How Parents With Disabilities Can Start a Small Business Consort News July 9, 2022 Featured News Cover mage via Pexels Starting a successful business can be challenging as you need to develop a business plan, look for funding, get the right marketing strategy, hire staff, etc. It becomes even more challenging when you’re a parent with a disability. However, you can be as successful as any other entrepreneur by taking several key steps. Below, we share some tips for parents with disabilities to get their small businesses up and running. Identify a Gap and Write a Business Plan The first thing to do before starting a business is to identify a market gap and create a plan on how to fill it. There are many ways to identify gaps, including knowing your strengths, eliciting customer feedback, and researching market trends. Understanding the market needs help to avoid investing in a common product or service, resulting in low returns. After doing market research, the next step is to create a business plan. It is a document containing all the business details, including its name, location, product, management structure, market analysis, and financial components. A well-drafted business plan is essential as it clarifies your business and makes it easy to outsource funding and develop a marketing strategy. If you’re having problems with drafting a business plan, seek help from friends or online resources. Explore Funding Options The next question to ask yourself after coming up with a business plan is whether you have enough capital to finance the business. The most common funding options include personal savings, bank loans, crowdfunding, and finding investors. As a person with a disability, you can inquire about grants and sustainable loan programs the state offers. For instance, the U.S. Small Business Administration (SBA) works with lending institutions to grant low-interest loans to persons with disabilities who cannot access conventional loans to finance their businesses. If you’re an artist with a disability, check out the National Arts Disability Center for grants to finance your creative work. Develop Marketing Strategies Marketing is essential to the growth of a new business. It helps create brand awareness and client engagement, eventually improving sales. There are several ways to develop marketing strategies. One of the first steps to good marketing is designing a well-designed business logo. It is the foundation of your business identity and the first thing everyone interacts with. Your business logo should be unique and stand out against competing businesses to stamp strong brand awareness. You can seek professional services for logo creation or use a free online logo maker if you’re operating on a tight budget. After designing a logo, incorporate it into all advertising tools like billboards, social media, blog posts, digital marketing, etc. Find and Accounting Solution When business is up and running, it is essential to keep a record of all your transactions to have clarity on how your business is faring. The best way to achieve this is by installing accounting software or a computer program that helps you record all transactions. This enhances accuracy and gives you insights into areas you need to improve. Leave a Reply Cancel ReplyYour email address will not be published.CommentName* Email* Website Save my name, email, and website in this browser for the next time I comment.