7 SMART TIPS ON STARTING A SMALL BUSINESS WITH A DISABILITY
Photo by Brooke Cagle on Unsplash
If you are a person with a disability, you may have dreams of starting a business. Running a business allows you to work without discrimination, and may mean fewer struggles with transport and accessibility. Add into the mix being a parent, and starting a home-based business may solve your childcare needs. If you are struggling with your current job or feel like your employer sees your disability over your value as an employee, then you should consider working for yourself.
Sharpen Your Skills
If you are considering running your own business, taking a course to sharpen your business skills or train in a specific area is a smart move. You can enroll in an online MBA program that offers you the flexibility to learn, even while you work. Consider an online MBA in strategic planning, economics, corporate finance, or marketing — all of which will arm you with the skills you need to run a business successfully.
Setting Up Your Business
Cleverism shares the six most important steps to setting up your business:
Create a business plan.
A business plan is a roadmap for how you will effectively run your business. Score.org has a downloadable template here. Your business plan should detail strategies for running your business and reaching the right demographics, as well as look at how you will make a profit and how much start-up capital you need.
Finalize your budget and secure financing.
Your business plan should tell you how much you need to launch your business. There are many grants and funding for disabled entrepreneurs, so take advantage of these. Start by exploring SBA Funding Depot’s available funding programs.
The federal government has funds designed specifically to help business owners with disabilities. While some of these grants can help get your business off the ground, others have been created to help with your medical expenses so that you can work. Explore sites like Grants.gov, GrantsNet, or FedBizOpps.gov to see what’s available. The Small Business Association also has a wealth of help for people with disabilities who are starting their own businesses, including how-to guides, advice, and access to loans.
If you can’t find a federal grant to assist you with your financial requirements, there are many private organizations and foundations that you can look to for help, as well. The Ability Fund, for instance, is a nationwide organization specifically created to help disabled entrepreneurs.
Launch your website and build an audience on social media.
This is the digital era and every business should be supported with a killer website and social media strategy. Launching a website is easy to do yourself, or you can engage freelancers to design your site and set up a social media strategy for you.
Choose the right business structure and obtain licenses.
As a small business owner, you will probably set your business up as a sole proprietor or a Limited Liability Company. LLCs invariably have fewer paperwork and more tax benefits and can keep your business finances separate from your finances. Here’s a guide on setting up as such.
Licenses and permits may also be required for your small business, depending on your location, nature of business, and other factors. It’s a good idea, therefore, to do your due diligence and find out what’s applicable to your business.
Hire employees.
When you start your business, you may decide to do everything yourself. This can get overwhelming in the long run and lead to burnout. Practice delegation by outsourcing work to freelancers to start.
As your business grows, you may find that employing the right staff is essential. Ask for recommendations from your network or use job boards to find qualified candidates. Thoroughly check references and ask for samples of previous work (if applicable). Most importantly, make sure that your personalities are a match.
Market your business.
Make sure your target market knows about your business. Launch your website and social media strategy. Look into digital marketing, advertising, and customer relationship marketing. Be sure to promote your business through your network and shout your success from the rooftops.
Running your own business puts you in the driver’s seat. Nothing is more empowering than being your own boss. For people with disabilities, particularly those who are juggling the responsibilities of parenthood, this could be the next step that you have been looking for.
Photo by Brooke Cagle on Unsplash