Three Essential Questions To Ask Before Starting A Family Business

Lizzio Development Group was built by three generations of the Lizzio family.  It took decades of hard work and determination to get to where we are today, so we know a few things about what it takes to run a successful family business.  A lot of people assume that running a family business will be easy, but managing a business with a family member can be trickier than it looks.  If you're thinking about starting a business with your family, make sure to ask yourself these questions.

Am I only doing this to follow a dream?

Too many people make the mistake of viewing a family business as something fun since it's always been their dream to have one.  You can have "fun" when you run your business, but succeeding should be your top priority.  It may have always been your dream to open a pizza shop in your hometown with your family, but if your hometown already has five different pizzerias your business won't do well. There's nothing wrong with following your dreams, but if your dreams could put you and your family in financial jeopardy it isn't worth it.

Do my family members want to be a part of this business?

It isn't uncommon for people to plan to have their family members help them out on business ventures before they actually see if their family members want to be a part of it.  Don't plan on having your family members work in your business before you see how they feel about it.  They may not be interested in helping you out, or they may simply not have the time to devote to a starting a business.

Can I manage my family members?

Managing your family members won't be like managing employees you aren't related to.  Some family members may resent having to take orders from you, and you may feel awkward brining work matters up because you don't want to upset them.