As you may know, we have been speaking to the subject of starting, managing, growing and working with family in a family business on our podcast, Another One.
Now that it’s all over (i’m not crying, you’re crying) we wanted to ensure you have one comprehensive list with all of the tips we gave in each episode. You can find everything you need below…
Have an ultimate goal
Have a product or service
Have a 3 month, 6 month, 1 year and 5 year plan
Know why you are doing what you’re doing
Do something you love
How To Manage A Family Business
Know who’s in charge/Who is spearheading the business
Know your role/Responsibilities
Always check the books
Know your profit and your loss
Figure out what works and stick to it
Meetings and Communication
Ways To Grow A Family Business
Know your audience
Market, Market, Market
Don’t be afraid to put yourself out there/tell people who you are and what you’re doing
Use your platforms, all of them
Don’t be afraid to spend money
Know your resources
What is it like working with family?
How do you manage to separate personal and business?
How do you determine how money is dispersed?
Do you charge each other for services or products even though they’re family?
How do you distinguish between when you need to keep trying and when it just isn’t working with family?
Disagreements/Arguments will happen
Responsibility and Trust
After you have listened to all of the episodes make sure you and your family start your family business. Step out on faith and do something different so you can achieve something different.