Edmonton Business Coach | The Challenges of a Family Run Business
Hi, welcome back to Edmonton business coach, inspired method marketing YouTube channel. We are here today to talk about the challenges of running a family business. My name is Karen and this is my husband Trevor. Hi. And Zig Ziglar has been quoted saying the chief cause of failure and unhappiness is trading what you want most for what you want right now.
So true, so true. So many of us are guilty of this. In our personal lives, our business lives, our family lives. Industry Canada says that 15% of businesses fail in year one, 30% fail by year two and 50% fail by year five.
wow. Very good odds are not good odds at all. But that’s why the Edmonton business coach is here. That’s why, that’s why we’re making these Edmonton business coach marketing videos and why we exist as a business. So, um, today’s topic about the challenges of running a family business. We had to go for a long time to work together on a business and it has its ups and downs. Yep. And today we’re going to be dishing the dirt on what it’s like to run a family business. So what are some
questions that you might have and we want to share it. Okay. So you guys might be asking these questions. We’re going to give you the rundown, the answers. What was the reason that you wanted to run a business together?
Well it all comes down to, I want to know what does it come down to.
The biggest reason was I wanted to do something with you, right? That was the main reason I wanted to have a business that we can both work together where we could go down the same path, have the same goals and vision and working together as an Edmonton business coach team. That’s really what I wanted. And you know, I really value our family and being with our kids and I wanted to maximize that amount of time because we only have so long with them when they’re little and you know, being away from you and from the children for many, many hours a day doing something I didn’t really care for. It wasn’t really passionate about anyways, made me feel like I was just going through the motions and you know, just earning a paycheck. So that’s really the big reason why I wanted to start an Edmonton business coach company with you. Yeah, I can testify that all of that.
What was it like operating the business in the beginning? It’s then one year since we’ve started officially operating. What was it like at the very beginning? Can you remember back a year ago?
Yeah, so when we first started it was good. I mean, you know, we, we started working together and you know, just learning how to be in the same room together was the thing is challenged because I was going from a trades background, you know, always working with construction crews, working with you know, noise and adults and uh, you know, so when there’s more children around during the day, it was a bit of an adjustment for sure. And I know one is, it was an adjustment for you having me around because you had gone so many years without me being in the same room with you. So there was an adjustment period there for sure. And you know, at the beginning it was just really trying to, you know, feel it out and see how, you know, we can make this work, right? So figuring out schedules and figuring out what my roles were as the Edmonton business coach and all those sorts of things.
So that’s what it was like in the beginning. So what was our big challenge that you had to overcome in those first few days or this first days? Yeah, the biggest challenge was really figuring out what our major Edmonton business coach offering was going to be, right? And who to talk to, what our target demographic was willing to be. And so that’s on the Edmonton business coach side. But on the personal side, working together at home was, you know, figuring out a schedule of what’s going to work, right? So what time we get up, when are we contacting new clients, when are we, you know, prospecting and networking, what stuff am I doing and what Edmonton business coach stuff are you doing? Those were all part of the whole game. And then also trying to keep the children at bay because they’re always wanting to have your attention. Seeing as your home now, it must be playtime.
So interrupt, interrupt time. I need this. I mean that. So there’s a lot of challenges at the beginning of that. How did you determine those business roles, Edmonton business coach? Well, really finding out what my strengths are and my background in determining what your strengths were and what your background is and seeing what you preferred to do, what you’re better at. And that was something that we didn’t hit right off the front, right off the front lines. Um, and you as that was part of the challenge, right? It’s still in, it’s still is trying to figure out what, whose roles are what I’m, it’s more defined now, which is good. Um, after a year of operating and working together as a family and they are dynamic has changed a lot. I’m in an Edmonton business coach office now, I’m not at home. Whereas you’re still working at home? And um, so that’s, that was the biggest thing is determining you know, what you’re good at and you like the social media side of things more than I do. For me, it’s more of a distraction and I like more the client facing and a little bit, um, of the technical side of things. So really helping, my role as Edmonton business coach, is to help build and grow the business. And your role is to keep things, keep the wheels running into nourishing. Yeah.
