It feels like there’s a million Family Businesses out there and it can be a real challenge finding a business that is a good fit for your family. The hardest part is figuring out what kind of business works for your family. Here’s a few tips that seem to help most people.
Which Family Businesses Work Best?
1) KNOW WHAT YOU WANT your Home Family Business to do for you! – This is really THE most important thing. What are you looking for? Is it time freedom? More Money? How much Money do you want? Sit down with a notepad right now, and just ask yourself “What do I want my business to do for me?”. Arming yourself with this just this info could save you THOUSANDS of Dollars and TONS of Time. Some people want the freedom of owning a business, but instead, what they end up with is a business that owns them.
2) Flexible Hours – Parents need flexible hours. Most parents could not deal with a schedule that was going to keep them away from their family at critical moments. So you want to find something that you can do around those things that are important to you.
3) No Inventory – Most families don’t have room to store all their kids coats, let alone have enough room to have boxes of products stacked all over their home. On top of that businesses that require you to keep products on hand also tend to require a much higher initial investment, this is typically cost prohibitive for families.
4) No Employees – Buying a business where you have to manage employees, often feels like running an adult day care center. Also, the cost and frustration in hiring, training, and firing employees could considerable take away from a family business you wish to run from home.
5) Ability to Earn a Great Income – This is huge! It may surprise you how many people start family businesses without having a plan for making money. You need to know what to do, how to do it, and how you make money at it before you invest your money. It would shock you how many people I coach through the selection process who don’t even know what they want to make, or what they want their business to do for them.