There’s something quite wonderful about family-owned businesses. It helps to keep families tied together, makes them more personal and also helps to add to that community spirit. Contrary to what you might think, family businesses are thriving. There are many advantages to family-run businesses that might make you reconsider your own career path. Read more about how running a family business could increase your success below.
People hangout together at coffee shop
People love a personal connection
The internet makes it possible to share stories at a much wider level. While advertising from big brands might have dominated TV in the past, the shift towards digital and the internet means that people are much more easily exposed to smaller businesses and their stories. Businesses like http://varnerpipe.com/ are a great example of a successful business with a great backstory that resonates with potential customers. People connect with a brand better if there is a personal connection, and being able to recognize a company from its story, rather than its flashy advertising can help build that much-coveted brand loyalty
Having a longer-term goal in mind
Family businesses tend to be founded on strong, shared values. Unlike businesses that are concerned with their short-term quarterly profits, family businesses think ahead to the future and operate with long-term strategies in mind. A recent survey by Credit-Suisse found that family-run businesses were outperforming other types of businesses, something that is credited to the long-term focus adopted by these types of businesses.
Shared values and ambition
When you work for a family business, the politics and power struggles that can occur in other workplaces will largely disappear. Families will argue and have their own issues, but the shared ambition to succeed for the sake of the family is strong. Having people around you that will share your values is important, and can help remind you of the bigger picture when things get tough. Many family businesses are established with firm values in mind, which can give you something to stick to in every chapter of your business’ story.
The best environment for business education
Learning on the job is one of the best ways to figure out the ins and outs of running a business, and who better to learn from than family? A business that has been in the family for generations will help you to learn the key elements of running a successful business in a way that fills you with confidence. Even if you do decide to break away from the family business and do your own thing, the knowledge you will have gained will be invaluable and make you a much more confident business person.
It’s great that family businesses are thriving. As more people start their own ventures, we could be about to see a new type of family-run business emerging. As a winning formula, a family-run business structure isn’t a bad one to enter into and could help you and your business stand the best chance of success.
