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Benefits and Disadvantages When Running a Family Business

Running a family business can be a rewarding experience. It allows several relatives or family members to pool their financial resources towards a central business goal. While family businesses can be good for entrepreneurs in certain fields, there are some disadvantages. The following guide explains some benefits and disadvantages when starting a family business.

It can be challenging to raise funds to start a business. A new business requires capital and human resources. Capital can come from existing funds or a credit line. Human resources can come from friends, families, or strangers.

Families share a bond of trust that can be damaged by a business relationship. Family bonds can be a great way to start a business, but business interests may damage relationships over time. Different people may hold different interests in a business. In addition, some family members may choose to compensate themselves in different ways. This can create a sense of anger, resentment, and hatred among family members. In addition, family relationships may lead to poor business decisions in the future. A relative may believe that a business venture is a good idea, while in reality it is a poor idea. The family member’s clout as a relative may lead to a poor business venture. This can result in bankruptcy, loss of capital, and damaged relationships.

According to the Small Business Administration, more than 70 percent of all family businesses do not survive though the second generation, and 8 percent do not make it to a third.

It’s important to approach a family business from an objective point of view. While it’s always good to maintain friendly relationships with family members, business decisions may require ideas to be rejected. It can be challenging to turn down a family member’s business idea, but it’s essential to maintain the integrity of a business.

An excellent way to maintain a family business is through a non-relative. It’s a good idea to hire an accountant or attorney to assist in business decisions. He or she can help the family decide what is a best for a business. An outsider can provide several advantages for a family business. An outsider can be brutally honest about what is good and bad for a business, while a family member may not be willing to provide that information. In addition, an outsider can provide a point of view that can be beneficial for future business decisions.

It’s important to hire a non-relative who has solid experience in one’s field. His or her resume should reflect a successful past in related business ventures.

A larger family business should provide shares that can be sold to family members and outsiders. While a small business does not need to go public, shares in a business can be a great way to ensure that everyone has an interest in the performance of a company. An outsider who receives shares in a family business will work to make sure that the business performs to the best of its ability. In addition, involvement of a non-relative will help ensure financial and business integrity into the future.

You Can Run A Business Even While in School

You don’t need to be a college graduate to run a business these days. There are many types of businesses that even a college student can be trusted to operate on a regular basis. The Internet has made it possible for almost anyone to run a company.

All It Takes Is A Good Idea

Businesses thrive on good ideas. This means that you can take an idea for a product or service and run wild with it. Online marketing makes it possible for a college student to get his idea out there without having to spend a lot of time or money. All you need is to have an idea that goes viral. Auction sites like eBay make it easier to ship goods without having to have an actual store.

Use Affiliates to Sell Your Goods

Affiliate marketing allows a company to let its customers find more customers. In exchange for a commission, the affiliate goes out and tells others how great your product is. This can lead to more sales and more revenues for your company. Your business can be expanding all while you are sitting around watching TV at night.

Don’t wait for the right moment to start the business – it never arrives. Start whenever. Now.

Lauris Liberts

Electronic Tracking Makes Keeping Track of Your Goods A Breeze

You don’t need to be a merchandising expert to run an online business. All you need is the right software program to keep track of inventory. Having a smartphone makes it even easier to keep track of all your records while on the go. Credit reader apps make it possible for a business to make sales wherever the phone is available. This works well when those in your biology lecture decide that buying your product is more interesting than listening to the professor.

Running a business does not have to be a complicated endeavour. A good business simply needs a good idea and the means to deliver that idea to the market. Technology and new marketing techniques make it easier than ever to market an idea and bring it to the market. It doesn’t always take a business degree to make it big in the world of business.

A Mother and a Businesswoman: How Does It Fit Together?

Being both a mother and a businesswoman is no easy task. The priorities of parenthood and getting ahead in a career constantly vie for attention. The following are some keys to success in your dual roles as a parent and a breadwinner:

Have a backup plan for childcare

Make a list of all the contingencies that might create a childcare emergency. Your list might include working late, business meetings and a child home sick from school. Then make a list of possible solutions such as help from grandparents, a spouse or a childcare service.

If you are interviewing for a position and your prospective employer already knows that you have small children, it often helps to communicate your emergency childcare plan in advance. For example, you might specify what arrangements you have for days when you must work late or go on a business trip. If, however, your interviewer doesn’t know that you are a working mom and the position fits around your parenting schedule, you may encounter less prejudice if you simply don’t mention it.

If you need to leave the workforce following the birth or adoption of a child, use part-time or contract work to avoid gaps in your resume.

Even if you only work a couple of hours a week from home while your child naps, it looks better on a resume than no employment at all. How can you find this part-time or contract work? First look to past employers. Since you already know their systems and customers, perhaps you could take on a single project, contract or client, depending on the nature of your work. Second, look for opportunities in your community or freelance work. You might even consider teaching a college course in your field. Even some volunteer work looks better on a resume than a gap.

You can be a good mother and still follow your dreams. You totally can if you desire.

Keep your skills current

In today’s service-based economy, employee skills are a prime asset in business. Rather than simply logging time at work, look for ways to increase your skills. If your employer offers certification courses relevant to your career goals, such as Six Sigma training or certification in a new programming language, take the course. Even if you need to pay a babysitter for a few weeks, the investment will pay off handsomely.

Don’t let organization slide

If you’re a full-time homemaker, it’s not too difficult to schedule an all-day organizational marathon to get your household back under control. Working moms usually don’t have the luxury of big chunks of time. Instead, do a little at a time. To see a model of this concept, watch a local fast-food restaurant in action. First, all necessary items are in their proper place and handy. No fast food worker has to climb a step-stool to reach the paper cup for your milkshake. Second, workers use bits of downtime to take quick wipes at the tabletops, keeping things spotless. Third, everyone helps. Working moms cannot do it all, so children and husbands must have tasks for which they are responsible. Fourth, there is a close-down procedure at the end of the evening. Your nightly close-down procedure might include making sure that lunch bags are packed, permission slips are signed, clothes are laid out, and the house is tidy.

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