Each year, thousands of people decide that they want to escape the monotony and regimented regime of 9-5 working and create a business that is completely their own. For many people, office-based careers do not provide that stimulation or satisfaction in working that can be gained from overseeingyour own small business. It can be incredibly rewarding to have an idea for a new business and then take steps (and a lot of hard work) to transform the idea into a commercial reality. If you have a family with children of working age, it can be fantastic to make your business a true family-run enterprise.
If it is a success, it could eventually provide full-time employment and high levels of remuneration for all interested family members. When thinking about starting a small family business, there are some key points to consider at the start of your company’s journey. In this article, some of the most important things to consider when starting a family business from home will be discussed.
Decide on your core products
One of the most important steps to consider in any small family business is the core range of products that you will be selling to the public. These should be aimed to appeal to the target market of customers that you are planning to serve. Ideally, your products will be suitably differentiated from that which is offered by your nearest competitors. Having a differentiated product range means that you will not necessarily need to compete with other firms on price alone, especially if your product has key features that are not available elsewhere in the market. Another consideration is making a business that produces handmade goods. Market research indicates that consumers are prepared to pay approximately 17% more for hand-produced items than those that are mass-produced. Hand-crafted items also have the benefit of being unique and this can help with product differentiation considerations.
Build your brand
Once you have decided on the main product range for your family business, it is time to start thinking about your brand image and building brand awareness. Customers are more likely to buy products from brands that they recognize and trust, especially if there are positive connotations associated with the brand (e.g., if it supports local charities or good causes). One key way to build your small family business brand is to hire the services of a dedicated branding agency, such as Anthem Branding. These types of marketing firms have extensive knowledge and skills in the field of brand building. Their specialist staff can help you to understand the strategies that are needed to improve your brand image and visibility in the marketplace.
There may be the option to produce branded products that are given to customers and clients to help improve brand recognition. For example, your business may decide to produce a range of branded items such as pens, coffee mugs and diaries that can be given away with each order. Ideally, these will have contact or website information for the company on so that repeat purchases can be made more easily, and customers become loyal to your brand over time.
This is a contributed post