As a parent with a disability, you may have faced the difficulty of finding and keeping a job. However, owning your own business can be a great alternative to traditional employment with more flexibility around your needs. Moving your small business forward requires determination, clear goals, stamina, and independence. And with these tips from Clearnerpreneur, you can improve your chances of success.
Enroll in an MBA Program
LinkedIn explains that continuing education is an investment in your business and your future. As an aspiring small business owner, it's important to understand and improve upon all the ins and outs of business ownership, such as accounting, finance, human resources, and strategic planning. Online programs give you the flexibility to continue working, studying, caring for your family, and pursuing health and well-being goals. As you consider available MBA programs, get as much information as you can:
Research Sources of Funding
There are many grants available to small business owners with disabilities. Some of these funding sources are designed for people who already own a business while others are intended for entrepreneurs just starting out. Research opportunities through the government, private foundations, and public organizations. Some of the best places to look for funding and grants include the U.S. Small Business Administration and The Abilities Fund.
It’s important to keep in mind that if you plan to seek grant or loan funding, the institution will likely look at your debt-to-income ratio. While it is not the sole determining factor in determining whether or not you will get funded, it is a good idea to keep your personal ratio below 35%.
Weigh the Pros and Cons of Business Structures
The structure you choose for your business affects everything: daily operations, taxes, personal risk, and employee relations. Carefully consider the pros and cons of each option:
As your business grows, you may choose to reorganize from one business structure to another. Other options include S and B corps, nonprofit corporations, and cooperatives.
Implement Low-Cost Tech Tools for Marketing
From the time you start up to the period when your business is growing, you’ll need to have the latest technology at your fingertips to help with your marketing strategy. Using free or low-cost tools is always a good option as you stay within your budget, and there are plenty of such tools available today.
As one idea, if your business is working on a marketing project that has multiple people or teams involved, you may have to deal with an overflow of documents. Instead of having to keep track of so many documents in different formats, having software that will manage your documents will make a big difference.
Find a Mentor
As a new business owner, there's a lot of potential for costly mistakes. According to many experts, working with an experienced adviser is a good way to avoid those errors as you work through writing a business plan or hiring your first employees. You may find these mentors at local workshops or community events, online, or through business connections.
Create a Balanced Schedule
It is all too easy to blur the lines between work and family time when you work from home. With this in mind, it is very important to create a schedule with clear boundaries. However, it is also vital that you maintain some flexibility. Once you've pinpointed the strategies that work for you, Bright Horizons points out that it takes practice and adjustments to build a schedule that works well.
Creating your own small business is a great way to provide income for your family, enjoy the flexibility you desire, and achieve your goals. Learn from successful business owners and take advantage of the tips and advice they provide.
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