Starting a family business

Tips for starting a successful family business

Starting a family business

There are many positive reasons for starting a family business, including earning income, working for yourself, employing family members and having a business to pass down to the next generation. And, when you hire your children, they gain work experience as they earn income. You might even be able to benefit from family business tax breaks.

However, starting a family corporation takes time and careful consideration. Here are some things to know before starting a family business.

Develop a family business plan

Before jumping into any business, consult with trusted legal, tax, and business advisers and develop a business plan. This should be put in writing and distributed to all stakeholders so the venture's operations and goals are transparent. Here are some things you could include in the business plan.

Set ground rules for your family corporation

Determining the company culture will determine how you manage your business and increase the likelihood that things will run smoothly. Here are some ground rules you can consider.

Ensure family success

Starting a business can bring family members closer and allow you to build something together. These businesses can create wealth and opportunities, along with a legacy for future generations. Cover all the bases by going through these important steps, and ensure your investment is protected with small business insurance. Speak with a Nationwide agent about how these products and services can help you get started.

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