Tips for Creating a Family Business in 2019

Family Business

Fewer people are starting (and staying in) family businesses than they used to do, but that doesn’t mean they aren’t a good idea. In fact, a family business is still just as viable nowadays as it was even twenty years ago. Here are some of the best tips to help you create a successful family business in 2019. 

Choose a Business That Will Last

There is a reason why there are so many family restaurants; people are always happy to go to a good place to eat. If you have some natural foodies in your family and you are certain that the public will love your family recipes, you should definitely think about opening a restaurant.

Likewise, a convenience store will get some good passing trade in a residential neighbourhood. People will always want to pop out just for some milk or a fresh loaf of bread and they often won’t want to go all the way to the local supermarket for it. With a push being made towards supporting local businesses, a locally owned convenience store might be just what your area needs.

Technologies might change and the core practices of the business might change but the original intentions won’t, no matter how many years pass. This is key to creating a family business. You need to start something that will be as relevant to society in one hundred years or more as it will be in one. If you can do this, you have a great foundation for a lasting family business.

Nurture Your Children from a Young Age

If you want your children to take over from you in the business, you need to make sure that you are nurturing an interest in that business from a young age. Get them in to see it as soon as you think they are old enough (though make sure they understand any and all dangers that might be present) and see if they are interested. 

When they reach the legal age of employment, you can begin to give them a few shifts to see how they like working there. Since they will inherit the business one day, try to move them around several departments to see which they like the most. For example, if you own a café, one of your children might really thrive when the café is busy and will love to build rapport with the customers. However, another of your children might take more of an interest in the back-office tasks and the accountancy of the business. This is fantastic as it means that you can train them both for separate roles they can step into as adults. 

Make sure that they understand that they are not shackled to the family business. If they have aspirations to go work elsewhere, you should be happy to let them pursue their own dreams.

Make It a Good Place to Work

While your focus will be on ensuring that your family wants to support your business, you need to make sure that the rest of your employees are happy too. Make it clear that the top positions in the business are not restricted only to family members and there is plenty of opportunity for company progression. 

You should also ensure that you attract top-quality talent who have all the necessary qualifications to work with you and offer to pay for any insurance that they need to work for you. For example, if you operate a garage, every member of staff who comes into contact with the vehicles will need be covered under your business’s motor trade insurance. If you’re concerned about the costs of this, you can just use a price comparison tool such as this one at to compare the cheapest providers.

If you put all of your efforts into just your children then you might struggle to hold onto dedicated staff members. Ideally, you want to have a steady stream of interest in working for the company. With a guarantee that the business will stay alive for many years to come, you can be sure that you are always going to have a workforce, even if your children show absolutely no interest in getting involved in the business. If this is the case then you might even be able to pass the business over to one of these dedicated employees one day. 

Start Developing Your Business Today

A brilliant business idea can often be the start of something wonderful. If you have the dream of running a family business then there is no reason why you can’t make those dreams a reality. With the right attitude and some careful nurturing and guidance, you should have no issue getting your family business off the ground. Make it a success and make it a place your children are immensely proud of. Who knows, it could even be one of the next big nationwide brands which everyone knows and loves.

What do you think?

Written by themoneyshed

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