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How To Make Your Family Business Work

How To Make Your Family Business Work

Everybody has come into contact with a family-run business at some point. Whether it be the local hardware store, a painting and decorating company, or your accountant, they exist in every sector.

There is no better way to pass on a legacy than to pass on your life’s work to your children. Though the questions are: is it really that simple to run a family business, and how can it be successful?

I chose to explore this issue as my sister and I are currently in a similar situation. But please note: though I will use the term family business throughout the article, the advice below applies to both businesses run by family and those run by friends, too.

Why would you want to start a family business?

So you’ve got a great idea for a business and you want to get it up and running, but you cannot do it alone. Who do you trust? Although family and friends may not have the right skills required for the job, there is already an ingrained sense of trust between you. This makes it much easier to share your ideas and research with them, and get started on building your dream. Skills can be much more readily learned than trust gained between two parties, especially at such an early stage in the development of an idea.

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From a different angle, a family business may be exactly what your relationship needs; a common ground that you can both talk about and share to build and develop a relationship that’s been drifting apart. Commercially, a family business also has a certain appeal about it. When you pop down to the local butcher and see “Michaels & Sons” over the door, you feel an instant warmth and connection towards the store. People in family-run businesses tend to value each other, their product, and their customers.

Another way family businesses can pop up is through a shared passion. You may be out having a drink, chatting away, when you both—mildly inebriated, maybe—consider the prospect of going into business together.

Hey, that’s a great idea! Why don’t we just get a little cash together, buy some stock, and just do it? It’ll be fun, and we can do it, no problem!

Many people have had a conversation similar to this but never get round to doing it, or question their optimism the day after. However, if the passion has not faded by the time you’ve recovered in the morning, then this shared motivation may be the perfect way to get the ball rolling. Having someone constantly inspiring you, and making sure you are doing what is necessary, can be a great benefit when starting out. Plus the added responsibility of another party makes the desire to succeed that little bit more important.

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There are also several logistical and financial benefits to family businesses. Family can provide you with low- or no-cost labor, helping maintain the day to day whilst allowing you to concentrate on expansion or development. Also, if ever in need of a short-term or quick loan, family or friends may be able to provide you with a low- or no-interest loan to keep you afloat. However, it is important to be careful with the latter, as these loans can make or break relationships.

What do you need to consider?

Now you have the idea, the hardest part is to put the whole thing into play. This is where the real blood, sweat, and family feuds start to take place. Be prepared for a bumpy ride because starting your own venture alone is a rocky process, and can be exacerbated by the inclusion of close ones. So, here are a few things that you should really consider:

1. Have you worked together before? Whether it be a school project a few years back, or a little charity stall to raise some money for the Scouts, if you have worked successfully and positively with the person before, that can make the whole journey a lot smoother. If you know each other’s traits, the best ways to communicate and delegate tasks, and even have complete faith in one another to deliver, it can be a huge burden of doubt relieved. If you haven’t worked together before, maybe just reflect on the last time you worked alongside someone and the issues you had or the things that worked well, in order to get an understanding of what is best for you all. If you both do something like this and go through the ideas with each other, it can lay the foundation for a healthy working relationship.

2. You clock in, you’re partners. You clock out, you’re family. This is the one that is often the hardest to overcome. In the end, you both have the desire and ambition to succeed with your idea—that’s brilliant. Though sometimes people can start to slack or lose passion. It is crucial to remember that you should be looking out for what is best for the company as well as yourselves. If you have some personal problems that crop up, make sure you highlight these and look for ways to address them: take a back seat and allow someone else to help out, or switch the tasks you do so that you can work more from home.

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However, there can come times when very difficult decisions need to be made, even to the point that considering the resignation of one member of the business, maybe even your own, is on the table. If it comes to this, it is important to highlight that it is not a personal decision and try to prevent damaging the relationship that existed prior to going into business together. This is obviously the worst situation one can be in, and hopefully you will never get into such an extreme position.

Fortunately, conflicts can often be resolved, depending on the relationship, and the ability to have such a lenient working environment can be very useful. For example, you could arrange between you flexible times of work that allow you to attend your weekly Pilates class, or pick the kids up from school.

3. Keep your finances in check. Everyone may be raring to get involved, and be adding to the investment fund to get the idea’s blood pumping. Make sure you consider not only the future of the business, but the future of yourselves. Where do your finances look to be six months, two years down the line? If the situation does not look good, then someone should probably consider a stable income external to the venture. By removing the burden of financial security from the venture, it allows for riskier growth strategies, greater flexibility within the company finances, and most importantly, peace of mind.

