

1. A specific description of the project: what the company will do, what will be offered to clients, your goals and methods to achieve them.
2. A listing of goods or services that will be provided to consumers, indicating their features.
3. Results of marketing research: description of competitors, potential customers, features of the market area where you plan to work.
4. Production plan.
5. Sales plan, where you need to specify exactly how you will sell services or goods, as well as methods for attracting customers.
6. A financial plan that lists expenses and income.
7. Applications: enterprise sustainability analysis, graphs, calculations, etc.

The business plan must necessarily indicate the legal documents that will regulate your business activities.

How to open a family business? If you are starting from scratch, you should pay attention to other important points that you will have to face. What else needs to be foreseen and done?

1. Register the company in the appropriate form. Usually this is an individual entrepreneur or LLC.
2. Find start-up capital if you do not have your own funds.
3. Rent a room to accommodate an office or production workshops.
4. Buy or rent equipment.
5. Correct distribution of income.
6. Do advertising.

Where to start: the most profitable ideas

What kind of family business can be opened to establish a consistently profitable company? What does success depend on? First of all, from the chosen direction of entrepreneurship, the abilities of each participant and the size of the initial capital. There are quite a few ideas for a family business from scratch, the main thing is to take into account the preferences of potential customers and not be afraid to start. Consider the most popular areas.

Trade

This area is today the most popular for organizing a family business, examples of which are successful grocery stores, souvenir shops, clothing and footwear boutiques. Men can take over the purchase and transportation of goods, and women can handle the sale. They can always switch roles if necessary.

Internet

Creating a website for earning money or an online store is a great idea for a home business for women and men. Doing e-commerce, if you have the appropriate knowledge, is not difficult at all. The husband can create and promote the site, and the wife can fill the resource with content. Another good option is your own online store selling fashionable shoes, clothes, leather goods, jewelry. What is the special benefit of doing business on the Internet - in some cases, you can work from home, that is, there is no need to rent a separate working space.

Agriculture

Farming is suitable for families who want to implement business ideas at home. If you have a large plot of land suitable for growing vegetables, berries, herbs, and you like to farm, then this type of activity will become a gold mine. You can also start breeding chickens, cows, pigs or other animals. All family members can be involved in work on the land, regardless of their age. When starting a farming business, be sure to try to find sales outlets in advance.

small scale production

This business requires large financial costs for materials and equipment, but with a serious approach it gives a significant profit. What can you do? Open a bakery, a small pastry shop, a sewing shop - there are a lot of ideas. Choose something that all relatives who will be involved are well versed in.

Services

Do you want to help people? Start a service business. It can be a mini-hotel, a cafe or a bar, an event agency, a car wash, a small cleaning company, a private kindergarten.

With a competent and attentive approach, a family business can become a source of consistently high earnings and unite the family even more. The main thing is that business brings both material and moral satisfaction.