Managing life with disabilities can be challenging, as can starting your own company. Overcoming the difficulties of both undertakings at the same time may feel nearly impossible, but having a plan for your business and knowing which steps to take to implement it will lighten the load and make the tasks seem far more manageable. Here’s some advice from Coach Trish for entrepreneurs with disabilities.
Choosing the Right Business and Location
When deciding what services you will be providing, remember to play to your strengths. The more you know about a given field, the more detailed your strategy will be. If you don’t think you have any marketable skills or knowledge, ask yourself what interests you and how you can monetize that interest. Be inventive! The more unique and desirable your product or service is, the less competition you’ll have while entering the industry.
If you’re planning a home-based business, you’ll need a place that meets both your accessibility and business needs. Your home may already meet your accessibility needs, but you may lack the additional space necessary to facilitate your business. An online search tool can help you find potential options in your area that meet your needs. You can filter both by accessibility and size to find the right spot.
Wherever you choose to set up your office, make sure it is also a healthy and low-stress environment. Let in natural lighting when possible, and use lamps to illuminate darker areas. Good lighting can increase your mood and also prevent that dreaded afternoon drowsiness. Adding plants can also reduce stress and help you to stay focused.
Setting Up Your Business
Once you have your field of service nailed down, you’ll need to create a business plan. This strategy should cover every aspect of the company in as much detail as possible. This will both eliminate any guesswork regarding what next steps to take and show potential sources of starting capital that your idea can be executed.
A successful plan will detail what goods or services you’ll be providing for your customers and how. It should also address the staffing structure of your company, as well as comprehensive projections of where funding will be spent and how much profit you expect to see over a given period. Working around the new territory of business ownership, as well as accommodating your own disabilities, will be much less stressful knowing what actions need to be taken and when.
Starting a business can be a daunting task, but there are only a few steps you will need to take to get established and moving forwards. Note that each state has their own requirements, so be sure to look up the specifics for your area. Or, if you would rather work with a professional, consider hiring a formation service. They can even help you file the necessary paperwork with the state to get your business registered.
Securing Funding
Studies agree that self-funding grants you the most control possible over your business. Unfortunately, most people are unable to finance their own venture and must rely on support from investors. Banks, private lenders, and government programs have services to provide financial support for business owners with disabilities. There are also disability advocacy groups with funding and resources for certain demographics. Most investors will expect a larger return later on in exchange for their loan.
Protecting Your Company and Yourself
It would be wasteful to put in all this work only to lose your progress due to a lack of care. Be sure you’re taking steps to protect yourself and your business. Forming a corporation will keep your business finances and personal finances separate in many circumstances. It can also protect you from legal trouble the company itself may find down the line.
You may need multiple permits and licenses depending on a number of factors. For example, a bar will usually require a liquor license as well as a general permit to operate as a business. Consider every aspect of your business, from where incoming money goes to what you’re providing your customers, and find out if you need specific government documentation to do so. Regulations and requirements vary by region, so be sure to research the requirements of your area and speak to a professional if necessary.
Act on Your Passions
Becoming self-employed and living with a disability are difficult tasks on their own. To tackle both simultaneously requires dedication and preparation, but careful use of every resource available to you will make the entire process far more feasible. Create a work environment that is both accessible and low-stress, and stay focused on what makes you passionate about your entrepreneurial endeavor. And if you are looking for support and encouragement, contact Coach Trish. She is an entrepreneur with disabilities who wants to help other people like her to be successful and make a difference.