4. Take a break. You may be the best of friends, but there are going to be times when you need a break from each other. This is vital to retaining a healthy working and personal relationship. Perhaps schedule days where only one of you is in the office, or take a weekend away, refraining from all business calls and emails. Not only will this further develop the trust in your partner to lead and manage the venture, but it will also give you a break from each other and allow you time to reflect on other areas of your life. As much as you may enjoy the risk and reward of a venture, there are other areas of your life that need some attention, too.

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Now that you have done your homework, it is time to crack on with writing that business plan, and launching your idea. I wish you the best of luck with your endeavors, and would be pleased to hear any stories of attempts and—hopefully—success!

Featured photo credit: ThinkStock via i.huffpost.com

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Last Updated on May 23, 2021

10 Best Free Job Apps You Need For Effective Job Hunting

10 Best Free Job Apps You Need For Effective Job Hunting

Seeking for the right job but not sure how to do it in a more effective way?

Try job search apps!

To make the job hunting process easier, I’m recommending 10 best job apps that can help you look for the right match anywhere at any time. The best of all? They’re all free!

1. jobandtalent

jobandtalent

    Great for browsing new jobs as you commute home via subway, bus or carpool, the jobandtalent app is like a Pinterest for job seekers.

    Easily browse, save and revisit job postings from your smartphone and receive notifications about jobs that match your professional qualifications.

    Download it for iOS and Android.

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    2. Jobr

    jobr

      This job hunting app is unique in that it lets you anonymously browse job listings based on your professional resume. If a company that you like also shows an interest in you, the app let’s you chat directly with a company rep. Great for getting your foot in the door and making a memorable impression.

      Download it for iOS.

      3. Monster Job Search

      monster job search

        I’m a big fan of Monster. It’s one of the first job sites employers think of when they want to list a new position online. The Monster Job Search app functions pretty similarly to the normal website, so it’s very easy to use for not-so-tech-savvy job hunters.

        Download it for iOS and Android.

        4. Jobs and Career Search

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        job and career search

          This is a good, simple app for browsing global locations for your next job. With a job index of more than 50,000 jobs listed globally, this app is a good choice if you are moving to a new area and want to line a new job up quickly.

          Download it for iOS.

          5. Hyper Networking Groups

          hyper networking groups

            This job hunting app isn’t so much a job hunting app as it is a connections hunting app. It’s great for learning who’s who in your desired field and forming connections. It also shows you how you and your industry connections are connected via your social networks, so you can follow up with them on your other social sites.

            Download it for iOS.

            6. CardDrop

            CardDrop

              CardDrop is an awesome job hunting app that let’s you digitally drop and pick up virtual business cards. This app is great for helping you make new connections at seminars, interviews, meetings and conferences. You can also attach social media profiles to the cards you pick up or send to enable easier connecting on social networks.

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              Download it for Android and iOS.

              7. Job Interview Questions

              interview questions both

                Okay, so this app looks kind of outdated, but it’s super useful for getting you into the swing of answering any kind of interview question that is thrown your way. The big benefit of using this app is that it explains to you what your interviewers motivations might be for asking you a specific kind of question. Learn what your interviewer is looking for in your answers and be more prepared for the real interview when the time comes.

                Download it for Android.

                8. 101 Interview Questions and Answers

                101 both

                  This app is great because it provides guidance about the kinds of answers you should give for each kind of question. Think of it as an essay rubric but for job interview questions.

                  Download it for Android.

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                  9. Job Interview Question-Answer

                  q and a

                    Feeling confident with your text-answered interview questions but concerned about doing the face-to-face interview? This app prepares you for interacting with your interviewer by simulating an employer asking you questions.

                    You can record your response and see what you look like to the interviewer to understand what movements, vocal pauses, etc. you need to work on.

                    Download this app for iOS and Android.

                    10. HireVue

                    hirevue

                      HireVue is a great job hunting app for those times when your interviewer wants to get some preliminary questions out of the way.

                      When an interested employer wants to interview you, they send you a request via HireVue and you can answer it in your free time, when you’re ready. Your interview might consist of a some FaceTime, some multiple choice questions or open-ended text answers and can be completed and sent to the interviewer when you’re finish.

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                      Download it for Android and iOS.

                      Featured photo credit: Yura Fresh via unsplash.com

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