The world of business can be very rewarding, being able to create and sell a product or service people need can give your life purpose. Some people choose to go into business by themselves or with a friend, but family owned businesses are growing in popularity. Family owned businesses were almost the only businesses in existence in the past, and even though their presence has declined over the years existing family business are still successful. Seament, one of the largest international cement traders in the world, was founded by Alexander Bouri and is now run by his sons. Big name companies like Walmart, Samsung, and Ford are family owned businesses. If you want to include your family in your business ambitions, here's some advice on how to make your new business venture a success.
Identify the Need in Your Market
Some people go into business after spending years developing a service or product, and others have a passion for entrepreneurship but don't know what they want to sell. If you want to provide a product or service you know people want, focus on potential customers in your area. Think back to conversations you've had about your town with friends and neighbors. Do you remember somebody saying that they wished there was a reliable dry cleaning service in town? Did your next door neighbor mention that he misses the old pizza place that used to be around the corner? Once you figure out the need, you'll be able to start your business.
Identify Your Family's Strengths
After doing some brainstorming you've decided on what product or service your business is going to provide customers. Now that you know what you'll be selling, it's time to think about how your family members can help your business by identifying each member's strengths. Does your son know how to use a cash register? Is your spouse well-known enough in the community to attract people to your business? Does your daughter know how to design websites and use SEO? If you spend time truly evaluating your family's strengths and weaknesses you'll be able to find something useful every member can contribute.
Identify Their Feelings
Even though it's your dream to have a family owned business other family members may not have similar feelings. Nobody likes having to do something they have no interest in, especially if they feel like they're being pressured into doing it. Don't spend time trying to recruit your family members, mention your idea to them and see if they have an interest in helping with your business.