Is it really stressful managing a family business?

[Axis]

Many people think that managing a family business is so much different than managing a normal or actual business. Well to be sincere and honest, there is definitely no much difference managing a family business from managing an actual business. However the only possible difference between these two is that a family business will always need you to be more attentive as pressure may come from family members requesting allowances etc. Also family members may mount pressure on you in such a way that you do not want them to be disappointed. You need to come down, and you do not need anyone to pressure you to do things that you do not want to do. Most importantly you must endeavour to keep records of each family members that receives allowances from you. So that mistakes and errors cannot occur when you are doing accounting for this allowances.

Possibly at the end of a particular month or year you may remunerate to each family members, allowances, you must endeavour that this should be done with the exact amount stipulated. You shouldn't show any form of partiality but instead make sure to allocate to each and everyone what they deserve. Many successes to family businesses, have definitely testified that managing a family business is still the same thing as managing a normal business.

 

[Jasz]

I think it's important to understand that the stress of managing a family business is not the same as the stress of running a small business.

The main difference is that the family business owner has more time and control over how things are done. If you are running a small business, you are often working at the mercy of your employees and customers, who may have no idea how to run their own businesses.

In contrast, family business owners can set up their businesses in such a way that they don't have to worry about other people's schedules or priorities. They can hire employees when they want them, schedule meetings as they please and even take vacations when they want.

Family business owners also have more flexibility with respect to their personal lives because they don't have any employees working for them 24 hours per day. Family members aren't going to drop everything just because someone needs help running an errand or making a phone call.

 

[Holicent]

Yes, it is stressful, but not in a bad way. Being the sole proprietor of a business can be challenging and rewarding at the same time. It's not easy to find quality help when you're the only one working for your company. But there's no better feeling than having your own business where you can do whatever you want and where you are in control of everything.

If you're thinking about starting a family business, here are some things to consider:
 if you decide to go with a franchise system, make sure that the franchisee gets what he or she paid for. The franchisee should be able to see success from day one. In order for your company to succeed, you'll need to have a plan in place before you even start working on it. This means that before taking over an existing business, it's best practice to establish exactly what it is that you want out of it: What is the vision? How will this be achieved? What resources do I need in order to achieve this vision? What skills do I have that could help me achieve my goals? Once these questions are answered and plans formulated, then it's time to get started!