Running a family business is something that you may have thought about doing but are unsure about whether or not you are suited for it. Running any business needs you the be passionate and determined, but a family business requires this + cooperation from your family members to make it work.
Many family businesses start from immigrant parents who need everyone to pitch in to make a living in a new country. Any child who grew up in these environments will have a unique life experience. This experience can help or hinder them in their future careers, depending on how the family business was run.
The best benefit of a family business is undoubtedly creating a legacy that will be remembered by your local community. It also gives children something they can inherit and take over down the line, which could be very beneficial to them if the business is thriving.
A family business is also a great marketing tool since many types of customers are more comfortable spending their money with a family-run business. The fact that a family is running the show and not a faceless corporate entity can be a great selling point for people as it feels more authentic to shop with this kind of store.
The only issue is that staying truly authentic and ‘family-run’ can be difficult as your business grows. It’s impossible for a large company to be entirely family-run, and this is why large businesses often use phrases that describe their team as a family when they aren’t actually related.
However, you should not let a family business be something that consumes the futures of your children. A child should genuinely want to continue the family business, not feel forced to do it for fear of disappointing you and not continuing the legacy you have built.