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Personal Finance Tip Of The Day :
(July 31) Running A Family Business
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"The Marvel of the Internet!" |
Search the entire Web here. Try it!
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Two articles at Bankrate.com discuss the idea of a family business. Keeping the family, and the business, together says that "an estimated 90 percent of all businesses in North America are family owned, including nearly 35 percent of the Fortune 500... family businesses also account for 78 percent of new-job creation, 60 percent of the nation's employment and 50 percent of America's gross domestic product." This article addresses the hows and whys of starting and running an intensive family business.
The author goes on to list 10 questions families need to answer before starting a business. Read this article to find out how to make your family financially ready, psychologically prepared and organizationally equipped to run a business.
My ebook 21st Century Money Secrets shows you how to start a side business, which is something you don't really need to get your family closely involved with. Following the advice in this ebook is a good way to "test the waters" without having to investe much time and money up front, so you won't have to worry about about involving your family members.