Guest Written by Ed Carter, with Able Futures
Parenting is a full-time job in and of itself. If you’re also facing financial pressure and dealing with a disability, it can become overwhelming. According to the World Health Organization, there are over 1 billion people in the world with disabilities. Only a fraction of people with disabilities are business owners. Starting a business might seem like the last thing you want to do, but for many parents with disabilities, it’s a viable path toward financial freedom.
Image via Pexels
A small business can allow you to generate extra income, stay at home with your kids, and monetize your talents. This isn’t to say that it will be an easy process, though — there are many challenges that come along with entrepreneurship. If you’re ready to tackle these challenges, though, find out how you can get started in this guide.
Identify and Monetize Your Strengths
The first step every entrepreneur must follow is carefully assessing their strengths and talents. If you have an interest in crafting, for example, you might be surprised to learn that this could become a source of income! Indeed, you are the most likely to make money from an endeavor that you truly enjoy.
Once you’ve pinpointed an idea for your business, you can develop it by writing a full-fledged business plan. Your business plan should include details on hiring employees, structuring your business, marketing ideas, and any funding sources. If you aren’t sure where you plan to get funding from, consider applying for grants. There are many funding programs available for parents and people with disabilities who want to start small businesses. Alternatively, you can take out a loan from a bank, but you’ll need to check your credit report to determine your creditworthiness and financial history before applying.
Your business plan should also cover what type of company you intend to start. Many people find that a limited liability company (LLC) is the best option for their small business because it can protect your home, car, and other assets from risk by clearly separating your personal assets from your small business’s assets. Additionally, it requires less paperwork than some other company types. While a limited liability company is fairly simple to start, you may find it much more helpful to speak with an attorney experienced in small business law. An attorney can help you pick and register a name, act as your registered agent, and draft your articles of organization and operating agreement. These steps, when done right, help protect your personal assets like your home and your car from risk.
Consider You and Your Family’s Needs
It’s important not to overlook your family’s needs when you’re starting a business. You have to take care of your kids’ physical and emotional well-being, and making time for them is essential. Don’t let your small business consume your day-to-day life. It should be part of your life — not all of it.
Your own needs are important, too. Your disability may make daily life challenging, and it’s vital that you don’t put too much pressure on yourself. Set realistic goals that you will be able to attain. Most importantly, you must make time for self-care and ensure that your own needs for physical wellness are being met.
If it sounds challenging to take care of yourself and your family while juggling a new business, too, you’re right — it will be. You can combine your responsibilities, though, by involving your family in your endeavor and asking them for help when you need it. You won’t be able to do everything on your own, so you shouldn’t try.
Starting a small business is a great way for parents with disabilities to supplement their income and profit off their talents. If you’re considering monetizing your skills, be sure not to neglect your and your family’s needs. Consider starting an LLC, too, so that you can protect your assets from liability.
Gehling Osborn Law Firm offers a range of legal services for small business owners and large corporations, including business formation and maintenance. For more information, please email info@golawfirm.com or call 712-226-4600