According to reports, people with disabilities are twice as likely to be self-employed as those who are not. If you’re also a parent, with all the time and energy that raising children entails, you have an even greater necessity for speed and efficiency.
Often, those who have overcome the challenges posed by a lack of mobility or hearing and visual impairment already have the qualities it takes to succeed in business: self-motivation, commitment, and creative thinking. If these words describe you, it’s time to get in on the action and make some concrete plans for your own start-up. With that in mind, here’s some helpful advice from Electrical-Technology to consider before you set out on your quest for wealth.
This is easier said than done for any new entrepreneur, regardless of whether they even have a disability, as starting a new business brings with it a whole new level of stress and demands on your time. Don’t fall into the trap of working too long and neglecting your diet and exercise regimen, as that could cost you dearly if you become ill in the middle of one of your first projects.
Explore Financing Options
There are grants available for entrepreneurs in your situation, and they come from both the federal government and private organizations. You can start your search at the US Small Business Administration.
Other forms of financial assistance include loans from Accion, a nonprofit organization that provides flexible loans to entrepreneurs, including the disabled. You can also approach a bank about getting a small business loan. Before doing so, it’s wise to download your credit report and review your credit history to learn how you can improve your creditworthiness.
Use all Available Resources
Getting off to a good start requires more than just financing. Luckily, there are plenty of tools available to help you begin with an effective business strategy, innovative marketing plan, and efficient bookkeeping. Ignite Spot Outsourced Accounting has provided resources to help you find your first clients and make sure your operations run as smoothly as possible. There are even tips on tax laws that apply to the disabled
Many new business owners choose to set themselves up as a limited liability company. When you set up a new company, this can have several advantages including paying less taxes, limiting your liability, and reducing paperwork. When forming an LLC, you can avoid the often-prohibitive costs of hiring a lawyer by filing yourself or tasking a formation service with the job.
Work from Home
You’ll find day-to-day operations much easier in an environment that’s already adapted to your condition, assuming you’ve made the necessary modifications to your house. It’s also helpful to design a home office suited for your lifestyle.
There are a number of lucrative opportunities that you can pursue while staying close to your own comfortable kitchen and bathroom, such as reselling items online with the help of a drop shipping partner or conducting direct sales and data entry for established businesses looking to outsource these activities.
If you plan to work from home, having a dedicated space to get everything done is extremely important. Although setting up shop on the couch might sound appealing, it gives you way too many opportunities to become distracted, which can have a negative impact on your productivity. So, find an unused room or corner of your home and make some minor alterations to transform it into a functional workspace. Including a customized desk and ergonomic chair can add comfort and minimize stress.
Establish a Network
There are plenty of other people in the same position as you who are finding their niche in a competitive business environment while dealing with the everyday obstacles imposed by their disability. Reach out to these fellow travelers, as well as non-profit advocacy groups and charitable organizations, via social media. You just may find some exciting promotional opportunities or avenues for valuable cross-marketing. A few reputable creative and marketing networks include:
- The Association of National Advertisers (ANA)
- The 4A’s
- She Runs It
- The One Club for Creativity
- The American Marketing Association
- The Alliance for Inclusive and Multicultural Marketing (AIMM)
Sell to other Disabled
This is a potential gold mine. There are millions of people with some form of disability, and they’re often ignored by companies marketing new products and services. Who better to tap this money-making potential than you, with your insider knowledge of the challenges that disabled people face every day?
- Core balance Current Transformer (CBCT) or zero sequence CT (ZCT)
- Different Parts of transformer and their functions
- Star-Delta Starter – theory and working with power and control circuit
- LVDT- Construction, Working, Application, Advantages, and Disadvantages
- Notch filter- Theory, circuit design and Application
- Surge impedance and Surge impedance loading (SIL) of Transmission line