While going in business in family can often seem like the obvious recipe for disaster, for some people it works. We’ve actually interviewed a few people who run their business with family members and haven’t had any issues. But is it really a good option? Just because it works for certain people, will it work for you? Do you really want to risk ruining a good relationship by going into business? Or will you actually be part of those who it turns out to be the best decision of their lives? There are pros AND cons into going in business with family. If you’re struggling with the idea, don’t worry! We’ve put together a list of the pros and cons of going into business with a family member. Hope it helps and happy reading!
- You’re in the zone because you understand each other and ways of working
- Your co-workers are your family members who care for you and who you can count on
- You’re united by a common goal and ready to make sacrifices for the success of the business
- The mood at work is better and more comfortable. You feel at home while at work
- Family owned businesses often created strong brands because of tradition and hard work
- Things can become to comfortable and slow things down in the long run which can ultimately hurt the business
- Conflicts in the workplace can follow you home because you’re family. Eventually, it can damage your relationship significantly.
- It could be harder to find fresh ideas to help towards the success of your business since outsiders are not involved in the business.
- Leadership succession can become a source of problem since nobody wants to have their relative be their “boss”
- When it comes to making decisions that could impact family members in the workplace, it can represent a challenge