Highlights

No Image
Business Ideas

Ideas for Starting a Family Owned Business

April 9, 2021 0

https://youtu.be/0W3xbMmzgRIVideo can’t be loaded because JavaScript is disabled: Working in a Family Owned Business: Good or Bad Idea (https://youtu.be/0W3xbMmzgRI) Starting a family business is a great way to generate extra income for the family. However, Read More

Recommended Posts

Small Business

Latest From Our Blog

Is it necessary to have a college degree to run a small business?

DO YOU NEED A DEGREE TO BE AN ENTREPRENEUR ?

The short answer is, no, it is not strictly necessary to have a college degree in order to start a business. However, there can be cases where you need to have a college degree and/or other credentials to be able to start a particular business.

Many doctors run their own small businesses in that they have their own offices. We typically don’t think of doctor’s offices as small businesses but they actually are.

Obviously, in order to be a doctor, you need to attend medical school and have a license to practice medicine. But doctors need those things even if they opt to accept employment at a large hospital instead of running their own small business as an independent operator with their own office.

However, a business that provides cleaning services would not require a college degree and usually will not require any special licensing or accreditation. Plenty of former homemakers have simply begun work by finding cleaning jobs.

Service professionals such as electricians and plumbers will need training and accreditation appropriate to their field. But more general handyman services sometimes handle similar work to some degree without necessarily seeking such. In such cases, they need to know the limits of their expertise and not get in over their head. A Hendersonville, NC carpet cleaner did not go to college but completed training with the IICRC. This gave him the knowledge and expertise to provide the best service and run a successful business. 

You should always look up any pertinent laws for your state and the type of work you wish to do. There will always be some legal restrictions on business activities, but you may be surprised to find you can do the kind of work you wish to do as an entrepreneur with the minimal regulatory hassle.

One legal restriction will be the use of special terminology with special legal meaning. For example, you can’t call yourself or your business by the name of “doctor” if you aren’t one unless it is clear you are using the word metaphorically, such as Rug Doctor.

If you have a skill or talent and which you wish to use to make some money, sometimes starting your own small business is the best way to do that. Do a little research, come up with a name, register it locally and start advertising and you may soon have customers.

The internet is a huge boon to small businesses. It helps you cut through a lot of the red tape and find a lot of the answers you need to legal questions and business questions any time of the day or night from the comfort of home. It can also be a great way to advertise for free or cheap.

5 Keys to Small Business Longevity

Many people dream about starting a business. Unfortunately, 20 percent of small businesses fail within the first year. The good news is that you can take the following steps to make your business last.

the word longevity written on a road going into a distant horizon

Improve Your Customer Service Experience

Many small businesses such as professional carpet cleaners rely on repeat business to keep going. One of the best things that you can do to keep your customers coming back is to deliver good customer exercise. Half of the customers will not come back to a business if they have a bad experience. That is why you should do everything that you can to ensure that your customers have a good experience.

Make sure that your staff members have the proper training. Respond quickly to customer requests. Ask for suggestions for improvement.

 

Get on Social Media

It will be a lot harder for your business to survive if you are not active on social media. You should have an account on Linkedin, Facebook, Instagram, and Twitter. If you make videos to promote your product or service, then you should also be on YouTube. Social media makes it easier for you to promote your business. It also helps you connect with your customers. Furthermore, customers will be able to stay updated with what you are doing.

 

Use Word of Mouth

It is easy to promote your business on the internet. However, that does not mean that word of mouth isn’t important. The easiest way to get new customers is through the ones that you already have. People typically trust the reviews from their family members and friends more than reviews from strangers.

 

Reduce Your Business Costs

Many small businesses fail due to financial issues. It does take a lot of money to run a business, but you can do everything that you can to trim the expenses. For example, if you need equipment for your business, then you should buy used ones. You should also negotiate with your vendors. Buying supplies in bulk is another thing that you can do to save money.

 

Find the Right Employees

Bad employees will ruin any type of business. That is why it is important to be careful about who you hire. Make sure that your employees are properly screened. You should also ensure that they have the proper training and understand what is expected of them. It can take a lot of money for you to train and hire the right people. However, it will be well worth it in the end.

Ideas for Starting a Family Owned Business

Starting a family business is a great way to generate extra income for the family. However, the process can be overwhelming, especially when no family member has ideas about where to start or how to go about the entire process. Below are tips to help you start a family-owned business.

