If you have a disability and are a parent, you may struggle to bring in the income you need. Fortunately, starting a business – particularly in today’s booming gig economy – can be an ideal way to meet your financial goals and give you the flexibility you need as a parent. In fact, in many cases, running a small business helps disabled parents thrive both financially and emotionally.
3 Signs That You’ll Make A Great Business Owner
- You have plenty of self-motivation. You can set achievable goals and have the wherewithal to meet them. Learn more about how to capitalize on your self-motivation in order to succeed in this post from My Venture Pad.
- You give 100 percent every day. How do you move that skill into your business? Here are nine tips on how to give it your all in order to achieve your business goals from Start Up Nation.
- You’re a master at problem-solving. Between managing your own needs and making adaptations so you can easily raise your child, you’re probably an expert in this area. Learn why this skill is so critical for entrepreneurs from Ken Etete.
Finding The Right Business
You’ll need to select a business that fits your life as well as has the possibility to be profitable. Assess your experience, skills and talents. What jobs have you done well? What natural abilities do you have, such as math acumen or a sharp eye for editing? It’s also important to make sure your business idea is marketable. Learn more about choosing the right idea from The Balance.
You can move forward starting an online or home-based business, offering services such as accounting, web design or virtual assistant tasks. You can also choose whether you’ll be going it alone, finding a partner or starting up a franchise.
However, another option is to use your problem-solving skills in a way that helps the disability community. You may have already come up with a solution that you think others can use. If not, think outside of the box of inventing things to how you can help others. Read how Amy Wright, the mother of two children with Down syndrome, set up a coffee shop in North Carolina to employ people with intellectual and developmental disabilities.
If you’re still stuck for ideas, here are seven home-based business ideas that are ideal for stay at home moms from the Small Business Association.
Finding Grants To Fund Your Business
For many startups, funding is necessary. Fortunately, there are many agencies in the U.S. that offer grants and loans to disabled business owners. Learn more in this article from BizFluent. Meanwhile, some great places to start your research include:
You should also look at local agencies and sources for people with disabilities. For example, Entrepreneur Magazine reports that Self-Employment of the Enterprising Disabled Institute (S.E.E.D.) in Irvine, California, offers a paid home-study program that can help you start a business.
Balance And Running A Business
Finally, as a parent, you’ll need to set up boundaries for your family. Don’t expect to find “balance.” Instead, prioritize your days by setting firm schedules for work time and family time. Ask your loved ones to respect your time as you build and maintain your business.
As you set up your business, you’re going to need information, including:
- Which business entity is right for you (sole proprietor, LLC, or corporation)?
- What kind of business insurance will you need?
- How will you keep track of income and expenses for tax purposes?
Learn the basics of setting up a small business in a few hours from Inc.
Starting up a small business as a parent with a disability can be challenging. However, if you have the right skills in place, it can be a wise move to help create financial freedom for your family.