Family-owned business, as its name implies, is a business which is ran exclusively by the family. This kind of ownership is probably one of the oldest kinds of ownership, if not the oldest one. Most family run businesses are just small scales that’s why they just hire or appoint their spouse or children to do various tasks so as cut expenses. It is indeed a time and money saving idea especially if the business has been running through generation and generation since the kids who are next in line are already familiar with every aspect of the business.
So can a family-owned business really generate enough funds and be successful? The simple answer is: of course! Let’s take a look at a family who was able to make $40,000 in just one day. Yes, you’ve read it correctly, $40,000 in one day. And let’s start talking about their life and how simple it has been before they start an online clothing store.
The Beginning of a ‘Taft’ Journey
Kory, a husband and eventually a father of two, and his wife graduated in April 2013 and he went to a 5-week trip to Europe and he got some job offers that he never really felt like accepting, so he declined those. During his last week of the trip, an idea struck him, a simple idea that will eventually change his family’s life.
He observed that most men in Europe are going to their everyday routine sockless and he imagine how uncomfortable it is to be sockless all day. So he pondered and pondered on his idea and it just won’t come off his mind. Prior to that moment, he already has a fuzzy idea of no-show socks but his observation makes the idea become a concept. He decided to call his soon-to-be footwear line Taft. He started making prototype using the Paint app. The horrible designs and his parent’s negative response concerning his concepts were not able to hold him back.
Starting up their business was also a struggle since they had a difficult time communicating with the first manufacturer that they had. Transacting with their initial manufacturer normally takes months that’s why Kory decided to look for another and fortunately he found another company that can produce his products efficiently and what would usually take months before just took a couple of days. Two weeks after the birth of his second child, he went to Spain where his manufacturer is located and personally handpicked every tiny detail.
He used a tool Kickstarter to help him start up his idea before turning it to reality and it generated a lot of pledges. The products were also featured on some blogs like Gear Hungry, Cool Hunting, and Super Compressor. He also signed up in Instagram and used eye catching photography which garnered a lot of followers. The beautiful pictures went viral online which leads to more followers. But his first hit was with the help of Reddit. He had a sum of $44,800 worth of orders and everything just went up from that. With the support of his wife, he was able to look after the business even if the demand is too high that they even skip meals just to answer inquiries. If given a chance to rest with their two kids, his wife helps him organize and manage their homegrown business.
When the Going Gets Tough, the Taft Gets Going
That, inspiringly, is how they started and able to grow their family business. And we can get key takeaways from this motivating success stories. Let us enumerate some:
- When you are still on the initial stages of the business, “Don’t compare your beginning to someone else’s middle”, Kory said. You don’t have the same circumstances, it is unwarranted to compare.
- Family’s support is very vital in the success of the business and in managing the level of stress despite being very busy. If you have an understanding partner, things will get easier. Of course, giving them quality time should not be ignored.
- “Never compare yourself to brands/companies that are at a different stage. It is discouraging and not productive.” It’s okay to be amazed by their business milestones, let it be your motivation. But don’t get intimidated.
- “Work relentlessly to create a great product. If the product is great, then people will buy it and marketing becomes a lot easier.”
- “Running a business is a marathon, not a sprint. So it’s important to take care of yourself and make sure you’re fit to be in it for the long haul. There’s nothing worse than burning out.”
- Most importantly, Kory said: “keep perspective on what matters most. A thriving business means nothing to me if I’m failing at being a dad or husband.”
Running a business is not an easy task. You may not experience the quick success your story had but with persistence, ability to take calculated risk, optimism, and creativity you can succeed.
It is absolutely will not be easy but if you could spend enough time for your family, they will support you and your business, and in result that will lessen the pressure and make earning more enjoyable as it is. Hence, a family that sells together, stays together!
References and Screencap from Shopify