Should You Become an Entrepreneur or Join the Family Business? (Pt. I)

Making the decision between joining your family's business or pursuing your own entrepreneurial path can be challenging. The allure of a guaranteed job from your family, particularly in an uncertain job market, can make it difficult to turn down such an opportunity.

Working for a family business demands effective communication, vulnerability, and the establishment of clear boundaries between work and personal life—an essential aspect that must be honoured.

Before committing to work with your family, it is crucial to take the time to understand your motivations, goals, and aspirations for the future.

Choosing to work with your family in their existing business is a weighty decision, as it can significantly impact your long-term happiness and mental well-being.

Ultimately, the choice rests solely with you. Hence, in this post, we aim to provide clarity and assist you in understanding the options available to you.

Here are some of the benefits of working for the family business:

Stability

It can be extremely rewarding to help your family build generational wealth and a legacy that can be passed down to future generations. A family business, when run properly and efficiently, can also be a safe haven of sorts for family members that are down on their luck until they can get back on their feet. 

One of the biggest benefits of working in your family business is that you already know everyone’s strengths, weaknesses, and work ethic. 

In most cases, you will be close with the family members that you have chosen to go into business with, and you will be able to have a higher level of trust in them than you would find in a traditional job. 

A family business can also help you to build upon those existing bonds and bring you closer to your family members. Since everyone has a stake in the business's success, you may find that everyone is willing to work harder together. 

In a family business, you may get the opportunity to try your hand at different roles than you would in a traditional job. In a traditional job, each person has a clear role and minimal overlap between positions. 

In a family business, however, each person will likely have multiple roles and responsibilities. There is a greater chance that you will be able to try different positions until you are able to find the ones that you excel at. 

In a family business, family members are more likely to put in their own money for start-up costs, supplies, and any miscellaneous things that are needed. This can help to avoid costly loan fees and interest rates which can quickly add up. 

In addition, many family members may be willing to work for less money than traditional employees would, at least at the beginning of the business. There are also many tax benefits, insurance breaks, and more that small family businesses can qualify for that help offset costs. 

When you are relying on yourself and your family members to run the family business, there may be less of an opportunity to utilize outside sources for problem-solving. 

In an effort to save money and be more efficient, ingenuity naturally occurs in small family businesses. You are also more likely to have your opinion heard in this work setting than you would in a traditional job.