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Things to Consider When Starting a Family Business

January 4th, 2013 Personal Finance

Starting your own business is a great way to truly make your dreams come true. It also allows you to take charge of your life while pursuing something that you're passionate about. A family business takes this lifetime opportunity and allows you to work closely with those close to you. While you may have the initiative and the drive, there are still a variety of factors you may want to keep in mind in order to get your business off the ground and running successfully.

Choosing a name

You might already have a great concept or a product that you believe consumers will want, but in order for them to experience what you have to offer, you need to attract them. While marketing and sales strategies always play an important role, one of the first interactions potential buyers will have with your product is your business name. Inc.com suggests picking a standout one that incorporates what your business is all about. Try to spend some time brainstorming with your family to come up with good ideas.

Finances

While your dreams may be big, funds can be hard to come by. Of course, in order to start your business you need to have a large enough start-up capital. Luckily, there are various lenders that will likely be willing to negotiate a deal with you so that you can obtain the right amount of funds.

First, you may want to look into obtaining loans from government programs and organizations. These are trusted methods of acquiring financial assistance that have served family-based entrepreneurs in the past. One such organization is the U.S. Small Business Administration's Investment Company (SBIC). The kind of loan that you'll be obtaining from the SBA is managed through their Venture Capital Program. While the government won't be directly writing you a check - the loans are funded by private investors - the SBA will monitor and approve the transaction for quality assurance.

If you're interested in finding an investor, you may want to put a great deal of time into your planning strategy. According to the SBA, one of the first steps towards obtaining financial assistance is having a venture fund review your business plan. Some of the key areas that they will focus on are the industry you are involved in, the location in which you operate out of, as well as how developed your company and idea is.

Planning expenses

Another detail that you might want to keep an eye on are your future costs. This will help you know how far your initial investment will go as well as how much your company should be earning on a weekly, monthly or yearly basis.

According to Entrepreneur.com, a great way to make sure that you don't run into trouble is to overestimate your costs and low-ball your income. This will help prevent any surprises and will likely be a big boost in guaranteeing financial security.

Venue

It might be wise to consider where you and your family business will be operating. The answer to this question will hinge on your service and products. For example, if you strictly manufacture goods, your main concern will be finding a big enough space for your staff and products.

If your business involves customers, such as a storefront or an eatery, then other considerations include fire codes, zoning laws and health regulations. Also, if your customers are coming to you, location will be key. In other words, owning a bakery on a main street will probably be more conducive to business than one situated off the beaten path.