How to Start a Family Business

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The creation of a family business begins with the desire to act together and develop together not only in life but also in a career. Otherwise, everything goes the same as with any entrepreneur: an idea, a plan and implementation. The only difference is that the emphasis in a family business is on the continuity of generations, common values ​​and capital.

In short, to open a family business you need to complete several steps:

Determine the circle of relatives who can engage in joint business;
Identify common values ​​and interests in order to further outline possible areas of activity;
Make a list of family business ideas;
Calculate how much capital you can allocate to start a company;
Create a business plan and start implementing it.


It is important to agree on the rules on the shore.
Before opening a family business, ideas need to be nigeria whatsapp phone number analyzed. Think about how you communicate in everyday life. If you are hampered by conflicts of interest, lack of compromise, and differences in vision of the professional path, you should think about whether you should open a joint business at all.

In any family business there are many controversial and sometimes conflict situations. Therefore, it is worth developing rules for running a common business in advance. Discuss these points:

distribution of roles in running a business;
areas of responsibility of each family member;
rules for the use of common capital;
the amount of financial compensation and the rules for its payment;
distribution of personal and working time;
a plan of action in crisis situations, for example, if a relative falls ill or an emergency occurs at the enterprise;
areas of responsibility in running household chores.
It is a mistake to think that you can't take friends and relatives into business. But the results of working together in practice will show who and how reacts to stressful situations, resolves controversial issues, and separates personal and work spaces.