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As an individual who must juggle one or more disabilities and minor children, you may have experienced difficulty obtaining employment that fits your specific needs. You may also have found yourself living on a tighter budget than you want to. Starting a small business can help you bring in extra income to improve your quality of life while affording you the flexibility you need to ensure your offspring receive the attention and time they need. Here are four tips from B2Commerce for getting your small business off the ground and running.
1. Research and Analyze Your Idea
Before sinking valuable funds, time, and effort into a business, ensure three things: that you have a passion for what you will be doing, that there is a market for the services or products you will be providing, and that you have the resources to invest in it. The first is necessary because starting and running a business requires dedication and sacrifice and having fervor for and genuine interest in yours gives you the motivation you need to persevere.
Data shows that lack of a need for the services or products offered is the second-leading cause of business failure, resulting in the downfall of 35% of businesses. View your idea through the lens of whether or not it is solving a problem. What purpose do you fulfill? If you can’t answer this, you may want to take a step back. Look at what people are buying and what they want. Test whatever it is you plan on selling by discussing it with family and friends then moving into small-scale production. Also, determine where you want to sell it. Don’t expand too fast, which leads to the third point, addressed in the next section.
2. Manage Your Capital Carefully
Running out of capital will effectively halt your entrepreneurial efforts. There are extra funding options available to you as a disabled person, including federal grants and loans. Secure cash before starting. Budget out all your business expenses. Proactively monitor your cash flow. Record all expenditures and payments and keep backups of these records for tax purposes.
3. Write a Business Plan
A business plan imparts numerous advantages, including helping you obtain capital, creating an idea of the steps you need to take and revealing potential flaws. There are several components to a successful business plan, including sections detailing your goal as a business owner, what you are offering, and your marketing and sales strategies. It should also include analyses of the market and possible competition.
4. Consult a Legal Expert
The many business laws vary considerably in complexity. For example, a sole proprietorship or single-member LLC does not need an EIN (employee tax number), but there are exceptions to this. If you are among those required to get an EIN number by the Internal Revenue Service, they will assign you one for identification and payroll tax tracking purposes. Having one actually makes it easier to file state and federal taxes. However, if you did not know this, you might use your Social Security number instead, which might be wrong. A formation service can help you comply with these regulations and avoid fees and penalties.
Starting a business can be hard, especially if you have to balance children and a disability as well. But carefully considering and planning out your enterprise, managing your money properly, and employing the right services can help you do so successfully.