answersLogoWhite

0


Best Answer

I currently own a family business. I will list in 2 separate sections the pros and cons that I have found thus far.

Pros - You can make your own hours.

You can write off just about anything as "business related" I.e. - clothes (uniforms) Gas - (travel expenses), Hotels (travel expenses), Need cash? (Pay yourself contract labor for "Mowing the premises") Pretty much anything, us your imagination. Just don't get greedy!!! That is how you get caught! :P

You can choose your own team of people.

All of this means more family time, and more money in the bank. Isn't this what we are all looking for?

Cons : Government, government, and government. Evn if you own your own business the government wants to get their little taste. And by "little" taste I mean anything that they can get their greedy little hands on. You hav etbe careful because expenses turn into taxes and taxes turn into taxes and then after all of that is said and done, you have to pay taxes. Most people do not realize how bad the government is on small business owners until they own their own. Just be careful and cut whatever corners you can, especially in the beginning. Most new businesses fail in the first few years because they see the money coming in and go crazy in spending. Then at the end of the year when uncle sam wants his money, they don't have it. Another thing to be wary of is the old, "I own it so i don't have to work" attitude. This could not be farther from the truth. Your business WILL fail without your involvement.

I only recommend this for people with a decent amount of liquid assets, and the knolwedge to be able to keep up with all of the paperwork. Other than that small bit of advce, Good luck!!! :)

User Avatar

Wiki User

12y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

13y ago

family business has a number of advantage. Firstly,every member in the family is a strong link so they are often fiercely committed to make business success. Secondly,family members are also sensitive to one another's need. If someone has a major crisis other family members can respond accordingly, taking that person' s work.In addition, family participation can strengthen the company because family members are often loyal and dedicated to the family enterprise

On the other hand, family business still has the bad points.The interest of a member may not be aligned with the interest of the business is the first drawback.Another disadvantage is the interest of one family member may not be balanced with others family members

This answer is:
User Avatar

User Avatar

Wiki User

14y ago

the advantages of a family business is that you can make lots of money for your family and yourselfdisadvantages of the family business is that you can sometimes not have enough money and due to weather nowadays there's less business going on.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What are the advantages and disadvantages of family businesses?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Advantages and disadvantages of centralising of businesses?

sajid hussain


Advantages and disadvantages of pictograms in businesses?

[object Object]


What are the advantages and disadvantages of sales budget?

Advantages of a sales budget is that it can help businesses to reach a certain selling goal.


What are the advantages and disadvantages of internationalization of small businesses in less developed countries such as Jamaica?

bwjksdg.eghf


What advantage and disadvantage of Liberalization in economy in market price?

The advantages are that it allows more opportunities for businesses. Disadvantages are that the businesses are not properly regulated.


Advantages and disadvantages of brick and click business?

Brick and click businesses contain bricks and clicks


What are the Advantages and disadvantages of an extended family?

There are some advantages to living in an extended family such as keeping relationships and helping each other. There are some disadvantages such as sometimes not getting along and not having enough money.


The advantages and disadvantages of international tourism?

Advantages to international tourism include more customers for area businesses, and more money being brought into the economy. Disadvantages include added traffic, noise, and people.


What are advantages and disadvantages of higher consumer spending?

Advantages: 1. Profitability of Businesses increases 2. Businesses can invest - improve productivity 3. Economic Growth Disadvantages: 1. Inflation - excess demand 2. Stress on raw materials 3. Workers need to work more intensively, hard to manage for businesses at times


What are the Advantages of living with a gay family?

The sexual orientation of parents doesn't create any advantages or disadvantages.


Advantage of RTL family?

1. advantages and disadvantages of RTL family?2. merits and demerits of DTL family ?


What are the advantages of a small business and the bad points?

There are many advantages and disadvantages of a small business. Advantages of a small business include being unique and getting to know local customers. Disadvantages include lack of financing and having to compete with bigger businesses.