By Ed Carter
5 Tips To Follow as You Start Your Business
People have realized that family obligations and living with a disability are no longer deterrents to starting a business. If you have a great idea and an entrepreneurial spirit, you can still manage a startup while being a parent with a disability. Follow these tips to help get your new business up and running.
- Reach for the Stars
It starts with confidence. Some people never start their business because they let something hold them back, whether it’s lack of time, a disability, or familial obligations. Starting a business is not always easy, but with a goal in mind and a drive to achieve that goal, it can be done regardless of circumstances.
- Go Back to School
Before you move forward with your startup, it’s best to hone your business skills. Four of the most important skills you’ll need to run your future business efficiently are strategic planning, marketing, and long- and short-term economic management via finance and accounting. Think about what areas you may be lacking in and try to pursue an MBA that caters to your needs so that you put your best foot forward when starting your business. Luckily, MBA degrees have never been more accessible due to the popularization of online education. Online schools grant MBA hopefuls the flexibility to learn, work, and take care of their families at a pace that’s comfortable for them.
- Plan Properly
Once you’re armed with the proper knowledge, it’s time to formulate a business plan. The formatting and details of a business plan will be unique to each company, but all of them generally have the same information: how your business is managed and structured, how your business will stand out in the industry, any financial and marketing plans, and a product or service explanation. The last is especially important because you’ll want your business idea to be unique and solve a problem for consumers. Otherwise, your business may not be viable. Be as detailed as possible in your plan, because it will be your reference point for the future and a document that can be shared with potential angel investors or lenders to get funding.
- Keep It Legal
Familiarize yourself with the legal requirements for starting a business. The laws differ depending on your location, your industry, and your business structure, but in general, you’ll need to complete steps such as registering your business, acquiring state and federal tax ID numbers, and applying for licenses and permits in order to be compliant. Start the process as your plan is finalized.
- Remember It Takes a Village
Engaging with local citizens and businesses doesn’t just build a stronger sense of community; it’s an effective planning and marketing strategy. Surveying potential customers can help inform your business plan and allow you to make adjustments according to the viability of the market.
Once you have your idea set in stone, you can humanize your business. With research showing the value of inclusivity in businesses, more inclusive companies are slowly becoming the norm, and consumers are increasingly looking to support small businesses that are family-owned or owned by marginalized people. Letting people see the face behind the business and being loud and proud about the ups and downs of living as a working, disabled parent can raise brand awareness, help you gain new customers, and even increase customer loyalty.
It can take a bit of patience to start up a business. However, so long as you educate yourself, implement a detailed plan, and follow all the requirements step by step, you’ll have your endeavor up and running in no time.