 

Determine the Type of Business You Want

When it comes to choosing a family business, everyone might have different ideas. Start by asking each member their views. You can choose a carpet cleaning business, plumbing, or electrical services. Ensure you get everyone involved.

 

The final decision depends on the skillset among the family members. Ensure you go for a business that everyone can contribute to without struggling. If one family member has better skills than others, they can offer training to make each person comfortable and resourceful.

 

Create a Business Plan

Once you decide what you want to do, plan how you’re going to do it. In this case, you will need to create a business plan to guide you. Decide how much capital you want to invest, the business location, whether online or physical, the age and sex of your target audience, among other demographics. Below are other areas to consider.

  • Define each family member’s role, including schedules when everyone needs to be fully involved in the operations.
  • Compensation packages for each member depending on the profits generated. Be open with the compensation structure.
  • Schedules when each family member can take annual leave. Ensure each person is comfortable with the assigned dates.
  • Define the exit plan for each family member by setting conditions that each should follow before leaving the business.
  • Create a succession plan showing business transition should the founders retire, pass on or pass along the business for another opportunity.

Remember, your plan should be on paper to avoid confusion in the future. Ensure everyone agrees and commits to the assigned responsibilities

 

Set the Ground Rules

Laying down rules will help you create the company culture and set a firm ground for the business. This increases the like hood of running the business smoothly and professionally. Below are some of the ground rules you can set for the business.

  • Each family member should keep their personal and work lives separate. Let work issues be solved at work professionally.
  • If you have teens who want to join the family business, they should gain experience first from other organizations.
  • Get help from professionals who have experience in the same industry. Family members may not be experts in everything.
  • The business management or shareholders should treat everyone equally, whether a child, cousin, nephew, sister, or brother.
  • Create measures to mitigate potential losses. In this case, you may want to set aside emergency money to take care of future risks.

 

Put In Your Best

Stay encouraged, especially during the first days or months after the launch when things are often challenging. This is the time when all family members need to hold each other’s hands and put minds together to ensure the business moves on to the next level. It may not be easy but giving up is not the solution.

Small Businesses

5 Effective Tools for Small Businesses

A lot of small business suffers from lack of management due to the absence of right management team. Strategic planning and management are necessary for any business to last longer in the market. Due to the small budgets and limited staff members, small businesses find it hard to stay side-by-side with the big organizations. The entrepreneurs should focus on learning about the tools that can help them manage their business better. While not all the tools available for automated management are affordable for every small business, a good time researching can provide really good options. Here are some useful tools that every small business needs today.

small business

Wix

Every business today needs an online presence that can get well established if there is a website for the business. Small businesses can find hiring a web developer expensive. On the other hand, Wix provides easy to use website builder that one can learn using while creating a website. One can receive endless features to customize their website at affordable prices. Wix helps its clients to build websites from scratch while also providing tools for the right analysis.

MailChimp

MailChimp has been operating for almost two decades to provide affordable email marketing solutions to all types of businesses. They help in creating emails, postcards, landing pages, and more for any business at affordable prices. Users can choose from different email templates to customize their message and send it to their network in simple steps. It can send up to 10,000 emails per month for free and 500,000/1.2 million emails per month in the paid version.

Trello

Trello is a great project management software that can help any business in solving high-level planning issues. Trello offers a flexible management tool for free. Businesses can create tasks and track their progress and workflow effectively. The toll is capable of managing files, links, dates, images, and more. It also has paid plan with added features and better storage. Due to its popularity, Trello is integrated with Slack, Google Drive, Dropbox, other platforms.

Slack

Slack is a great communication tool that is used by some of the biggest organizations for communication. It is a real-time communicator of the teams that can help them collaborate better. Slack was developed to allow teams to create, discuss, and share ideas as well as files. It also offers tons of features, from creating polls to scheduling meetings, creating cloud storage, and productivity tools. Slack lets its users search for a conversation in easy ways no matter how old the conversation was. It has both free and paid versions.

Slack

Freshteam

Freshteam is a great HR tool that helps businesses in hiring and onboarding while managing information for all employees. It is simply the best tool for HR today due to its affordability and online management. It can perform tasks such as posting jobs, screening resumes, sending offer letters, and track the candidates. It is an easy tool to be used by small businesses that do not have the right HR team to manage their employee information.