Tips for Parents With Disabilities Starting a Small Business
By Suzanne Tanner
As a parent with a disability, you face many challenges that other parents don't. Difficulty finding a job that's both accommodating and pays a livable wage is one. Starting a small business can be a great way to overcome these challenges and provide for your family. Read on to discover how to rise to the challenge.
Why Parents With Disabilities Might Want to Start a Small Business
Starting a small business provides you with a source of income that's not reliant on government benefits. It also allows you to create a flexible work schedule that fits your family commitments — this can be especially beneficial if you have children with special needs. It gives you a sense of achievement and pride in knowing that you're providing a valuable service to your community. Several grants and other types of funding are available for anyone with a disability interested in starting a business.
Creating a Business Plan
One of the main reasons new businesses fail is they don't have a clear plan or vision. Setting goals, tracking progress, and deciding where to allocate resources can be challenging without a roadmap. A well-crafted business plan can help prevent this by providing a framework for thinking about your business and its future. When creating a business plan, a few key elements should be included. Provide an overview of your business and its history. Describe your target market, and explain what needs your product or service will meet.
Marketing Strategies
Small businesses often have limited budgets and resources, making competing with larger companies in the marketing department difficult. Creating a well-designed logo is an excellent way to make a solid first impression, build brand awareness, and differentiate your business from the competition. If you're on a tight budget, use a free-to-use logo maker tool to design an appealing and creative logo instead of hiring a professional. Choose a style and icon, and add any text you need. You'll be able to view an assortment of logos and adjust their fonts and colors until you find one perfect for your business.
Deciding on Your Business Structure
LLCs are a popular choice for small businesses because they offer many advantages. Formed correctly, an LLC can protect your assets from being seized to pay business debts or liabilities. An LLC also provides pass-through taxation, meaning your business isn't
taxed on its profits — only the owners are taxed on their personal income tax returns. The process of forming an LLC is typically less complicated and costly than that for a corporation, but states have different regulations around it. You can save money in the long run by filing yourself or using formation services — just make sure you know how to start an LLC before getting started.
On Your Way to Success
Overall, starting your own business can be a gratifying experience. It can give you a sense of achievement and pride in knowing that you're providing a valuable service to your community. However, some important considerations are essential, such as creating a business plan and funding your business. With some careful planning and execution, you can be on your way to success.