Tips for Starting a Family Business.

Many small businesses are run by families.  Family businesses can be rewarding, but they also present many unique challenges.  According to an article published in Forbes magazine, there are 8 rules you should follow to run a successful business with your spouse.

  • First, set up an emergency fund.  Money is necessary to start a new business, but it is also a major cause of divorce.  Setting up an emergency fund can prevent unnecessary stress. 
  • Second, get out of the house and get an office.  An office will help you meet new contacts and help separate your home life from your professional life. 
  • Third, understand your personality types.  For example, one of you may be focused on details and the other is more of a big picture planner.  
  • Fourth, set expectations regarding who is responsible for what.  You can avoid a lot of frustration if you clearly define each person’s role.  
  • Fifth, engage in your own separate hobbies.  You will be spending a lot of time with your family at work.  It’s important to get away and maintain some balance in your lives.     
  • Sixth, discuss your tolerance for risk.  You will need to be on the same page regarding debt and growth. 
  • Seventh, be sure to balance praise and constructive criticism.  It’s easy to criticize family because you assume their feelings will not be hurt as easily.  (Anyone who has watched the Robertson family in A&E’s Duck Dynasty has probably seen this happen.)  But, you should remember to give praise for a job well done in order to keep the business relationship running smoothly.  
  • Lastly, have a sense of humor.  This is a great way to prevent yourself and your family from becoming overwhelmed with stress.

The attorneys at DeBlasio & Donnell LLC are experienced at small business formation.  To speak with one of our business attorneys, call us Toll Free at (877) 646-9245 or contact us via our website at http://dd-lawfirm.com/contact.php.

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