Where to begin? First things first, to organize a family business from scratch, it is crucial to choose a field of activity. For this, you need to find out and analyze the following information: what skills each family member has and in what they are talented and competent. On the basis of this info, one should analyze the ideas and select several most acceptable options in which each relative could use their abilities.
After determining the direction, it is necessary to analyze a specific market for the perspective and competitiveness of a chosen field. It is worthwhile to discuss how the profits will be distributed among relatives.
An important point in the organization of business from scratch is a well-designed business plan where you need to highlight the following points:
Define all the activities that are needed in order to run a business
The volume of work that needs to be performed.
Business development strategy:
- Determine the amount of financial investment necessary for the development of a family business.
- Pick a particular occupation for each family member.
- Select the target audience of your business.
Any business, regardless of the region and the chosen idea, is practically impossible to promote without investments. Its creation and further development require some financial resources. If there is no necessary amount of money, then you should contact one of the commercial banks for a loan in order to promote your company.
After receiving the required amount of money, you should register the established company in the state registrar. Further, depending on the chosen field of business, you may need a room or special equipment. You should not just neglect all the practical aspects of running a business; don’t postpone them or leave them for someone else to fix. It is hard to get started, but the first few steps are always the hardest ones.
10 Ideas for family businesses
- Running your own online store. You may decide to sell toys, clothing, shoes, all sorts of different equipment, accessories, branded products, etc.
- Helping other people create their own websites, online stores, etc.
- Running your own site (from the conventional business service site to a dating site where men can meet single women online).
- Arranging celebrations: birthdays, corporate events, weddings, name days, anniversaries, etc.
- Running a hostel or a small hotel with a cozy homely atmosphere.
- Running a gastronomic institution: a cafe, restaurant, pizzeria, bakery, coffee shops, etc.
- Providing various services: repair, cleaning, gardening, delivery, storing things, etc.
- Running a farm.
- Manufacturing of original furniture or interior design according to the actual design.
- Running various training courses and seminars.
Some important tips for those who decide to create a family business:
- It is important to initially establish clear boundaries, separating family and business relationships.
- For each involved relative, it is necessary to define their duties.
- Family, as well as other types of business, requires a lot of time.
- There should be a clear plan for managing and developing a business.
- For successful running of a family business, it is necessary to bring in experience from the outside: read all sorts of relevant literature, analyze the success stories of famous entrepreneurs, study competitors, and, if possible, attend relevant training courses, and constantly develop.
The myth of the lack of profitability of running a farm:
One of the most interesting ideas for a family business from scratch is to put together your own farm. Many, when considering various ideas, immediately discard this option, considering it as an unpromising and unprofitable business. However, this assumption is wrong. It is quite profitable to be an agricultural producer right now. However, profits from a farm can be obtained only if you properly equip your production; you also cannot be lazy with your work.
It is quite easy to organize such a company. To do this, you just need to choose a place, register your company, and then go with your own products to the relevant market. The farm includes animal husbandry, poultry farming, plant growing, and the manufacture of certain food products from the raw materials that you produce (for example, sausages, smoked meats, jams, etc.).
It should be noted that environmentally friendly products today are particularly in demand and relevant in the food market. Therefore, a good income with proper production of such products is guaranteed.