So you want to start a family business. Seems pretty easy right? Grab an idea that you think can make you money and just get your family to help. That’s what many people think, but have you heard the statistic that says:
70% of FAMILY BUSINESSES don’t make it to the second generationhttps://www.familybusinessmagazine.com/critical-look-survival-statistics
However, those statistics don’t have to be your story. Because we endeavor to give you all the information you could want and some you may not want to hear to be successful in starting, running, and keeping a family business healthy and creating generational wealth.
How are we going to do this?
We are going to be continuing on the family business topic by giving you content that will keep you from making the same mistakes we have made by using our experiences as a teacher and guide to get to the bag. Money bag that is. ?
Yes, we want you to be successful. So either that is going to be by us telling how we failed at something or how we succeeded at something and the things we found will help you get there even faster than we did.
Up front I want you to know we are a creative family. If your family is not all creatives, that’s fine. However, there does have to be at least one creative on the team. That creative may even be the youngest person (possibly they are a child), meaning 10 – 18 years old. This can be one of your best assets when building a family business.
Most children or teens have a different viewpoint of the world and crazy imagination because they haven’t owned the limitations that adults have. As a parent and leader of the family business you have to guide this crazy imagination and focus it to a given target. Including them at the onset with the creation and brainstorming of the product or service help them take ownership and want to see it through. So at this stage you have to show some success, as soon as possible.
Now let’s be honest, you may not know anything about starting, running, or building a business. I urge you to not let this stop you. KEEP GOING! This is the time for you to keep yourself 2 to 3 steps in front of your family. This is the place you must be strong. I told you this is not for the weak! It will take work to get up to speed.
Resources like YouTube, Business Podcasts, Audiobooks through your local library card, conversations with other business owners you know, and basically anything that can help you with the questions you have for what you are trying to do. Remember Google is ready and waiting for your search query. It’s not cheating, it’s using your resources. However, last but not least, now you have us in your tool belt!
This is where most people fall off. They don’t want to learn the things needed to do business, they just think they have have a product or a service and we are going to make a billion dollars. You can but there is going to be a whole lot of learning required and you have to keep your mind on the goal while learning in your spare time because I think most people reading this post my have a 9 to 5.
There are a lot of other things to keep in mind but know there is learning involved. You can choose to make it fun by including your family in the learning process, which will make it a lot easier for them to stay up to speed with you as you all build the business together as a team, as a FAMILY!
Our goal is to continue to bring you content about family and business when combined will give you tips and tricks for you to create the generational wealth we spoke about. So keep coming back. Make sure you subscribe to our email list so you can be notified when new blog posts go live by clicking here.
If you have specific questions you would like answered about starting, building, or running a family business – head over to the contact form at the bottom of the home page or hit up the comment section below.
A lot of this high level information has been discussed in our AnotherOne podcast 5-part series called Starting A Family Business but in our blog we are going to go in depth about all topics Family Business.
We hope this helps.