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It’s not easy to raise children as a parent with a disability, but it’s also no reason to stop pursuing your dream of starting your own small business. This guide helps you with everything from finding funding opportunities to choosing the best business structure for you, writing a business plan, and marketing your product or service. It’s not easy, but it’s achievable, and you can do it with these tips for starting a small business as a parent with a disability.
Finding Funding Opportunities
Grants and loans are available to help you get your small business up and running. Look into grants and other funding opportunities that might be available to you. You’ll be happy to discover how much money is out there waiting to help you achieve your dreams.
If you’re planning on applying for a business loan, take steps to improve your credit score. To view your credit report and learn where you need to make improvements, download a free report from all three credit reporting sources.
Writing a Business Plan
A business plan is a document that helps you formalize your idea and drive the business creation process forward. Plus, having a plan helps you feel prepared when the unexpected happens. Creating a business plan forces you to think about the necessary steps to start a new business, including considering your marketing strategies, funding and hiring needs, revenue streams, and financial projections.
Marketing Your Business
Marketing your business can seem challenging, but considering your options can make it easier. First, identify your target market. Consider who your product or service appeals to the most. Once you’ve determined this, create a marketing plan to help attract these people. Social media is one way to attract customers, and having your own website is critical.
Also, designing a professional logo for your company that stands out from the crowd creates a positive first impression and increases brand awareness.
Sharpen Your Business Skills
Whether you choose business management, management, and leadership, or marketing, returning to school and completing an online business degree could help you improve your business skills. An online business degree gives you the flexibility to study when your schedule permits. You’ll also have access to a network of other students and professionals who can offer support and advice. An online degree can be more affordable than a traditional brick-and-mortar program.
Business Formation Advantages
As a parent with a disability, you have enough on your plate without worrying about liability for your business debts. Forming an LLC for your business can give you some peace of mind. An LLC offers limited liability protection, meaning your personal assets are protected if something goes wrong. Additionally, LLCs have tax advantages, offer more flexibility, and entail less paperwork than other business structures. Each state has a separate set of requirements for creating an LLC.
Ensuring Success
Parents with disabilities have many of the same concerns and obstacles as any other parent starting a small business. Consider your options and make a plan to ensure success.
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