Thinking about starting a business? Well before you do it, ensure you have a conversation with your family and explain to them what you’re looking to do. This is especially important if a spouse or other family member is going to provide financial support while you work to get the business up and running.
Some of the steps you want to take to get them involved include:
•Going over the business plan
•Involving them with the actual business planning
•Having an uninterrupted conversation explaining your plans
Here’s the reason why you want to get them involved. In operating the business you’ll need emotionally and psychologically support. If they aren’t fully on board with the idea, that’s another battle you’ll have to fight.
When you talk with new or existing business owners, they’ll all tell you that it is an emotional process starting and running a business. In many cases they’re risking time and money on an idea. A scary proposition when they’re not sure how it’ll turn out. Also, they and only other people who have the same business truly understand what’s involved.
As a financial advisor, some of the business owners I’ve talked with include programmers, story book writers, lawyers and commercial cleaners. The common thread with all of them is that it’s tough on them but they wouldn’t have it any other way. They knew when they opened their doors they had to compete. They also knew that sales would be tough. However, when they started to actually run the business they got to see how tough it was.
Why? Sales on a daily basis can be physically and emotionally draining. Not every sales pitch generates a sale. To deal with that and the idea that a family member is not supportive can be a lot for a business owner to deal with.
That potentially negative sales energy can affect short, medium and long range planning for the business. Maybe even its overall success.
Here’s what it can affect:
•Interaction with business partners
There may be some salesmanship involved with getting family on board. Keep in mind that they love you. Also understand that for many people starting a business is a scary thing and they can’t imagine it. So because they care about you, they don’t want to see you have any potential hardship.
Here are a few suggestions on how to get your family onboard with the business:
•Have them ask how they can help
•Have them be able to explain your business
•Avoid non supporters
•Tell them not to ask how the business is doing expecting to hear the worst
•Work out a schedule for life and work
Starting a business is tough enough but not having the emotional and psychological support of family and even friends can make it tougher. Do the best that you can to get them on board. If you can’t, try to minimize the effect it has on your business and family relationship.
Kolonji Murray is a financial advisor with Murray Wealth Group and can be reached at 917-916-2534 or [email protected]