Ideas for Family Business

Family businesses are a tradition in the micro. A high percentage of entrepreneurs begin their business with his family. In this post we will see some familiar business ideas you can start.

Family Business Ideas 1. First Small Business

The vision of the family business is the continuation of the first generation to the following business, ie make it grow over time, it is the family legacy.
It is advisable to start a small business . This means that by the way, we will reduce costs to the fullest, to test the market and family dynamics.

They do more business in Mexico stalls or small business at home (of course, but with the intention of an easy business to test the market).

However, I think it’s great to learn from below the business, and understand the tricks and the trade before investing a lot of money, or forms of business innovation. (Recommendation: innovative business ideas )

Family Business Ideas 2. Conflict Resolution

A common problem in family businesses is how to resolve conflicts that arise. The fact of firing an employee, means the disintegration of the family. At this point, it is appropriate to create a council (this method is commonly used on the boards of large companies) where each person has one vote and say in the decision. Any problems should be discussed and a decision set.

Family Business Ideas 3. Salaries

At this point, you should pay salaries like a normal business. Even when the child is paid the minimum wage is important because it is a reward for the work invested.

Nobody likes working for free, to pay salaries to all, it generates an interest in continuing the work and continue the business.

Family Business Ideas 4. Financial Control

Do not mix your money familiar with the family business . It is advisable to have two separate accounts to separate work and family life.

Another important point to different accounts, is the fact of saying “do not put good money after bad.” If business is bad, you need to fix it with the resources you have.
If the business fails, very probalbmente was not a profitable business, and gives us the lessons necessary to try a new business .

Family Business Ideas 5. Overall view

The successful family business starts to have an overall vision. That is, to where they want to speak to the business, what they want to achieve, and what they expect.