Parents with disabilities often face unique challenges when it comes to running a household and caring for their children. But did you know that there are plenty of resources available to help you start a small home-based business? With a little bit of planning and some perseverance, you can turn your entrepreneurial dreams into a reality. The Golden Chamber of Commerce outlines below what you need to know to get started.
Settle On a Business Idea
The first step is to come up with a business idea that you're passionate about. What are you good at? What do you enjoy doing? Do some research to see if there's a demand for the product or service you want to provide. Once you have a solid idea, it's time to start planning.
Write Up a Business Plan
A business plan is essential for any business, large or small. It will help you map out your goals, keep track of your progress, and make adjustments as needed. If you're not sure where to start, there are some great online resources to help you get started. You can also hire a specialist to draft your business plan for you if you’re not confident in your abilities to put this blueprint for success together. Keep in mind that a business plan is a must when you decide to apply for funding.
Decide on a Business Structure
Now it's time to choose the legal structure of your business. This will determine things like how you file your taxes and how much personal liability you have if something goes wrong. The most common structures for small businesses are sole proprietorships, partnerships, LLCs, and corporations. If you're not sure which is the best one, connect with an attorney or work with an online formation service to help you decide.
How to Fund Your Venture
There are a variety of ways for individuals with disabilities to find funding to start a small business. Grants and loans are available through the Small Business Administration as well as through state and local governments. You may also be able to get funding from private organizations or venture capitalists. To increase your chances of securing funding, and as we mentioned above, it's important to have a well-written business plan and a strong marketing strategy.
Create a Marketing Plan
Even before your business is up and running, it's important to develop a strategy to market your products or services effectively so that people will know what you have to offer. There are many ways to do this, including social media, printed marketing materials, and word-of-mouth advertising. For most new, small businesses, social media is a great starting point. Not only does it help you reach a wider audience, but it's significantly more affordable. As time goes on, you can change up your preferred marketing channels.
Stay on Top of Your Finances
Financial management is critical for any small business owner. This includes things like tracking expenses, creating invoices and estimates, and maintaining accurate records. Staying organized will save you time and money in the long run. Digitizing your records is a great way to keep everything in one place and make it easy to access from anywhere. You can also condense your files by turning them into PDFs and then you may want to try using a merge tool, which makes them easy to catalog. Converting your files into PDFs also makes them more accessible and searchable, all of which can be beneficial.
Begin Your Entrepreneurial Journey
Running a small home-based business can be a great way for parents with disabilities to earn an income while still being able to care for their children. With careful planning and perseverance, anyone can be successful in this venture. Start with a strong plan and the right business structure. Then, enact the steps in your plan by soliciting funds, organizing your digital files, and marketing your business. There are many resources available to help get you started, so don't be afraid to seek out help when you need it.
