Ready to start a family-run business? There are a few points to consider before you jump in. First, what would be the best business for your family? Second, what kind of funding will you need to get started? Third, how operating the business impact your family life?
According to Brad Sugars, online writer, you shouldn’t choose a business because its what you already know. Just because you were trained as a hairdresser, you don’t have to open a salon. Also, you shouldn’t pick a business just because you have a passion for it. You may really love shoveling snow, but if you live in southern California, snow shoveling is not a very profitable service. You should make sure that it is a product or service that customers will come back for again and again. It makes more sense to sell to returning customers than it does to spend time, energy and money on getting new customers.
Also, make sure there is a high profit margin. Plenty of businesses promise the cheapest prices and undercut their profit margin. If you chose a product or service that makes a very small profit margin, you’ll be working very hard to keep your business profitable. FInally, build a strong support team because having a great idea without a means of implementing that idea will not make a successful business. If you don’t have the knowledge or ability, find someone who does. [Read more…] about 3 Questions to Start a Family-Run Business