Let’s Build a Family Business With These Brilliant Ideas!

Let’s Build a Family Business With These Brilliant Ideas! There are many options when it comes to running a business. In addition to ideas, capital, and management, there are also things that are no less important in running a business, namely partners or business partners.

It is known that business is something that cannot be done independently (alone). With this partner, they can share tasks according to their respective abilities. Partners can also be invited to discuss when they find a problem.

In addition to friends or acquaintances, we can also invite family members to build a business together, known as a family business. Family or relatives are the closest people around us.

Let’s Build a Family Business With These Brilliant Ideas!

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What kind of business can you plan and start with your family? Before we talk about business ideas, let’s take a closer look at the term family business

Let’s Build a Family Business With These Brilliant Ideas!

Family business

Family business is often avoided by many people. They reasoned that the family business can break the relationship between family members. Indeed, in a family business, there is a possibility of division between family members, but that does not mean that all family businesses are bad in our eyes

In various countries there are several successful family businesses until now. Such as Sampoerna, Indofood, Djarum, and Bakrie Group (in Indonesia). International family businesses namely Samsung, Nike, and Volkswagen and others.

Don’t assume the family business can cause disputes between family members, believe me working with the family can make building a business easier. Especially in capital matters.

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Let’s Build a Family Business With These Brilliant Ideas!

After we understand and know about the family business. Here are some reasons why a family business can be the best choice for building a business:

1. Rich

Wealth in question, namely the results of the business will be passed on to our children and grandchildren. Building a family business is the same as investing for the next generation (successor).

2. Flexible Working Hours

As with other businesses, managing a family business will also have flexible working hours or hours. Able to determine their own working hours and consult properly to ensure the family business is managed and running well.

Remember as entrepreneurs and business owners, time is money,

3. Improve Family Welfare and Health

Besides being able to improve welfare, you can also spend time maintaining health such as jogging or cycling and so on. Besides being able to spend time exercising with family.

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4. More Familiar and Increase Family Values

By building a family business, it also increases the values that exist in the family while running the business. These values are responsibility, hard work, kinship, respect for others, and other values. Family business, can also share knowledge and experiences with other family members.

5. Faster Capital

Family Business also helps get business capital easier and faster. Besides being able to ask the family to invest and can be used as joint capital with other family members.

Examples of the Most Profitable Family Business Ideas

1. Restaurant

The first business that we can recommend to develop a business with the family is the food stall business. This business is fairly trivial, but it is capable of providing innovation. The food stall business can also be a contemporary business. Give and present innovations by way of menu variations or making portable food stalls (can move from one place to another).

2. Course Place

Having a relative who is proficient in the field of teacher training or likes the world of education can develop a business where courses, such as subject courses or expertise courses such as computer programs, subjects and so on

3. Event Organizer (EO)

Many people experience difficulties when holding an event, be it a birthday or a wedding. Opening an event organizer or EO business with your family is a business that requires many partners. We can invite family members to work together and share the tasks of each family member.

4. Motorbike or Car Rental

To start a car rental business, it is not necessary to involve the whole family. We can invite cooperation with one or two family members. Other family members can serve as business supporters and can develop, such as marketing or customer service.

One of the obstacles experienced in opening a car rental is the expensive price of a car and to open this business requires a large amount of capital. But this can get around this by buying a car on credit.

5. Gardening

In this modern era, we can innovate gardening with our family. Use the hydroponic method that does not require a lot of land. For example, use 30 square meters of land to start hydroponic gardening. Then you can divide tasks to other family members and make sure family members understand the terms and how to garden.

Family Business Success Tips

In order for the business to run smoothly and provide great profits, there are some tips that must be done. What are some tips that can be done to make a profitable family business?

1. Make the Rules

Building a family business has several advantages, one of which is the close relationship between family members. However, this close relationship is not made clear, it will be troublesome in the future. For example, a member of family A wants a task to be done by a member of family B, and so on. Making clear rules is very important for any business, including in a family business. Do not forget to assign tasks and responsibilities according to the ability of family members.

2. Differentiate Personal Interests with Family

When running a business with your family, you must distinguish between personal, family and business interests. Family or personal interests cannot be combined with business interests, because they can cause divisions in business and businesses are threatened with bankruptcy.

A family business is an asset that is not only owned by individuals but by all family members. As a shareholder is to prepare the next generation to manage the family business. Many family businesses end up closing while they still have considerable potential because no one wants to continue the family business.

3. Financial Transparency

Financial problems in a family business are sensitive matters. Even though they have been divided according to their respective roles, there are still some who are suspicious. For this reason, financial transparency in a family business is important. A family business must create a good and transparent financial system so that all family members involved in the business can see the state of the business that is being run.

To facilitate this financial management, use accounting software that is equipped with various interesting features to facilitate financial management.

4. Keep Communication

Problems in family businesses often arise because of poor communication. These problems of ineffective communication and business transparency problems are often the cause of the breakdown of family businesses. For this reason, everything in a family business must be communicated openly and effectively so that nothing is hidden between family members.

Conclusion

Family business is often chosen by some people for certain reasons. This could also be one of the people who own this family business with the ideas described above. Remember in running a family business the main thing is financial management.