All In The Family BusinessToday there is a lot of work to be done. We need to send out our emails from yesterday's orders. The website needs to be updated today and that new script should be installed so we can upload the database. Don't forget to tell Uncle Joe that the orders have to be delivered today. Is your cousin ready for this week's training sessions? Oh and don't forget Billy's soccer practice has been changed to 5:30 today and what do you want for dinner tonight? Many people can tell you that their co-workers leave little to the imagination. Even though you are supposed to be a team, you can't wait to clock out and leave that co-worker's attitude behind. So what do you do when that co-worker has your last name?? MR. AND MRS. BUSINESS If your business partner is also your spouse, it may be hard not to bring business disagreements to your home environment and vice versa. Many times, men and women have different views on how to manage their business. While you think you have the best idea, your spouse may also have an idea, and that is where the conflict may arise. There is an art to arguing. Ask anyone who has been married over 5 years will tell you. Basically a marriage consists of many of the same things as a business. Long Hours, Low Pay And who says you can't start your own business ... But you may also have to work with other family members as well. Your parents, siblings, cousins, aunts, uncles, etc.. That has its ups and downs as well. TAKING UP THE FAMILY SLACK Once things are up and running with your business, you may eventually need to hire employees. The first people you may think of would be family members, especially since you already know them and know their work ethics. But now that you have your own business, other family members may look at you as the answer to everyone's job problem. "Well you know Susie needs a job right now. It doesn't have to be something big, just something to keep her comfortable for the rest of her life.." Then you have to worry about the family that is going to take advantage of your generosity , have little talent for your type of business, and unwilling to look at you as an authority figure. PROSPERING WITH YOUR FAMILY BUSINESS Just as any business you need to have a business plan in order to succeed. But especially when you are working with family members, you need to have a special tolerance and patience with them. Let's face it, no ones you better than most of your family. They know your strengths and weaknesses. Now that can be a good thing or a bad thing. Family members may give you the opportunity that you may not have gotten with your current outside employment. They know what you have always wanted to do and they help you achieve those goals. They are eager to help you learn everything possible, knowing at your current job, you would have to wait years to have your superiors teach you those methods. Now On The Other Hand, Your family knows every mistake you have made, and they may have a hard time accepting the fact that any bad habits you may have had in the past is gone. They may treat you as a child, especially if you are dealing with relatives older than you. The best advice I can give you is to first work with some of your family at other jobs and see how that goes. I have worked with my husband before. In fact that is how we met, but that's another story... Be honest, we all have a bit of dysfunction in our family. The Brady Bunch was just a television show. You know deep down whether it is a good idea to run a business with family or not. As long as everyone can work independently yet work as a team, then you should be fine. You will have some adjustments to work out. If you don't think so, just go ahead and run your business and see how your family responds to your business. Never assume, always be cautious. What it all boils downs to is someone screws up, it's your name and your tax records that will be under scrutiny. Family, Gotta Love 'em SMALL BUSINESS RESOURCES Here are some sites that can further help you in the startup, maintenance, and financial planning of your business. Small Business Tax Resource Guide Tax Mama IRS ( U.S.) Tax Information on Businesses U.S. Small Business Administration Site Entrepreneur.com Startup Journal ( The Wall Street Journal Center for Entrepreneurs) Managing the Family Business |
