The Family Business: How You Can Take It to the Next Level

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family business

Building a family business is a unique opportunity that requires dedication and talent. This business might grow out of a concept thought up over dinner one night, and now this dream supports the family’s financial needs. However, there’s always room for improvement. Take a look at how you can improve on the family business with a little outside-of-the-box thinking.

Storefront or Online Options

Many businesses begin with a garage as the main office. In many cases, the business remains in the home as a way to save on overhead. You can’t take the business to another level if you don’t expand on your horizons. Consider a small storefront so that you can serve the local community. If your business is more globally centered, build up that website into a virtual showroom floor. Both development options are viable in today’s economy.

Going Back to School

Family businesses may have a lot of heart behind them, but a lack of college-level knowledge can create financial and developmental problems. Form a family meeting, and ask if anyone is interested in going back to school. The family candidate can attend MBA online programs as a way to improve their business sense and benefit the business as a result. Lack of education is one of the ways that businesses lose out on opportunities and eventually go out of business.

Finding an Angel Investor

A business might have a strong product, but it doesn’t have the manufacturing tools to truly invigorate their inventory levels. An angel investor is a financial friend who offers their funds in exchange for partial ownership in the business. The investor’s funds go toward high-price items that will help the company move to the next level.

Diversify Your Client Base

You might have a dozen loyal clients, but you can’t rely on this small customer base to sustain a business for the long term. Reach out to new customers by advertising the business, such as through community events or online ads. Cultivating new clients is a challenge, but you’ll need those people when sales are slumping otherwise.

Grooming the children to take over the business at some point is a natural progression for most families. Instill a sense of pride in the product or service when the children are young. As they grow and develop, they’ll see the importance of the company as it supports their lives. With a business that grows through the years, your customers can be served with that same dedication as the next generation takes over the reins.

About the author 

Lizzie Weakley

Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.

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