A recent article, Mistakes to Avoid When Starting a Family Business by Valerie Rind says that if you are considering starting a family business, be careful. It might affect both your professional success and personal relationships.
Here are tips to help you succeed both in your business and personal relationships.
1. Seek advice from an accountant or a lawyer.
Before you launch your family business in a commercial office space, seek advice from an accountant or a lawyer to determine the best structure for your business whether LLC, corporation or other business entity. Legal entity that’s separate from you and other family members involved in the business will protect you from losing your personal assets.
2. Create separate business accounts.
Once you’ve decided and chose the best structure for your family business, you need to set up business banking accounts that are separate from employees’ personal accounts. You can hire a freelance accountant from a virtual office space to help you with recording and tracking your revenues and expenditures for tax purposes.
3. Set clear roles and responsibilities.
It’s very significant to ensure that all of your business processes are covered and there is no overlapping of roles, so each individual should have specific assigned duties and tasks to ensure that everyone is committed to their responsibilities.
4. Formulate an exit plan.
A family member might decide to leave the business eventually, hence a written exit plan helps prevent future arguments and establishes a solid plan for succession. You can book a meeting room to conduct a sit-down meeting with the involved family members and get a lawyer to help you formulate this plan.
Considering these tips will help you launch a successful family business while protecting your wonderful personal relationships. Looking for workspace solutions to help you start your family business in Philadelphia? YourOffice Philadelphia offers you a wide choice of office and workspace solutions: small office space Philadelphia, executive suites Philadelphia and meeting space Philadelphia. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.