News Is It A Good Idea To Mix Family And...

Is It A Good Idea To Mix Family And Business?

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There are many successful businesses that started as a joint venture between several members of the same family. However, there is also a large amount of family feuds that started because of a business deal gone wrong or seen as unfair by one of the parties. If you are considering easy business ideas to start a family run company check out first the following:

Do You Really Get Along?

While you may love your family, you may hate going into business with them if you don’t trust their skills with money or think that their work ethics aren’t good enough. Be honest with yourself: If you like things slow and steady but your potential business partner is a risk taker that loves high business bets you may have severe problems working together, family or not.

Is it a Mutually Beneficial Relationship?

One of the main ingredients for the business disaster recipe is when a partner feels that he’s carrying an unfair amount of the weight. If you start a business with a family member, make it clear that it’s a business relationship. Some people may be really accommodating about a partner who takes a less than active role on things such as housekeeping, but suddenly discover that they cannot accept lack of effort when it’s risking their dream business.

Is it Something You Both Really Want to Do?

Many people start a business with a partner to support the partner’s ideas to make money but without being specially interested on the business itself. In other cases, a family member feels obliged to join a family venture because, well, it’s what family do. In both cases you may end up creating a rift when this person is not happy working for or with you. While you should be able to find support on your family for your business idea, don’t force anybody to take an active part of it if you want to avoid problems.

Whether you want to hire a family member to help with your online jewelry business part time or want to sign up your partner as co-director, make sure you treat it from the start as a business deal, no matter how close you are to that family member. If you feel that there could be issues that could damage your relationship, put a stop to it before it explodes. Is it a good idea to mix family and business? Sometimes it can lead to great success, but sometimes it can be a disaster. Every case is different, but make sure you know your priorities.

Is It A Good Idea To Mix Family And Business?
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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