4 things to know before you start a family business

You and your brother have been making craft beer for years, so now you've both decided to go all in on running a real brewery. You can't wait to grow a successful business, and maybe someday pass it on to your kids.

But before you get ahead of yourself, know that starting a family business is not an easy venture. For starters, personal relationships can get in the way of making tough business decisions (e.g. cutting back on your cousin's hours and pay, even though you know he's saving for his wedding), and research shows that there's a huge risk the business won't survive for long.

To get a better understanding of family businesses — and what it takes for them to succeed — we spoke with two experts at Wells Fargo who have counseled several entrepreneurs in this position: Richard Watson, senior director of planning, and Jeremy Miller, a wealth planning strategist. They have insight into why so many family businesses fail, when to make a plan, and why you should ask for help.

Here are four things to keep in mind before starting a family business:

6 things every small business owner should invest in

Being a savvy spender is crucial for small business owners. These entrepreneurs have to watch every dollar to manage cash flow, make payroll, and generally stay in business. But being cash conscious shouldn't mean spending as little as possible on everything.

If you're trying to grow a healthy small business, there are some investments that are worth every penny in the long run.

Here are six things worth the investment for small business owners:

1. A robust online presence

Setting up social media accounts and a basic website can be cheap — if not completely free — but unless you're a web designer, programmer, content creator, search engine optimizer, and a social media expert, that's not money well saved. According to a 2014 Neustar Localeze and 15miles study, four out of five local searches on mobile devices end in a purchase. And if you want to be found on the internet these days, you should invest in all aspects of your web presence — from being mobile-friendly to producing high-quality content.

5 things you should do right now to scale your new business

There's nothing quite like starting a business from scratch. It is one of the most rewarding — and challenging — things you can do.

After all, it requires putting everything on the line for an idea that may not resonate with the market, and there are plenty of potential missteps along the way. The risks are clear: Half of all businesses fail within the first five years, according to Gallup research.

To help you avoid that route, we have compiled five important tips to keep in mind when you do decide to start your own business.