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Family Business, a Good Idea, Yes or No
Holly / Published on March 15, 2013
You’ve surely heard of the following adage, you can choose your friends but you can’t choose your family? Or what about, blood is thicker than water? Well that’s all very well and good, but would you choose to go into business with them? The Guardian is running an open thread on the topic and we thought we’d take the opportunity to discuss it further.
Family run businesses are proving to be a popular way of starting up an enterprise. Research shows that family run businesses generate revenues of £1.1tn every year and provide 40% of employment in the private sector. Such figures are definitely not to be scoffed at.
Despite this, many people are still reluctant to mix their personal and professional lives. They say you should never mix business with pleasure, and according to a YouGov poll, 53% of British people voted against going into business with a family member. Reasons stated for the opposition include not wanting to complicate relationships and worrying that arguments about the business would cause irreconcilable differences.
However, that still leaves a massive 47% of people who, given the chance, would relish the opportunity of working together with their family. Of those who pronounced themselves in favour, 70% said it was because they felt they could trust family members completely. And we all know that trust is very important when it comes to setting up a business.
But what do you think? Do you own a family business? Or perhaps you’re one of the 53% against mixing personal life with business? We’d love to hear about your experiences so let us know by commenting below.
Here at Choiceful, we love to give you tips and advice for running your business – check out our Facebook page for details about how you can enter our many online seller competitions.