Build the Family Business

Something—okay, a few things—I share with the entrepreneurs and business owners I work with when serving as a Business Subject Matter Expert is:

1) Find out what each of your children's/grandchildren’s "thing" is and then incorporate it into your business. If they like sitting in their room watching YouTube make-up tutorials, hire them to do your makeup whenever you have a speaking/teaching engagement, are about to shoot a video, etc. This includes hiring them to do your speakers' makeup if you are hosting an event. If they like making TikTok videos, pay them to take footage from your phone and create cool marketing videos for you. If they like making music, pay them to make the theme music for your brand to use in your video marketing assets, book trailers, etc.

Joylynn and her children taking the steps to success

2) For your children's/grandchildren’s birthdays and Christmas, purchase them websites, logos, tradenames, etc. That way, they have their own business. YOUR business doesn't necessarily have to be a family business. Your family can be a business.

As individuals, my children are on payroll and receive W2s. Their individual companies/brands serve as contractors/vendors when need be, meaning 1099s are issued when need be, depending on whether their business is incorporated or if they are self-employed doing business as. I, of course, follow the advice of my tax accountant to make sure all is well . . . and legal.

3) When you rent or purchase property, if your children/grandchildren are eighteen—because they have a work history (and even college grants and scholarships are sometimes considered as income)—put them on your rental lease or your home mortgage. When I sold my home in Ohio before moving to Vegas, three generations were on the new mortgage.

Position your children and grandchildren for success . . . the way I'm doing with mine!