The benefits of starting a family business

family business

 

Regardless of whether you’ve got one child or five, it’s always a challenge trying to fit work commitments around your home and family commitments.

If you’re looking to make the transition back into work and you’re concerned about some of the sacrifices that may come with working within an organisation, starting a family business could be a viable alternative.

Going it alone in the business world comes with it’s own set of challenges, however, with your family by your side, you can relieve some of the workload and work through the difficulties together.

In this article, we’ll discuss some of the additional benefits you could take advantage of by starting a family business.

Flexibility

One of the key advantages you will experience when you start your family business is flexibility. As you’ll be working closely with your partner, siblings or children, it’s likely that working patterns, holidays and job roles will be more fluid than they would be when working within an organisation. This will ultimately work in your favour, as you’ll have more freedom when it comes to organising work and family commitments.

However, the informal and flexible nature of family businesses can also be a hindrance, that’s why it’s crucial to establish some sort of structure to avoid complications further down the line. Make sure everyone in the business knows who reports to whom, and make sure you enlist the help of specialist family business accountants such as Alexander and Co, to avoid any issues or disputes regarding finances.

Fewer costs

When times are tough, it’s likely that your family will be more willing to make financial sacrifices for the sake of the business. For example, they might accept a lower pay or they may agree to contribute their own personal finances to help with cash flow.

In addition to this, you won’t have to pay for employers’ liability insurance if you work with close family members and you’re not operating as a limited company.

Gives you the freedom to work from home

As mentioned above, flexibility is a key aspect of family businesses, and this also means that you have the freedom to work from home if you wish.

If you’re a carer or you have young children, finding childcare or support that fits around your working hours can be a feat of endurance in itself. Things can get even more complicated if you’re required to attend meetings, training sessions or corporate events outside of your normal working schedule.

If you start a family business, not only will you have the freedom to work from home, you’ll have added support from your family members who can give a helping hand with both work and home obligations.

It’s important to remember that there are wealth of options out there for mothers looking to transitions back into work. If you’re struggling to find an employer or workplace that will support your lifestyle, starting your own business with your family is a great option to explore if you’re looking for more freedom and support in your working life.

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