Starting a business offers parents with disabilities freedom they don’t always have in the traditional workforce. It can be to their advantage to carve their career paths. In fact, according to the Bureau of Labor Statistics, people with disabilities are entrepreneurs at nearly twice the rate of those without disabilities.
Although running a business while raising a family can be challenging, a New York Life survey shows parent entrepreneurs are more optimistic about their children’s futures than the general population. Owning a business can be empowering, allowing you to lead by example and show your children they can build their success.
If you’ve decided to start your own company, you have resources. Follow these crucial steps presented below by WikiKeep.com to begin your venture and learn how to find support as you complete them.
Writing a Business Plan
A business plan is an essential component of entrepreneurship. It should contain an executive summary, business and product description, market analysis, organization structure, marketing plan, and financial projections. A business plan determines your financial need and creates a growth strategy. It’s also necessary if you plan to apply for grants or loans. If you need assistive technology, you can write specifications and cost estimates into your plan.
If you want help writing your business plan, many organizations offer resources online, or you can find local sources through the Small Business Administration.
Unless you plan to do all the work yourself — and as a parent, you may not have the time — you need to hire employees. You may wonder if anyone is interested in working for a new company, but startups can be exciting and appealing. Your first employees are likely to be loyal and passionate. They may embrace the opportunity to learn various job skills, be creative and share in your success.
Essential steps before hiring include:
- Obtaining an Employee Identification Number
- Creating a clear job description
- Setting up a payroll system
- Scheduling pay periods
To ensure you complete all the necessary documents and taxes, consider hiring an attorney for assistance.
Establishing a Business Bank Account
One of the smartest business moves you can make is to set up a separate bank account for your company. If you have formed an LLC or corporation, it’s best to keep your finances separate. Combining your funds can cause you to lose your liability protection. If your company faces debt or a lawsuit, you could be held personally responsible.
You’ll need to provide a few documents and licenses when you open your business account. For assistance, talk to a representative at your bank.
Finding Child Care
You may need to have someone to care for your children while you work and when you go to therapy or medical appointments. Finding quality care can give you peace of mind to focus on your business or health needs.
You can search for centers accredited by the National Association for the Education of Young Children. Visit several places and ask about:
- Current licenses
- Sick-child policy
- Parent communication
- Trial visits
A reputable center typically welcomes unannounced parent visits; if the facility you are considering discourages this practice, find out why and proceed with caution.
Parenting and starting a business are challenging ventures, and doing both while living with a disability can add another hurdle. However, you can find resources to support you as you carve your path to success.