Tag: family business

Deciding to start a family business can be a pretty exciting journey. Thinking about a new business idea, about leaving your job to work for yourself, and building something that you can call your own – that’s a neat idea. And from watching on TV, it seems like most family businesses are incredibly successful…right?

As a three-decade-old family run business here at Alamode Fashion Jewelry, we have a unique perspective on the dynamics at work in a family business. While there are certainly very successful family-run companies in the world today, it’s not all fun and games.

Here are the top 3 lessons we’ve learned in running a family business:

Lesson 1: Check Your Relationships at the Door

This is the number one lesson in running a family business. If you take one thing from this article, this is the one.

By definition, working in a family business means you’re working with your spouse, significant other or family member. And while those relationships do not change, it’s crucial that everyone in the business understands that in the workplace, you are co-workers working in a business environment first and family members second.

That means no Hi Mom, can you help me finish this project? I’m too tired or giving up your responsibility to Grandma just because you’re her favorite.

A family business is still a business. It’s vital everyone remembers that.

Lesson 2: Communicate, Communicate and Communicate Some More

It’s no secret that communication is key to running any business. But it’s especially important when you’re working with people you know so well.

Why?

Because business decisions sometimes differ than personal decisions. Just because you know your spouse well, it’s still a best practice to ask than to assume. The last thing you want to do is take away their decision-making ability because you assumed their answer.

Rather, build a habit of communicating and asking for their input and thoughts. It’s good teamwork and good business.

Lesson 3: Have Fun

While this lesson can apply to any business, it’s something that often is lost in family businesses.

Because this is a family business, work naturally becomes a part of the discussion topics at home. While a healthy amount of discussion at home is good (who doesn’t work a bit at home?), it’s key to build time that is focused on the family and not the business.

This is easier said than done, of course. However, for our family business, one thing we try to do is to designate one weekend day that is completely work-free. And if you can aim for both weekend days, even better.

Doing this will make the family business less stressful, happier and tends to lead to more success overall.

Key Takeaway –

Starting a family business can be one of the best decisions you and your family make. But it’s not for everybody. It takes a strong commitment to key your relationships separate from business, to communicate and to always remember that at the end of the day, you are still family.