Entrepreneurs rely on family support

Family support plays a crucial role in small businesses in the UK, according to a new report.

The study by business advice company Tenon Forum found that nearly six in ten entrepreneurs in Britain call on their family members to help out in one way or another.

More than a third of those that do help are officially employed, and 13 per cent invest in the business.

And it seems that many relatives are prepared to offer their help free of charge, as one in twelve entrepreneurs have a member of their family working for them for no payment.

Husband and wife teams are also popular, with a third of small businesses having a married couple at their head.

“It’s great to see that 21st century family businesses are flourishing in the UK despite the many unique challenges they face each day.

“But whether finding new ways to compete with larger competitors or ensuring the business complies with a vast array of government legislation, family businesses should seek solid, objective advice from outside the family circle to best ensure success and growth.”

Adam Wayland

Adam Wayland

Adam was Editor of SmallBusiness.co.uk from 2006 to 2008 and prior to that was staff writer on sister publication BusinessXL Magazine.

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