The Family Business Owner: How To Make It Work
Running your own business is tough and especially so if it’s the family business as it is pretty much your whole life. How to make a business like this work for you and family can be a tough task but if we look at some of the key things to make it work then we can be sure to have a better chance of success.
Know How To Balance Family Life With Running A Business
Balance is key and although being a family business and you are all in this together to one degree or another it’s important, even more so in a family business, to turn off sometimes and take time away from work. Often your business is a pride or passion, such as Bean & Boy who started out making soap due to their daughters skin condition, this is especially important to make the distinction between home and family life when it’s such a personal business to avoid burn-out.
If Family Members Work In The Business How To Manage This
Often various members of the family work together in the family business, even across several generations. Where this is the case it’s important to ensure you have a good working relationship as there are pros and cons of working with your own family, as you know them so well this familiarity could help working together but if things are not going so well how do you handle disagreements and even discipline? This could have a very stressful effect on the family.
How To Make Business Vehicles Work For You
One advantage of a family business is the vehicles, you can use the business to get great deals on cars and other vehicles, use specialist providers to find special business deals on vehicle leases, and the more vehicles you are looking for the better a deal you are able to get which can really keep your monthly payments down.
Where The Business Premises Is Also The Family Home
If you work from home or are in the privileged position to have business premises that have accommodation as part of them then this is hugely advantageous keeping the costs of living and working down. There are a few things to be aware of though, make sure you are aware of the rules surrounding using your home as a business address ensure your mortgage and insurance are allowing this and also be aware you can claim back part of your household bills against your tax where possible.
How To Pass The Business On To The Next Generation
One of the main attractions of a family business is that you are going to be able to pass this on to your children and eventually grand-children, there are legal and tax considerations here though. Is it being gifted entirely or are they paying an amount towards the acquisition. You should be mindful that you are keeping enough out for your own retirement and don’t be caught short.
