🌻3 Reasons You Should Consider Starting a Family Business

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When you build a family business, there are numerous advantages. Recruiting people or making essential decisions becomes easier when it’s a family-owned business. It’s also viable for the economy and makes a business grow faster.

I was recently talking to Prashant Pitti, co-founder of EaseMyTrip. Now, EaseMyTrip is a family-owned business. Three brothers, including Prashant, take care of the business. He feels it has been one of the best decisions ever to keep it within the family. Now that their company has taken over Dubai and the Middle East, he firmly believes this wouldn’t have been possible without his brothers. So, let’s find out why people should consider starting a family business.

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1. Trust runs high

Family businesses are mostly started by members who can rely on each other. Family members who have lived together and had the same exposure always have each other’s back. These people know each other in and out. So the trust runs high.

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There’s a unified leadership. Even if some conflicts arise, one does not have to go through office politics; matters can be quickly resolved. Everyone shares a common vision, so reaching goals becomes easier.

2. Clear power equations

When recruiting people from outside, you must oversee their work because you’re unsure how efficient they are. When it comes to a family business, the case is pretty straightforward.

Everybody has their superpowers. One can be influential, and another can have impressive marketing skills. Since you are familiar, everyone knows the other’s strengths. The workload can be divided equally. Operations run smoothly because each department is headed by the best.

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3. Decreased cost

A family business’s foremost advantage is not having to recruit people from outside. How does that help you? It cuts down your cost. As the world is still recovering from COVID, it is challenging for all businesses to stay afloat. Of course, you have to keep paying your employees as well. In family-owned businesses, family members are often willing to pony up financially to keep the business adrift during difficult times.

Sometimes you have to make a temporary pay cut, contribute some of your savings, or keep a hold on the dividends while the company recovers from tough times. Families will look for a long-term business plan, even if that means taking on more responsibility and not taking a salary for a month; they will be willing to do that.

However, just like any other business, a family-owned business has disadvantages. You should not hire inefficient people because they are your family. Sometimes the conflict gets so intense that it becomes impossible to go on. But every coin has two sides! So it’s up to you to capitalize on the benefits and bypass the drawbacks.

Contributed by [Raj Shamani

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