For many reasons, business-savvy people and entrepreneurs tend to keep their business and personal life separate. Meaning family and work are a no-go-zone. But this may be an outdated and incorrect assumption when looking to start a business, and for many people has been their strongest asset.
But what makes mixing family and business so successful? Despite what everyone else says.
Firstly, familiarity. Beginning a business can be uncharted territory for many, with endless twists and turns that can impact the success of your venture. But, in that storm of uncertainty, familiarity and support from your relatives could be your saving grace. Who knows you better than your family, and who could be there for you better than they could? The bond and support of family in business can keep ideas afloat amidst the turbulence of business, and, in the lowest of lows, save your business.
Secondly, trust. Very similar to the familiarity of family, the years of trust and understanding built through decades of dinners, holidays, bad times and good are an advantage that no other business partners will ever have. In comparison to many entrepreneurs' several years of partnerships, you and your siblings, cousins, and parents have decades of trust that have been built between you. Take advantage of that trust and lean on it in the hard times.
Thirdly, shared values and ideas. With any business, understanding your objectives, values, and unified ideas can be the make or break for a business. Understanding the level of business, you are looking to achieve, whether it be a local family-run restaurant or a major clothing chain, find the family member you align with the most and try to understand each other to the full. Take advantage of your shared history, ideals, and values to form a united business idea.
And lastly, the stakes are higher, but the rewards are sweeter. In business, there are lots of things at stake. Money, time, ambition, and all of these are amplified when investing in a family. But with higher risk comes higher reward. Going all in together with family means you can reap the benefits of success without compromise, you can see the fruits of your labour in your own home and help the people you love the most to achieve their business dreams as well as yours.