How Parents with Disabilities Can Start Their Own Business
Photo Credit: Gustavo Fring via Pexels
Finding a full-time job when you have a disability can be difficult. Problems abound – like stigmas and a lack of opportunities. Fortunately, people with disabilities tend to be a creative lot and get around the work issue by employing themselves! In fact, persons with disabilities are actually more likely to be self-employed than those with none.
Launching your own business doesn’t have to be hard. To help you begin the journey to business ownership, FROG Reviews and Ramblings shares the following guidance and considerations as you prepare to take the leap.
Can You Work From Home?
Depending on your disability, transportation could be a hassle, and this is often why many individuals with disabilities choose to work from home. Simply outfit a room or dedicate an area as your home office, and appoint it with all the necessary equipment to help you stay productive and focused.
Come Up With an Idea
To be successful at business, you need a solid idea. It should satisfy a market need and be aligned with your interests and personal skills. Further, it should also be feasible for you financially and in terms of time and effort invested.
Conduct Market Research
After you’ve brainstormed a few ideas, it’s time for market research. Take a look at how saturated the market is. See how successful comparable businesses are, and ask yourself what it would take to replicate their success – or outdo them.
Consider Your Kids
Running a business is exhausting work. You’ll often be burning the candle at both ends. You’ll have to figure out ways to juggle your family life with work. Set up a co-care schedule with your partner. Rope your friends and family in for help, if they’re willing. Finally, familiarize yourself with the childcare-related resources at your disposal.
Write a Business Plan
The business plan is a formal document that outlines your business goals, ideas, market research, and finances. It’s a blueprint to build your business to, contains important details, and allows you to set and achieve milestones reliably. It can be hard to create, but it’s more than worth your time.
Choose Your Business Structure
By default, every self-employed person in the US operates a sole proprietorship. However, this structure puts your personal assets at risk. If you’re sued, your personal assets are considered your business’s assets too. To avoid problems and for an easier time with the paperwork, it may be a good idea to form an LLC instead. Later on, as your business grows, you can move toward incorporation.
Gather the Seed Capital
You’ll need a steady supply of money to develop and market your idea, and keep your business going for several months. Remember, you won’t typically make profits immediately. Fortunately, there are numerous grants you can apply for to help launch your business, most with few or no strings attached. And you can always get a loan at reduced rates.
Maintain Your Records
Obviously, business owners need to maintain precise records – but that’s not just a concern for tax time. By investing in an easy to use bookkeeping system, you can keep a close eye on your expenses, tell which projects are more profitable than others, and make the necessary adjustments to improve the overall health of your business.
Promote and Sell
You’re going to have to promote and sell your products and services after launching. Plan out the launch, promotion, and marketing strategies in advance. Set up a professional-grade website and become familiar with SEO. Polish off your business’s site with a great logo design. Prepare an elevator pitch too, since you’ll never know when it will come in handy. Finally, turn to social media marketing to help increase brand awareness and to boost your online presence. If you find that you need more than exposure through social media, consider looking for lead generation opportunities. There are many companies offering this service, and you can use a vetted hiring agency to find the right one. They will post interested companies along with their rates, and you can select options that fit your needs. Contact a few companies to find the right fit for your business and for you.
Learn Continuously
Being an entrepreneur is donning many hats, from product development to sales and customer care. You need to constantly educate yourself to stay competitive. Sharpening your skills with formal education might be a worthwhile investment. An MBA program in a field like economics, marketing, strategic planning, or research and statistics can equip you with the critical business skills you need to succeed. If you do it online, you can balance work and family while you learn.
Finally, be prepared for ups and downs. Setting up a business is a long-term commitment, and there will be many roadblocks along the way. Don’t make the mistake many entrepreneurs make and quit too early when things get tough. Persevere and your success is assured.
Guest Post by: Sara Bailey; The Widow
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This is a very informative and interesting article.
Nice guide and tips that parents can follow through. Thanks for it.