Tips to Develop Family Business
Article / 12 February 2018
After successfully starting a business, for the next step, you need to run and develop it. Surely, this is not an easy case, especially if you are running a family business. In running a family business, there are a lot of problems that you have to face, from feeling less confident and lack of passion. In fact, if you know the tips and tricks, you will enjoy every step to develop your family business. Here are some tips to develop your family business so that you can enjoyably run it!
Create an attractive business brand
One of the weaknesses of a family business is it stills adhering the conventional system. In another word, it is obsolete for the marketing affairs. Consequently, it is your job as a successor of your family business to make it as attractive as possible. You can do it by changing the brand, ranging from logos, tagline, and also marketing. As explained at www.thebalance.com, branding is important because it will represent your family business as a whole.
An example of a successful family business branding is Giorgio Armani, Louis Vuitton, Ralph Lauren, and Prada. These four biggest fashion brands in the world are still growing, even bigger than when their family first built the business. Therefore, you need to start creating a logo and tagline right now and don’t forget to create a unique branding that is memorable.
Take a maximum advantage of online marketing
Developing family business will be more enjoyable if you do it through online marketing. In online marketing, there are a lot of tools that you can use, one of them is social media. It can be used for a free marketing procedure with a high potential to get new customers. Not only social media, you can also pick some other platforms such as the online marketplace, website, or online advertising.
An example of a successful family business using online marketing is Wine Library, a wine shop in New Jersey, USA. The Wine Library was originally called Shopper’s Discount Liquors, built by Sasha Vaynerchuk in the 1990s. But in 2006, Gary Vaynerchuk, son of Sasha Vaynerchuk, renamed the shop and took full advantage of online marketing.
Gary convinced his dad to create a website (winelibrary.com), use e-mail and content marketing, also try Google Adwords to increase sales. As a result, the business got multiple benefits. Gary even managed to increase the number of sales, from 3 million USD to 60 million USD, in just five years.
Open to suggestions and help from others
It is true that you are running a family business, but it doesn’t mean that you are not allowed to ask advice and help from others. Even less, those will make your business develop in a good way. Excerpted from inc.com, some advice from others, especially experts, will be very useful in several phases of business; when your company is growing; when critical decisions are made; and when the company is experiencing internal conflict. Therefore, do not hesitate to join the community with the same business field, or directly invite a discussion of people who are experts in the field!
Finding the right partner and investor
In addition to be open to the experts, you can also develop your family business by inviting friends and outside investors. It is important to remember that investors are not solely about investing some money into your business and make some profits. They could bring something more than just additional capital for your company, such as new skills (from technical, marketing, or financial), or add patents, properties, and production capabilities.
Deliver a business plan presentation as attractive as possible
Have you seen Steve Jobs when he delivered a presentation to introduce iPhone? Until today, the style of Steve Jobs remains a role model in the successful presentation of a product or service. Steve Jobs's presentation was simple, but Jobs's talent to create a storytelling, jokes, and even comparing a competitor made the presentation very interesting. In a presentation lesson article from Steve Jobs, Forbes wrote at least eleven key points to make your presentation interesting, one of which is storytelling.
If Steve Jobs succeeded in bringing the history of Apple that can change one's point of view in a technology product, then you can also highlight the strengths of your family business. You can bring up the unique story of how your family business can grow as it is now and what its potential is in the future.
In developing a family business, there are times when you need a substantial amount of money but your business savings account has not been sufficient for that. No need to worry because now you can get loan alternatives with Danamon Solusi UKM. You can get a loan in the form of investment shop, business investment or working capital. Grow your family business bigger, more modern, and fun now!