Unlike their big corporate brethren, small businesses have one key advantage they can tap when the going gets tough: family.
In a pinch a business owner can turn to family members and ask them to help out. A quarter of small businesses have a family member working for free, according to the American Express Open Small Business Monitor.
What do you think? If you’re a small business owner, what role does family play in your business?
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4 comments so far
Flexibility is the magic word.
- Posted by Nikkei 225I agree with Nikkei 225, there is a sharp rise in home based small businesses, many of them ran by women. Flexibility, a low overhead and no need to hire external workforce is a big plus and helps in maintaining a viable business. Family rules!
- Posted by Work at home mumWhen starting a business you need all the help you can get, especially if you start small with limited funds.
Friend and family are crucial when they give you time, finance and/or support.
When you start out small, this will make all the difference and in a lot of cases this is the difference between success and failure.
- Posted by ScopulusI am a 66 year old small business woman that has watched my freight broker business go down the tube. Big companies are not moving freight. My family cannot help, as their business’s are having the same problem, as mine. I have watched my saving go week by week. I think the small business people have been forgotten. I want to know what is being done to help us? When you watch billions of dollars being given to other countries, I said
- Posted by Upsetgive the money to the American people,not to the people who use the money to buy weapons to fight against us, or pad the own pockets.