Sunday, November 16, 2014

50 Reasons to Start a Family Business

Daphne Mallory, Family Business Expert & Owner
The best way to build wealth and leave a legacy is to grow a family business. Think of all of the family businesses whose products, services, and generosity you benefit from on a daily basis. Your family name can be added to the history books for creating a better society and uplifting others out of poverty. Here are 50 reasons to start your family business today:

  1. Experience God. You will go through trials in your family business. It will humble you and if you lean on God for clients, influence and income, you'll get to know Him better.
  2. More time with family. Time is your most valuable resource. You can have more time for each other when you run a family business.
  3. Double your income and more. There are no limits when it comes to building wealth through a family business. When done right, you'll continue to generate wealth long after you're gone, for generations to come.
  4. Opportunity to strengthen bonds. When you suffer and triumph in business together, you become a stronger family.
  5. Better learning opportunities. Entrepreneurship requires a new set of skills and mindset. Add family dynamics to the mix and you're in for a superior educational experience.
  6. Build a strong marriage. Couples who learn how to work well together can experience even more joy and fulfillment.
  7. Transfer family values. Business presents many opportunities to make choices that promote or contradict your family values. You'll have a great supply of teachable moments to share how and why you make decisions.
  8. Don't let your kids suffer. I understand what it's like to grow up in poverty and the struggle to climb out of it. My mission is not to spoil my children, but to spare them the suffering I went through by building family wealth.
  9. Help others. One of the top ways to help others is through giving. You can reinvest the profits from your family business to give generously to those in need.
  10. Grow as a leader. Building a family business demands leading others. You will have to grow as a leader if you want to succeed.
  11. Adopt a child. Do you dream of adopting a child and providing her with a stable home? Building a family business can help with the finances and strong family bonds you need to adopt and care for children.
  12. Make history. Your family name will be remembered because of your contribution to the economy of your community.
  13. Strengthen inter-generational bonds. Grandparents can work alongside grandchildren in a family business and they can share their culture, experiences and knowledge along the way.
  14. Develop long-term friendships. Family business owners are a different breed. You'll meet others along your journey that you'll become friends with for a life time.
  15. Save money. You can leverage each member's time and energy to get the business started. You will save money on labor until you earn enough profits to create jobs.
  16. Quick access to capital. Your family can become your initial angel investors, giving you the start-up funds for your business.
  17. Perfect for family education. You won't lack opportunities to teach your children just about every subject when you run a family business.
  18. Unites teens with parents. When you transfer responsibilities in business to your teens, they believe that you trust them. That trust builds unity.
  19. Share your work load. Working solo takes its toll eventually. Spread your workload with your family.
  20. Easier to serve your community. Transitioning from your family business activities to attending committee meetings or volunteering is easier when you control your own hours and have your family members with you throughout the day.
  21. Travel at a moment's notice. Can you drop everything to travel for personal reasons when you work for someone else? You can determine when and where you travel when you run your own family business.
  22. Spend quantity time together. There's a myth that all you need is quality time with your children to teach them good decision making skills and to equip them to be great people. The truth is, you need quantity time, and you get that when working together in a family business.
  23. Model integrity. Your family will learn what it means to live a life of integrity by watching you. It's not what you say, it's what you do in business and how you treat others that they'll remember.
  24. Better for sales. Your family story is your competitive advantage. Your clients and customers will remember you when they make the decision to buy.
  25. An answer to unemployment. You are your best employer. If done right, you can climb your way out of unemployment with a family business.
  26. Keep your mind active. Senior citizens are looking for ways to keep their mind engaged. You can do that by building your family business. You'll network with others and strengthen your family in the process.
  27. Alleviate stress. Family business is not easy, but working in a job that fragments your family is even harder. You create stress when you're pulled in different directions. A family business is a holistic way to live and can reduce stress.
  28. Align your work with your values. You determine what to do in family business and you can ensure that you don't engage in activities that contradict your beliefs.
  29. Flexible work hours. I wake up at 2:30AM to get many critical tasks done before my children wake up. You might be a night owl and prefer to do those tasks after your children are asleep. Either way, you're not confined to a 9 to 5, 11 to 7 or other work schedule set by an employer.
  30. Improve your family's health. You can schedule health related activities, such as running or biking together, when you work together. Organize a hike or bike time in the middle of the workday or in the evening.
  31. Eat well. When you work together you often eat together. You can build your work day around healthy meals and snacks. Those choices are often limited in the workplace.
  32. Stop living paycheck to paycheck. It takes time to build a family business, but as you grow you'll earn lump sums of monies that can last for months and eventually years.
  33. Build a foundation. Did you know that many foundations are started and run by families? That's the beauty of family business. You can help to eradicate poverty and improve the quality of life for others.
  34. Become a community leader. Large companies send their leaders to visit city officials, attend community meetings and participate in service clubs because they understand the correlation between business and community leadership. The good news is that a family business owner can become a community leader, and in some cases, has more influence and credibility.
  35. Build other communities. When I moved to the United States, I understood my obligation to one day help my fellow Liberians who continue to struggle with poverty, disease and corruption. My family business serves my children, but it's also a vehicle for me to promote awareness and raise funds to help women and children in my country. Where are you from? What international community is on your heart?
  36. Become a life-long learner. You won't stop learning when you run a family business. Industries, products, clients, selling and technologies change. You won't get bored.
  37. More energy for daily activities. You get to decide your business activities and can manage your energy accordingly. Working for others can sometimes drain your energy, leaving you exhausted when it comes to your home and family.
  38. Build wealth for generations to come. The wealth you generate in your lifetime can benefit future generations. Reinvest a portion of your profits back into your business, your community and other investment vehicles, such as real estate, to ensure future wealth.
  39. Have more children. Family business may provide the finances and security you need to have more children. Knowing that you will have control over your time to raise  your children and the finances to provide for them are some of the many benefits of owing a family business.
  40. Donate to ministry projects. Your income potential in family business is unlimited, which allows you to do more good. You can invest your profits in ministry projects at home and around the world.
  41. Take a year off. Have you wondered how individuals have been able to take an entire year off to travel or to work on charitable projects? Family business is your ticket if that's your dream. You too can plan a year off and celebrate your success and growth.
  42. Gain new skills. We're living in a world where skills are more valuable than academic knowledge. The skills required to start and grow a family business are valuable to colleges, internship programs, fellowships and adult learning opportunities.
  43. Create jobs. You benefit from a community that thrives economically. You can create that by providing jobs. 
  44. Invest in other businesses. The easiest way to build wealth for your family is to become an investor. Family business will provide you the money you need to invest in other businesses. 
  45. Ignite passion in your marriage. Need a little excitement in your relationship? The adventure of growing a family business might just be what the doctor ordered to revitalize your relationship.
  46. Care for aging parents. Some family business owners have been able to take care of their aging parents because of their family business income. You can also work with your aging parents to help keep them active, while providing for their daily needs.
  47. Focus on philanthropy. You will move beyond the growing pains of family business ownership and little money. When you do, you may decide to dedicate most of your activities towards philanthropy.
  48. Become active in service organizations. I am a proud member of Rotary International. My family business allows me the time and resources to participate in local and international projects. What service club would you join if you had more time?
  49. Run for office. We need more family business owners to run for office. Your family business will generate the connections, credibility and capital to run for office and make a difference in your community.
  50. Maintain a wealth of knowledge. When families are fragmented, cultural and business knowledge gets lost. Working together helps to preserve both.
    Inspired? Join my next Family Business Challenge Group, to get the training, support and friendships to get started the right way.

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