3 Benefits of a Startup Family BusinessBy Meghan Curis on April 29th, 2013 /
At The Spoiled Girl, we sell a variety of clothing, accessories, purses and more for affordable prices. We have experienced a lot of success over the past few years, but maintaining a positive and successful work culture in this economy takes a little bit of creativity. With a family business there can be challenges, but we’ve been able to find the benefits and utilize those for our company.
Understanding the Different Types of Customers
We have a mother, a daughter and a daughter-in-law that all bring different ideas to the table about what can make the business successful. Having this cross generational mix has been extremely beneficial for understanding the different customers that come into our store. My sister and I understand the importance of outreach through social media and a strong Internet presence that appeal to our generation, while my mother has an extensive understanding of direct face-to-face contact that connects with an entirely different target customer base. Our clientele is extremely diverse because our products appeal to women of all ages. Therefore, it is very helpful to have our marketing and management ideas come from women in their 60s, 30s and 20s.
Remembering To Always Support Each Other
Working with a family can be challenging, but completely rewarding. One of the positive aspects of working with your family is that you always know someone will support you. It’s important to understand and accept that disagreements are going to happen, but it’s a lot easier to talk through ideas with family members. They’re always more apt to listen and offer their opinions, plus they’ll love you no matter what.
Maintaining a Culture of Respect
It’s important to maintain respect for family members when making business decisions and to always hold each other accountable, because it’s easy to forget that you are also business partners trying to operate and expand a company.
Understand that disagreements happen, but as family you have a stronger relationship and can get through more difficult times. Also, don’t always take work home with you. As family, it’s easy to involve the workplace in every conversation that happens outside your business.
When you’re not at work, make sure you take time off of being business partners, because family will always come first!
Photo via The Spoiled Girl.