Below you will find something brand new for Refreshing Wednesday — what’s called a guest post. Publishing it is part of my goal this year to better know and understand the faithful readers of this blog, and to support your work when possible.
This post comes from Ed Carter. Ed has worked with clients of all ages, backgrounds, and incomes. About 10 years into his career, he saw a need for financial planners who specialize in helping individuals and families living with disabilities. You can learn more about his work by visiting his website, ablefutures.org.
Get Your Small Business Up and Running: What You Need to Know as a Parent Facing Disabilities
Launching a small business is no simple task. When you have the added challenge of parenting and managing one (or more) disabilities, this goal can feel next to impossible. Thankfully, there are strategies that you can use to successfully enter the world of entrepreneurship while balancing the demands of your life and health.
Here’s what you need to know to begin your new chapter as a thriving business owner.
Write your business plan
Having a basic business plan is essential for a number of reasons. First, a business plan gives your new company an overall structure. Writing out your mission statement, market analysis, financial projections, and organizational structure helps you (and all future employees) better understand why your business exists, and what it plans to achieve. Think of this plan as the bones of your organization.
Next, this document will help you secure investors (if this is part of your plan). Investors need to have a detailed summary of your finances, products, and other core information. This helps them decide whether or not it is wise to invest in your business, and how much they should put into your company. If you need help, there are plenty of freelance professionals who can help you write a stellar business plan.
Outsource duties that make your life easier
Balancing the duties of a business owner and parent can be daunting for anyone. When you have a disability, you may feel even more overwhelmed. Prevent negative feelings and challenges by outsourcing tasks that make your life easier. This can include everything from social media marketing to virtual assistant duties.
Decide what to outsource by creating a list of tasks that you don’t enjoy doing. You can also include duties that you never find time to complete. From there, browse today’s most reputable freelancer platforms to find trusted professionals who can complete the work for you.
Select the best business structure
Too many new small business owners overlook the importance of selecting the best business structure for their situation. If you’re unfamiliar with what a business structure is, these are the designations that a business uses for tax and other purposes. Examples of business structures include an LLC, sole proprietorship, or corporation.
In addition to selecting an entity that suits your needs, you may also want to consider registering your doing business as name. A DBA is a name that is separate from what is listed on your company’s legal documents. DBAs can help you branch out into new services, and can sound less formal than your chosen legal name.
On top of these tips, lean on the expertise of other local business owners. By working with others in your area, you can create professional relationships that help you excel in your chosen field.