Source: Unsplash | Andrew Neel
If you want to run a family business, then there are a few things that you need to know. The first thing that you should note is that running a business is often easier said than done, and if you are not careful, you may end up in deep water as a result. If you want to help yourself however then there are a few things that you can do. Some of them might end up benefiting you more than you realise.
Set Some Boundaries
It’s very easy for family members to become involved in a business. If you mix your business life, personal life and home life however, then you may end up with a very volatile brew. If you want to stop this from happening then you need to limit as many business discussions as you can, when you are out of the office. This can be difficult, but if you try and separate it as much as possible then this will really work in your favour.
If you run a business, then there are some things that you have to do to protect yourself. This could include taking out insurance. If you are planning a family dog walking business then dog walking insurance by Next Insurance is always a good idea. With a dog walking business, you really need to have professional indemnity insurance, employer’s liability insurance and sometimes custodial responsibility cover too. This will protect you, and the animals you are taking care of in every instance.
Establish Clear and Defined Methods of Communication
Problems and differences are often inevitable. You might even see them already. If you want to help yourself then you need to consider weekly meetings so that you can assess the direction that your business is taking. When you do, you can then air any differences and you can resolve disputes.
Certain family members may be more suited to specific tasks. This is understandable, so use this to your advantage. Make sure that everyone has their own degree of responsibility. For example, if you run a dog walking business, have someone walk the dogs, then someone else handling phone calls, bookings and quotes.
Recognise the Advantages
Running a business as a family-owned operation will come with its advantages. You will be able to take advantage of low-cost labour and even emergency loans in some instances. You may also be able to avoid a ton of legal work and specialist accounting systems because everyone will be on the same page.
Put Everything in Writing
It’s very easy for family members to be drawn into a business without having a plan. This is understandable, but if you want to avoid this then you need to make sure that you define ownership shares, duties and other matters. This will help you to avoid disputes in the future and when the business does take off, it helps you to know where everyone stands.
Of course, running a business can be daunting at first, but if you band together and if you all put in the work then there is no reason why you can’t come out on top.