Most successful family businesses start small and then grow slowly, keeping overheads low, avoiding borrowing where possible and counting on close relatives along with yourself to work long hours and take little benefit from the fledgling business to start with. Having a detailed plan, investing in professional IFA software, focusing on individual strengths, targeting your market in all areas and giving customers what they want at a good price are all strategies that will allow your business to grow.
Starting small, possibly working from home, being honest and reliable, working long hours and for little financial benefit is the key to a successful start to a new family business. Make sure you have the correct Insurance cover, set up a separate Bank Account so business money is kept separate from personal and keep in mind that customers don’t always pay on time so you will need to keep a reserve pot of money for emergencies. Think about joining the Federation of small businesses, for a nominal fee of £177 they can advise you on legal issues and help you chase any debtors.
The old adage “If you fail to plan, you plan to fail” is so true, especially when it comes to setting up something as complex as your own small family business. Get your business name out onto the High Street and advertise online, the more you can get the business noticed the more customers will buy your product.
