The Basics of Starting a Family Business
When it comes to starting a small business with family it can be a daunting task. At times, being around family members can be very difficult and stressful at times. Going into business with family members means that not only will you see them at home, but you will be spend a lot of time with them at work as well. There is a very thin line between staying professional when it comes to family business dealings. Also, it is not advisable to allow your personal feelings and personal emotions to play a part in running a family business. But, at the same token it can be the best thing to go into business with family because they have the same drive and ambition to want the business to succeed.
When deciding to start a business with family members, you must take certain things into consideration before doing so. With a family business, you have to decide on the following:
- Who will be in charge of the daily operations of the business?
- Who will be in charge of sales and getting new customers?
- Who will handle the money for the business?
- Who will handle the firing and hiring of employees?
Starting a family business is not the same as starting a business with strangers and friends, you have to be mindful of not allowing close ties and personal feelings to play a major decision in the daily operation of the business. Family businesses have become economic sustainability for countries around the world. Family businesses have helped to maintain families to create a sustainable source of income. The key to a successful family business is to understand that the family must know how to run it like a “true business”.
The first step to starting a family business is to have an initial meeting to determine the type of business, the products and services to be sold, and the main operations of the business. It is very important to set-up a support system when starting a family business which includes friends and colleagues who do not have close ties to the family. Having a good support system will ensure that the family business is ran efficiently and effectively.
The first article in the “How to Properly Set up a Family Business” Series.
Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Donya is also a public speaker and aspiring author. She has a few books in the works that will be published and released in the latter part of 2015. The books will focus on entrepreneurship, small business, and daily devotionals. She is owner of Family & Community Mediation and Business Consulting (FACMBC) and Powerful Biz Woman (subsidiary of FACMBC). Both are based in Baltimore, Maryland and were established in 2013. Services provided by FACMBC: Mediation and Conflict Resolution Services; Business Registration Assistance (Limited Liability Company, Corporation, S-Corp, Limited Liability Partnership, etc.); Business Plan Drafting Assistance; Business Certification Assistance (MBE, WOSB, 8A, 501(c) (3), Hub Zone, etc.); and Business Organization Assistance. She is also a contributing writer with the Maryland Daily Examiner Newspaper and the Leadership Girl Newsletter. Donya Zimmerman has made article contributions to the Simply Inspirational Women in Business Journal for 2014 published by Dr. Cheryl Cottle.
If you are thinking about starting your own small business or non-profit organization do not hesitate to contact me because I can show you how to do so. Contact information: firstname.lastname@example.org; www.facebook.com/FACMBC; www.twitter.com/FACMBC; https://dzimmerman36.wordpress.com; http://www.linkedin.com/in/dzbusconsultantandmediator
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