Startups succeed because they have a family and a network of friends who support them. It takes a lot of hard work and extreme dedication to make any business flourish, but a strong network can be your magic seed.
Whatever your niche or industry, getting your kids and partner into the business can help it grow. However, there are certain rules you should follow when you let a member of the family with no experience jump in.
Clear idea about the business
Share your vision and what you are working to achieve. Having a tangible plan that is fully understood by the family members is one way to make them work with enthusiasm for the common goal.
Clear the clutter and stress test your ideas. It is critically important that the family has an outside-in perspective of the business and what it hopes to achieve.
Let them take a view from the mountaintop like a 3D visual and help them see where you want to go and how you want to move forward with an extraordinary vision. Visualize your thoughts.
Organize your ideas and don’t forget to explain technology and your road map to success. Explain what it takes to build the business.
Simplify and clarify everything. Organized your plan and business ideas with a roadmap. Share with the family. Ask for their thoughts and refine your idea.
The execution of the idea is extremely important. Listen closely to the objections and work your idea around them. You got business goals to hit and the execution of the roadmap can immensely help you get there.
Share timeline and milestones
Set the goal and set the timeline. Monitor delivery and results in your milestone. Plot the marketing strategy. Build your unique timeline business roadmap.
Divide roles and responsibilities
Each family member has different talents and interests. Make sure you give them the tasks and responsibilities closer to what they like doing. Delegation is crucial to the success of the business. Let each member take an active role in building the future of the business.
Training the kids
It would be wise to train the family to whatever tasks you delegated to them. Discipline and motivate them to set aside time to learn something each day. Get involved with the training and have a great team in place.
Social media assignments
The best way to handle social media in the family is to assign a specific person to do the task of research and then another one for the copywriting. This way they won’t be spending much of their time doing the social media task only in a day.
Create a story and let the whole family contribute to it because it will serve as your brand story later. Keep the story going to attract and connect with potential customers.
Create a succession plan
Set some boundaries between what is business and what is personal. Do not forget to make space for the kids to also enjoy their personal life. Limit business discussion in the business area only and dinner at home for family personal discussions.
Draw clear management lines and create a succession plan to make sure they won’t be quarreling about who owns what. The plan should be financially sound for the business and fairly beneficial for the family member.
Track income and expense
Each family member must know how to differentiate a business expense and the personal family expense. They should understand how the expense can affect the income and how the family may suffer from the outcome.
Do not make them feel their contribution makes them the absolute owner of anything the business earns. There should be a boundary between efforts and remuneration against the business income.
Work out your issues
It is true that you do not let the sun set on a quarrel. We all know that a family is already a very complex environment. You should collaborate and communicate everything to them as a way to keep up with differing ideas and also, nurture the environment.
Hierarchy can be a pain at times but it is the only way a family business can survive through generations. Make it a habit to always have a family meeting to iron out issues and discuss important matters.
Create an advisory board
Hire a consultant that would help guide the business and mentor the kids. Perpetuating a business is an ultimate management challenge day in day out.
Advisory boards help run the business better. Generally, you need a legal advisor, financial advisor, marketing advisor and perhaps an HR. Having an advisory board can offer a wide range of advantages, including sharing the outsider’s eye to ideas and perspectives.
What you should keep in mind? Survive the business and nurture the next generation. Know that the success of any family business is tied directly to management of the finances and management of the resources.
A family firm can eliminate some big costs because they can pool in their skill resources, such as accounting and marketing. You can build a successful business from scratch.
However, you should not let your home life suffer because the business demands attention from you and your family. Regardless of the success level, you should preserve the peace of home life. Avoid stress and never compromise family time.
Understand that if you mix family, money and stress, it will not help solve conflicts quickly. Bringing the family aboard the business may strengthen or break the relationship you had with them. That is why, if ever, there are problems, you should quickly engage in an open, honest dialogue.
Above all, give credit to their efforts and loyalty. The impact of entrepreneurship can be such a juggling act. Although entrepreneurship looks glamorous, but whatever it takes, whatever it cost, you can make it happen without endangering relationships.
Whatever you sacrifice now can make you end up paying for it in the long run. Less family time can be detrimental so make sure you have mutually exclusive events. Nurture relationships with people who are closest to you and that would be your family. Focus on what really matters most. Build a business while you create memories!