If you have already started a new business, the chances are you have used you family at some stage for either advice or help running the daily operation of your startup venture. If you haven’t used your family at any stage during inception, maybe you are one of the lucky ones that has so far, not needed their help. If that is the case, kudos, the future looks bright for you.

For those of you who are yet to start a new small business, in this article we are going to discuss why family can be so useful during the startup phase.

Tip #1 – A great source of advice

The chances are your parents, grandparents or distant relatives have either operated their own small business or know somebody that has. As with anything else in life, you can use their knowledge and experiences to your own advantage by seeping every bit of it from them. During the startup and development stages of starting a new business you will need questions answering, you will need advice on certain issues and family is usually great for all of that.

Tip #2 – A source of startup finance

Although it may make some of you uncomfortable to take a loan from your parents or close relatives, you would be surprised just how many of us do it. Your family can be a great source of low cost and flexible startup finance, incomparable to regular high street offers. If you need a few hundred to a few thousand pounds/dollars to get your startup plans in motion, present your business plan to your family members and ask them outright for their investment. The chances are they will accommodate your proposal and support you with your endeavours.

Tip #3 – A source of labour

Despite the slightly flippant choice of sub-title above, your family can be an excellent source of cheap labour. Let’s face it, who in their right minds would help you pack boxes for half the day for cleaning their car? – You get the idea. Whether you have spouses, brothers, sisters or even parents who have a little spare time from their own chores, they will help you should you need it. If you’re on to a good thing and making some money, share the gold and don’t always assume that your family shouldn’t be paid.

Don’t underestimate just how useful and cost effective using your family is during the inception and development stages of your small business. When it comes time for taking on employees, where normally you would have to pay for each and every task that they do, you will be grateful what your family would otherwise have done for free. Don’t be afraid to ask for help, your family are there if you need them.

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