A family business has several undeniable advantages. It is often created with people who are fully trusted. In addition, the main income will remain within the family, and each of the relatives works for the common good. However, there are also several disadvantages. Possible problems and failures in the chosen activity can negatively affect relations between relatives. Therefore, deciding to create a family business from scratch, you need to approach this company with all degree of responsibility and seriousness.
Depending on the number of employees involved, a business can be of the following types:
Small business in which no more than 10 people are involved. Often all employees are immediate relatives. Such a business is characterized by the absence of a clearly defined hierarchy, the universality and interchangeability of each employee. A family company is a more professional and serious business, when compared with the previous option. Such companies have a clear hierarchy. Each relative is busy in his area.
Success in family business from scratch depends mainly on the entrepreneurial abilities of family members, a well-chosen niche, the presence of competitors and the right course for development. When choosing an idea and a niche for activity, one should focus on the abilities and personal qualities of each family member.