Many parents, including those with disabilities, discover that the high cost of child care, combined with the challenges the traditional workplace brings to people with disabilities, makes being an employee difficult. In these circumstances, starting a business gives business owners the flexibility they need to manage their health, care for their families, and generate income.
This article discusses how you, as a parent with a disability, can increase the chances of achieving sustainable success with your business startup, including consideration of potential funding sources and how acquiring fresh skills could give you an edge over your competitors.
Improve Your Chances of Success With a Business Plan
A comprehensive business plan has been shown to increase the chances of achieving and sustaining a successful business, and it’s a crucial step in how to set up a new company. The plan details information about every facet of your business’s structure, operation, and projected finances. A business plan usually includes the following data:
- Analysis of the market/identification of the intended audience
- Marketing strategy
- Business structure
- Information on your company’s goals and ethos and how it adds value
- Details of the service/product to be provided
- Detailed costs, including startup costs, capital requirements, funding sources, and financial projections
Setup Your Business
With a business plan in place, its time to set up the business. It can be anything from a sole trader to a fully limited company. For a Company Formation Service visit www.yourcompanyformations.co.uk which will show you the various options and any associated costs. Also, consider the benefits of having your children named as 1% directors so you can pay them a small salary as well as get them company-related assets.
Hone Your Business Skills
Running a business requires a different skill set than that needed for providing the service or making the product you’re selling. An MBA program provides learners with vital expertise in areas such as accounting, human capital management, strategic planning, and marketing.
These days, it’s possible to enroll in and study for an MBA online. Online programs are ideal for parents with disabilities, as it’s possible to study at the same time as fulfilling other commitments. Many parents are surprised by just how easy it is to achieve a good work/life balance at the same time as completing an MBA online.
Apply for Business Grants
Depending on your circumstances, your startup could be eligible for one or more business grants. A wide range of grant-giving organizations across the country provides support for entrepreneurs with disabilities. The federal government also offers support in some circumstances. In addition to generic business support grants, some parents with disabilities may be eligible for grants that are targeted at people with disabilities. Disabled veterans, for example, have access to exclusive startup grant opportunities.
Applying for grants can be a time-consuming business but can ultimately deliver valuable funding that can help to get your business off the ground.
Use Local Business Networks
Organizations, such as your local chamber of commerce, are great places to meet other business owners as well as get expert assistance with common business startup problems, such as staffing, financing, or the acquisition of premises. Business support networks usually include seasoned business owners who can give assistance on a wide variety of issues. They bring a wealth of experience, which can be invaluable to fledgling business owners.
Sustainable Business Success Is Possible
Although the initial slog involved in starting a business can sometimes feel overwhelming, particularly for parents with disabilities, who already have plenty to do, taking the time to put the right business foundations in place now significantly increases the chances of long-term success.
Be sure to visit AppTrawler to find news, reviews, previews, and updates from the world of apps that can help your business.