How to describe it. I have to say that we are in the top 85%. If you listen, remember that statistic at the beginning you had said that your one 15% fail. Well, we’ve already beat up 15% of people. It’s just going to get better from here. That’s right. We made it to here one. So how difficult has it been to switch or flip from work to home? Being that our work and our home is in the same space in the beginning.
Well, you can hear the work going on around us all in the background.
Weird. We’re living and working in the same space here. Yeah. Uh, so, uh, the question was how did you switch from, or how did you switch from work to home. How difficult is that? Just, you know, when you’re in your home and you’re working, how do you keep that flip? How do you flip that switch? So you’re in work mode as opposed to doing the laundry, doing the dishes, making supper.
Yeah. That’s good. You know, I don’t think there’s a good answer for that. Yeah. That’s your thing. The answer is, um, really I believe, you know, you should be able to turn the switch off because if you’re always thinking about working in all ways, you know, concerned about what’s happening at work or how a client thinks went in your, you know, at home and having dinner with family or out relaxing and you’re thinking about work and thinking about Edmonton business coach things, then you’re, you’re always on and always thinking about it so you can get a little bit of a fatigue and maybe resentment towards the work. Right. You Get burnt out and just, you know, not loving it anymore. So I think you’d have to create that demarcation between work life and home life. Yeah. To be healthy. Okay.
And so then you’re saying that it’s important to separate the work life and home life. And like how important is that?
Well what is going to happen? Uh, like I alluded to earlier is there’s, I think it would be some resentment because you’re always either thinking about work, doing work or talking about work and the kids will feel, you know, like they’re being neglected. Right? So if you are wanting to spend quality time with them but then you’re being interrupted by social media or what about emails or phone calls
or your, or just even sitting up the computer, they just look at you, you’re going to sit there again, you have to sit there and they go, yeah they don’t really care for that.
Yeah. So I think it’s healthy for families, healthy for a home based businesses to be able to set up a separate work and family space in order to make things healthy for the, for the and for the business. Sure.
How different is the dynamic of working with your wife then working with the nonfamily remember how different is that? Well that’s a really good question. Working together with you. We will, I like it in the sense that, and we are pulling together, right? Cause you understand where I’m headed and you were involved in the business and you understand where we want to go as an Edmonton business coach. And having you as a, as a close, you know, the closest person to me, there’s just a different dynamic and it’s a little bit more exciting when we, when we win. And, um, then when you’re working with someone who is not a family member, then you can have a bit more separation. So, um, if you say something, you know, it’s just business and whereas with a husband and wife team, sometimes feelings can get hurt or you know, our needs can ensue because it’s familiarity and you know, when it’s not meaning to be. So I think there’s, you know, some of the ways to communicate in ways to separate your, your feelings between being my business partner and wife and husband. What are your thoughts?
Uh, yeah, just, um, taking each other for granted, I guess. Um, yeah, and it’s never easy making money in that first year either. So that’s another thing, unless you have a lot of savings in the bank, it’s stressful in that sense as well. So you really have to know why you’re doing it and pull together as a team to keep going. And that’s probably one of the reasons this statistics show what they show is it’s hard in the beginning. What is one of the most challenging things? Being self employed and working with family?
Well, being self employed and working with the family. Big Challenge is like you were mentioning there, the uncertainty, right? So dealing and living with uncertainty is, is a big deal. Knowing you have to know where you’re going and why you’re doing it and knowing that, you know, in the beginning it’s going to be hard. It’s going to be harder than anything that you’ve done before and you’re not getting that steady, you know, regular paycheck to depend on. Sometimes, Edmonton business coach, people are late paying their bills, sometimes, you know, you have to wait that extended period and it can be, you know, a little stressful and nerve wracking. So that’s, that’s one thing that comes up. Um, uh, I don’t know when you think on that front.
Yeah. Although I do feel like that can happen when you’re working, like, especially in Alberta in the last few years, it’s been so unstable here. Like you’ve never knew if you had a job that we went through a layoff and you really can’t count on in any way, but I guess you just weighed the risks. Yeah. Yeah. So, yeah. Thanks for joining us today on it. Inspired method marketing YouTube channel. We are an Edmonton business coach here in the city and we will have more content for you very soon. Don’t forget to subscribe and like the video, he got something out of it and contact us if you need more help with your marketing by.