The kooky family business

Recently, I chatted with Monaica Ledell of about what it takes to be successful in business.  We agreed that a winning business of your own can expand peace, prosperity and freedom.  It can also help make the house payment and pay for dance lessons.  Here’s the interview.  Lots of tips and a few rarely shared stories from my colorful business past!  

A family business can help you make ends meet, and it can help you build a dynasty.  Spanx is a family business, started by a busy mom.  Mary Kay Cosmetics is a family business, created by Mary Kay Ashe and her sons.  The best companies I know are family businesses.  When it works, you have aligned team members building on solid, trusting relationships. Family members take pride in going the extra mile.

I’m loving the trend of Moms Making Money!  One of the best things you can do to empower kids is to show them how to manufacture their OWN money.  It can even be…fun!  IF you are profitable.  IF you are fairly functional.  Just because it’s family, it’s bound to be a little kooky.  You’ve got to steer it from full blown, hot mess, crazy.  That takes some planning.

Here are a few ways to keep the fun IN and the dysfunction OUT of family business…

  • Get focused with a simple business plan.  Write down what you want…as a family, as a business.  Who does what.  Why.  Who wants what you have to offer.  How much to charge.  How you could market and sell it.  How you will make good on your promises.  What actions will help you do this.
    • Put the pages in a binder.   Now, you have moved your ideas from thought-form to physical-form.  That’s a powerful step.
    • The Biz Plan Challenge – Home Edition is a great way to get the business plan up and working for you. 
  • Commit to work time and family time.  All work and no play makes Mom a pain in the butt.  Discipline yourself to create time and space for business…then, punch out.
  • Put the kids to work!  Big kids can help with production, marketing and clean up.  Little kids could star in your social media campaign.  Let your customers in – as much as you are comfortable – to see you as a person and family member.  In an increasingly disconnected world, sharing family experiences connects us.

xo$, Ellen

PS… I shared tips for Moms Making Money on Denver’s Daybreak/Good Day Colorado!  Here’s the clip.  Get ready to put your Big Panties on!  

PPS…Thanks, Monaica!  So excited about the MommyBreadwinner community!