The year 2020 has been full of uncertainties. Jobs were lost, we spend most of our time at home, and the healthcare and financial system are fluctuating. You begin to think: can I still turn this around? Within the bounds of your home, and the limited social reach, an excellent idea to start with is starting your own family business.
In the United States alone, almost 90% of the existing businesses are either currently or previously family-owned. It has its advantages and disadvantages. It also does not mean that you expect to grow a large corporation right away.
A family business can be as simple as creating your online store, t-shirt printing business, or food delivery business. Whether or not you plan to grow it in the future, it is worth considering.
Ironically, the instability caused by the pandemic has also paved the way for alternative business opportunities. Here is a list of why you should start considering starting a family business, even outside of the pandemic.
Minimal Starting Capital
Starting your family business does not have to be costly. For one, you do not immediately need to worry about the cost of labor. When you have your family as your starting team, it is much easier not to worry about compensation payments and other benefits just yet.
You also do not have to worry about getting a place to build your headquarters. If your family is living in the same house, you may turn a part of your home into your office. For example, if your business is in line with the food industry, you can cook and even set up your store inside your home.
Growing up under the same roof and upbringing, you likely have the same personalities and worldviews. This way, it might be easier to work because you have people with the same values as yours. You almost do not have to worry about clashing views.
Skipping A Big Part Of Evaluation
You probably know your family members very well, especially if you live together. You see them at their most unguarded states. You deal with their raw attitudes and personalities.
You also know their tendencies and attitudes or whether you can trust them or not. Either way, you can be more prepared for safety nets because you already know the person even outside the business.
If you are convinced enough to start your own family business, consider making it multi-generational. In this way, you get a holistic approach to the business.
Each family member has their own unique experiences and views. You can use these differences to your advantage. Involving family members from different generations can make decision-making or marketing better.
Each generation niche could open multiple vantage points in a problem. What better place to get a diverse and useful viewpoint than from your family, right?
But it is important to remember not to rely on decision-making and view discussion on the mere powerplay of seniority in age. Everyone should be respected by hearing out their opinions regardless of how old they are.
Flexible And Stable
Families are one of those relationships that root from unconditional love. Having your family as your starting team in the business could mean having a sound support system. They are likely to do more and better at their job to keep your business growing.
If you did things in the right way, you could also expect stability in your family business. Besides, one of the reasons why we look for a job is to provide for our families. What better way to achieve this than putting in a collective effort of providing through a family business?
If you use your family as your starting team, most likely, you already have structure and pre-established dynamics. It may or may not work. But most of the time, you can guarantee cooperation from your pre-formed team.
However, even though it is easier to work with your pre-established team, you still must make sure that it has a healthy atmosphere. We must keep in mind that not all families have efficient and healthy dynamics.
Like any other business, you must make sure you get a proper evaluation of each members’ strengths, weaknesses, and work ethics. But since this is a family business, the relationships and identity of the people are far more complex than a simple employee-boss relationship.
For example, you may have emotional baggage in the family that could later affect your work dynamics. Whatever happens along the way; you cannot merely cut the relations of being a family.
In other businesses, you can simply get fired or quit the job, and you almost do not have to deal with it anymore. In families, you will still see each other in thanksgiving, holidays, birthdays, etc.
Overall, having your own family business is a double-edged sword. On the one hand, it would give you convenience when it comes to the cost-efficiency of resources. You can work in a more comfortable environment with people you are satisfied with.
On the other hand, creating your own family business can be challenging if your family dynamics are in a rough state, to begin with. In any workplace, it can be toxic when there is unnecessary powerplay and exploitation. It is much more complex for families because your relations do not end there. You do not stop being a family.
There may be many critical factors you must consider in a family business, but in uncertain times such as a pandemic, it is worth exploring this option.