Follow Your Dreams: Advice for Parents with Disabilities Who Want to Start a Business
Having a disability and becoming an entrepreneur aren't mutually exclusive. In fact, starting your own small business can be a great way to build financial independence and achieve your career goals all while accommodating your unique needs. Not sure where to start? The Brunswick Golden Isles Chamber of Commerce has got you covered. Below we offer a helpful guide on how to start a small business as a parent with a disability.
What Is Your Big Idea?
The first step in starting any business is developing a good idea. To come up with a solid concept, ask yourself what need you could fill in your community. Do you have a unique skill set that others could benefit from? Is there something you’re passionate about that you could turn into a viable business? Think about what makes you different — that could be your key to success.
Draft a Business Plan
Once you have an idea of what kind of business you want to start, it’s time to start fleshing out the details via a business plan. A well-written business plan is essential for any new business, as it will help you map out your goals, strategies, and marketing plan. If you need assistance putting together your business plan, look online for some great resources to help get you started.
Choose the Right Business Structure
There are a few different business structures to choose from, and the one you select will determine how much liability you have, how taxes are paid, and other important factors. Here's a quick rundown of the most common business structures:
Sole Proprietorship: This is the simplest business structure, and it's ideal for small businesses with one owner. There is no legal paperwork required, and the owner is personally liable for all debts and obligations of the business.
Partnership: A partnership is similar to a sole proprietorship, but it involves two or more owners. Like a sole proprietorship, there is no legal paperwork required, and each partner is personally liable for the debts and obligations of the business.
Limited Liability Company (LLC): An LLC offers limited personal liability protection to its owners like a corporation does, but it is taxed like a partnership or sole proprietorship. This makes it an attractive option for small businesses because it provides some liability protection while minimizing tax implications.
Corporation: A corporation offers the most liability protection of any business structure. It also has the most complex legal requirements and is subject to double taxation.
Search for Funding Opportunities
Every new business needs capital to get off the ground. The Small Business Administration has programs specifically for entrepreneurs with disabilities, as well as grants and other financing options. There are also grants available to new business owners regardless of their abilities. Be sure to do your research and find the best fit for your needs.
Stay Organized with Digital Records
Small businesses can be overwhelmed by the amount of paperwork they generate. By digitizing your business records and turning them into PDFs, you can stay organized and minimize the amount of paper cluttering your office. Try this to merge PDF files online. Not only will this make it easier to find what you need when you need it, but it will also help protect you in the event of a data loss or disaster.
Set Up a Marketing Plan
Before you officially launch, you'll need to create a marketing campaign. If you have a limited budget, there are plenty of cost-effective marketing strategies you can use to get the word out. Social media, email marketing, and online advertising are all great ways to reach new customers without breaking the bank.
Starting a business of your own can be challenging, but it can also be extremely rewarding. With the right plan and useful resources like PDF tools, you can bring your dreams to life in no time. By staying focused on your goals, you can take your ideas to the next level and become your own boss.
The Brunswick Golden Isles Chamber of Commerce can help you reach your goals. Contact us today with any questions.