How to Get Business Support from Your Family
Managing a start-up company can be difficult. In the beginning you might have to rely on friends and family to support your business. It is with their assistance that you can have the initial resources needed to succeed.
Some entrepreneurs do not ask their family for support in fear of rejection. These 5 steps to requesting support will be able to give you more confidence in getting business support from your family:
Step 1. Draw up a business plan or proposal
The best way to show that you are serious with your business is to draw up a business plan and a proposal for your family members. Include expectations, costs, revenues and milestones. Your family needs to know whether you are requesting financial or non-financial support.
Your proposal should summarize the 4 W’s and an H- why, where, when, who and how? Your family might not understand what your business niche is, therefore your proposal needs to be written in simple language.
Step 2. Get a mentor and build your confidence
Getting a mentor who owns a successful business can assist you to deal with possible rejection from family members. A mentor will motivate you to succeed, offer tips and train you in the business field.
The 7 habits of highly effective people(Stephen R. Covey) are to be proactive, begin with the end in mind, put things first, think win-win, seek first to understand then to be understood, synergize and sharpen the saw. These 7 habits can help build your confidence in business if practiced regularly.
Step 3. Set up the minimum business requirements
Before you contact your family members for support, make sure that you have acquired all the minimum resources and skills that you need to operate. This will show your family members that you are serious about your business.
Step 4. Compile a contact list
It is important to compile a list of all the family members that you will contact. Gather general information such as their occupations, locations and family life. For example you don’t want to ask a “struggling uncle” for support; therefore do some proper research before you contact your family members.
Step 5. Push for a commitment
Once you have compiled the contact list, start calling to schedule meetings. Take your proposal with you along with any possible questions that you can anticipate.
Push for a commitment at the meeting, not forcefully, but assertively. Your family already knows you, so it would not be viewed as offensive if you are a little bit assertive.
If you are calling a family member that you haven’t talked to in a while make sure that you don’t go straight into business talk. Make a first call to discuss family, interests, updates, etc. and then make a second call a couple of weeks later to inform them of your business.
Put these 5 steps into action and be sure to give us feedback on your results. Never lose your will to succeed because perseverance makes a difference between those who succeed, and those who don’t.