Starting a Business as a Parent With Disabilities

Getting a company past the idea stage is hard enough on its own. Add to it the stress of living with disabilities and raising a child, and it can seem nearly impossible. Perry Real Estate College explains that with the right amount of planning and the proper use of available resources, a determined entrepreneur can overcome these difficulties and get their business off the ground.

Making a Plan

The first step in this venture is creating a business plan. Developing and sticking to a detailed, step-by-step strategy will not just keep everything running smoothly while the owner attends to their other responsibilities; potential investors and lenders will also need this as evidence the aspiring owner can deliver on their vision. A poorly planned business can fail before it ever truly begins, especially while juggling the demands of child-rearing and the limitations of one's disabilities.

These additional hurdles put parents with disabilities at a disadvantage when kicking off their startup. According to U.S. Census data, the amount of people in the workforce with disabilities that are self-employed is just over 15%. Government grants are available to many disadvantaged and marginalized groups to help start small businesses. Some private organizations also have services to assist, depending on the type of business being started. These grants and services can work to level the playing field for such a difficult venture.

Getting Funding

It’s important to identify sources of funding to help get your business off the ground. One option is to take out a loan from a bank or other financial institution. However, loans typically need to be repaid with interest, which can put a strain on your finances early on. You’ll also need to run a credit report to make sure your credit history and score is up to par. You can download a free report at AnnualCreditReport.

Another option is to seek out investors who are willing to provide capital in exchange for a percentage of ownership in your company. This can be a good option if you are able to find investors who are aligned with your business goals and who you feel comfortable working with over the long term. Finally, some businesses may be eligible for government grants or other forms of financial assistance.

Obtaining an EIN

During the process of getting the project up and running, the proprietor typically needs to be assigned an Employer Identification Number by the IRS, which functions like a social security number for a business rather than an individual. The IRS notes that this number is required for any job that has employees, as well as companies without them under certain circumstances. Company bank accounts and certain licenses cannot be obtained without an EIN. It's also required when filing taxes. Having this set up in the early stages can save management from scrambling to have everything in place before tax time.

Taking the Next Steps

The idea is fully fleshed out, funding has been acquired, and all the proper paperwork has been filed. What comes next? A physical shop needs a building to be purchased, built, or rented. An online store wouldn't necessarily need a location separate from one's house, but the owner may need to invest in web security or storage space.

Does the company need employees? If so, the owner should prioritize teammates who can be relied on to eventually run things in their absence. Children come first, and the challenges of a disability obviously can't be put off until later, so the owner won't be available as often as a childless, unimpaired person might be.

In order to hold a company accountable to the law, as well as ensure it's adhering to safety regulations and tax code, the government requires a variety of licenses depending on the type of services offered. Beyond the general licenses needed to operate, actions such as charging sales tax and selling alcohol require special permits as well. When in doubt, it's best to check whether a license is required before taking any new action in the process.

Parenting, living with a disability, and starting a business are all demanding enough trials individually. To take on all three at once can seem like an insurmountable challenge, but the proper preparations, a business plan, and use of help where it's offered can make it far more doable.

With affordable payment plans and 24/7 support, Perry Real Estate College can help you advance your professional real estate aspirations. Reach out today for more info! 859.525.0303 or 800.558.9119

Author: Brittany Fisher

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