A family business, in the right circumstances, can be a great investment and a wonderful opportunity to keep your loved ones close while embarking on the adventure of a small business.
However, along with your business plan, brand outline and style guide it’s crucial to have a realistic outlook for the difficulties you might face along the way.
So What Are the Pros and Cons of Running a Family Business?
PRO – Dedication
One of the most positive things about starting your own family business is that each of the people in your operation will be equally committed to its success.
CON – Inexperience
Choosing to start a business with a family member instead of a ‘hire’ means you might not always get the most experienced person for the job. This could impact your brand and even the overall success of your venture.
PRO – Loyalty
Starting a small business with family members, means starting a business with people you can trust. With family members comes loyalty, not only to you, but to the business itself.
CON – Conflict
There’s a reason that most large companies have a no dating policy inside their organisation – people who are involved personally, often have difficulty leaving their personal lives outside the office.
PRO – No Surprises
Most people will admit to ‘padding’ their resume, but you already know about each of your family member’s work history, as well as their strengths and weaknesses.
CON – Risk
Starting any small business is risky and there is always a chance that the venture won’t be successful.. It’s easy enough to break off with a friend or business partner if things go south, but your family is your family for life and you might find things strained in the wake of the stress of a failed business.
PRO – Image
Family businesses have a good reputation for quality, reliability and accessibility, so marketing yourself with a family business focus can do wonders for your brand.
Ultimately the decision about whether a family business will work for you is a personal one.
At Kwik Kopy we pride ourselves on being a trusted business advisor for family businesses across Australia. If you would like to create an integrated marketing solution for your family business, contact us today.
