Hey everyone, today I’m happy to share another guest post (here is the first one!) from Emily at mightymoms.net on some tips for starting a business that are especially helpful for parents who have disabilities
Tips for Starting a Small Business for Parents With Disabilities
Parents with disabilities are nearly twice as likely to be self-employed, but they face more challenges than other business owners. They must contend with inaccessible buildings, exclusion from government contracts and tax incentives, lack of support services for their children while they’re working, and social stigma that can make it difficult to hire employees or find investors.
Nevertheless, many entrepreneurs with disabilities have found ways around these obstacles by building networks of supportive friends or providing child care, using the internet to sell products directly to consumers, hiring assistants on a contract basis so they only need one employee at a time and more. Here are some insights about starting a successful small business when you have a disability.
Visit This is Fatherhood LLC for practical and effective education and support for fathers.
Grants and Funding Options Available for Disabled Entrepreneurs
Many people with disabilities believe that they can’t start a business because either their business idea is too expensive or they’re unable to obtain financing. Fortunately, there are options available for people who have difficulty obtaining funding.
The SBA 504 Loan Program
This program helps entrepreneurs purchase equipment and materials necessary to open a small manufacturing or service company located in an area where conventional lending is difficult.
To be eligible, the borrower must have at least a 36% ownership interest in the business and occupy at least 35% of the business’ square footage (or 20% for a nonprofit organization). The requirements are less strict for non-manufacturer and service companies than they are for manufacturers.
Here is a list of other opportunities for disabled business owners.
How to Write a Business Plan
Many business owners spend months or years writing a business plan. However, doing so can put your new business at risk if you’re unable to secure financing to start up your business and expand it once you get started.
A good business plan includes an executive summary of your business, a market analysis of potential customers and competitors in your industry, a description of the product or service you intend to offer, and a marketing plan that tells how you’ll attract customers to your business. You’ll also need a financial plan that includes how much money you’ll need to open and maintain your business, as well as what kind of profit you expect to earn.
Want to develop your business skills before writing your business plan? When you earn a bachelor’s or master’s in business, you’ll learn more about marketing, business administration, and more. Online programs are ideal for busy professionals as you’ll have the opportunity to work at a pace that suits your schedule.
Small Business Funding Structures
One of the most common types of small business is the sole proprietorship, which has no distinction between the owner’s personal finances and his or her company’s assets or liabilities. It’s also one of the easiest to start because it doesn’t require you to have any kind of legal distinction between your business and you.
Another one of the most common is an LLC. It combines the benefits of a sole proprietorship with limited liability. That means people who work for you, buy from your business, etc., can’t sue you personally if they are injured on your property or as a result of using your product or service.
There are numerous benefits to forming an LLC if you’re starting a business. These include limited liability, tax advantages, less paperwork, flexibility, and more. The process for setting up an LLC varies state to state, so be sure to check your individual state.
In a Nutshell
There are many ways to start a small business even if you have disabilities. These options can be used as inspiration for starting your own business as an entrepreneur with disabilities. Be sure to write a solid business plan, create your LLC, and utilize all of your options for grants.
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