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How to organize a family business

Family business has both positive and negative sides. It is built on trust between family people who work together for a common cause, leaving the main profit within the family. However, difficulties and problems that may arise can affect family relationships. Therefore, before organizing a family business, you need to weigh the pros and cons and only then make this responsible decision.

Types of family business
Family business depends on the number of people who will form the state.

If it does not exceed 10, then this is a small business. Typically, such a structure does not have a clearly defined hierarchy, and one universal worker can replace another.
A family type company (family company) has a strict hierarchy, and each of its employees performs certain functions.
A family corporation is a company of shareholders who are related to each other. This is usually a hereditary business.
Family business from scratch
The key to success in a family business is a combination of the following factors:

enterprise of family members,
correctly selected field of activity,
competently built development course,
When choosing a field of activity for a family business, it is worth taking into account the personal characteristics and certain abilities of everyone involved in the project.

Family Business Ideas
Recently, online sales are gaining popularity. The offered goods are the most diverse: from needlework to household appliances.
Creation and maintenance of sites.
Translation service from foreign languages.
Holding festive events – weddings, anniversaries, corporate parties, etc.
Hotel business. A small family hotel or hostel, possibly with catering and related services – transfer, excursions, etc.
Food service: family cafe, pizzeria, pastry shop, cheburechnaya, etc.
Domestic services: repair and design of premises, landscape design, cleaning, transportation, beauty salon.
Production of designer furniture, clothes, original souvenirs, etc.
Child development centers, entertainment game rooms, etc.
Agricultural production.
Custom-made advertising and marketing services.
Conducting lectures, workshops, seminars and trainings.
First Steps in the Family Business
Having decided on the direction of the family business, it is worth analyzing the selected area for the future development, and then distributing responsibilities for each participant in the enterprise, taking into account his talents and inclinations, and stipulating the distribution of profits.

Business plan

One of the first steps should be the competent preparation of a business plan, which necessarily indicates:

Company name, form of ownership, legal structure, licenses, company address, required space.
Development strategy, indicating the amount laid down for these purposes, methods of its implementation.
Financial calculations.
Market analysis of sales. Describe the target audience, services or products offered, their benefits to the buyer.
The advantages of your company over competitors.
The desired cost of a service or product to achieve profit and successful competitiveness.
The number of employees and the distribution of responsibilities between members of the family business with a description of job descriptions.
Equipment or technology needed for the workflow.
Accompanying documents: instructions, contracts, resumes, etc.
It should be remembered that the law restricts the creation of a business in certain areas of activity:

Production and sale of alcoholic beverages,
Manufacture and sale of drugs
The manufacture and sale of weapons.
Financial resources

Almost no business can be started without investing in finance. If there is no necessary amount to open, you can get a loan from the bank.

Then it is necessary to register in the state register, if necessary, determine the premises or equipment. Another important point is advertising.

Tips for Newbies in Starting a Family Business
Immediately clearly stipulate the scope of family and work relationships.

Distribute responsibilities among family members with a clear description of each position.

In order for the family business to develop successfully, study: read the relevant books, attend trainings, analyze the success of celebrities, and monitor your competitors.

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