Achieve Your Entrepreneurial Dreams Despite Disability and Parental Obligations

Blog by: ed@ablefutures.org

Think about everything you've achieved in your life despite your obstacles. For example, you may have had to overcome your disability to work and live life. If you're thinking about starting a company, don't let obstacles interfere with your business.

Know What Type of Business You Want

Before you start, think about your passions. For instance, do you adore animals and want an opportunity to work with them? Then, opening a pet care or pet walking service could be for you. Do you love fashion and want to share your love with others? You could become a virtual stylist or reseller. Have you always dreamed of opening a restaurant or shop? Make those dreams come true now.

Think About How Your Disability Will Affect Your Business

As you plan your business, list every task you need to complete regularly. Can you handle them without help? Consider if you can make accommodations to assist you in completing those tasks or if it's impossible or too difficult to complete them comfortably or on time. Whichever tasks you can't do or that will be a struggle, determine how many people you'd need to complete them. List the desired traits for that position and place an ad asking individuals with those skills to apply.

Once you realize that it's possible to run your business, even if it takes a bit of assistance, you can feel more at ease about opening a company and trying to juggle your child and a disability.

Plan Carefully

Starting a company takes careful planning. You must lay a solid foundation and build upon that. Part of this process entails branding. Part of branding entails making a strong first impression and giving your brand an identity. You want your business to stand out from the crowd. This means you need to have a professional logo that represents what your company is and does well. You don't have to spend a fortune on this project. Instead, you can use a free custom logo creator. This tool will allow you to select an icon and add text while choosing your colors and fonts as well.

Also, think about getting accounting software. You can then better manage your money and keep your business organized. You may even be able to store your receipts, so you have them available come tax time. Plus, you can receive insight into your cash flow, making budgeting easier.

Form an LLC, Sole Proprietorship, or DBA

When starting a new company, you’ll need to consider a lot of things — including the structure you wish to use. There are many benefits of forming an LLC for your business. LLCs provide limited liability protection for their owners, meaning that the owner’s personal assets are not at risk in the event that the business is sued. LLCs also have a flexible management structure, and can be managed by one person or by a group of people. Additionally, LLCs are not subject to the same double taxation as corporations, meaning that the business’s profits are only taxed once.

A sole proprietorship, meanwhile, is a business that is owned and operated by a single individual. There are several advantages to this type of business structure, including simplicity, flexibility, and ease of formation. Perhaps the biggest advantage of a sole proprietorship is that the owner has complete control over the business. This means that decisions can be made quickly and without needing to consult with partners or shareholders. Additionally, sole proprietorships tend to be less expensive to set up than other types of businesses, such as corporations.

Lastly, you could register a doing business as (DBA) name. Filing a DBA allows the business owner to advertise and conduct business under a trade name. The process for filing a DBA is different in each state, but is generally inexpensive and simple. For businesses that plan on expanding, or that are already doing business in multiple states, it may make sense to file for a fictitious name as part of incorporation. This protects the business name from being used by another company in that state and makes it easier to open bank accounts and lines of credit. In addition, incorporating creates a legal barrier between the business and its owners, which can offer some protection in the event that the business is sued.

Plan and Grow

When you plan ahead, your business will be more likely to grow and thrive despite any setbacks. Come up with a profitable business idea, create a plan for running and marketing your business, and consider forming an LLC. With a solid plan and strategy in place, you can move forward with confidence.

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