4 Important Reminders to Parents or Persons with Disabilities Before Starting a Business
You have a great idea for a business. You have a great name picked out. You have done all the market research necessary to launch. What’s next? As a parent with a disability, learn how to take your business to the next level with these four important strategies. These four factors are crucial to creating a profitable — and responsible — startup.
Write a Business Plan
Utilize the market research you have already completed by incorporating it into your business plan. Your products should be unique to your customer base, and the plan should reflect what makes your products special. Once you have determined there is solid data showing demand for your product, you are ready to actively launch into the competitive field. Be sure to register your business according to federal and state requirements.
Find Funding for Disabled Entrepreneurs
Both nonprofits and the federal government offer grants and loans to business owners with disabilities. Many of these financing options don’t even need to be repaid. However, be prepared to spend a lot of time on grant applications. The application process is not complicated, but it requires diligence and perseverance. Once you have researched all the funding options available, you may be surprised by how many opportunities are available to people with disabilities. Find the best resources for your specific niche in the market, and make it happen.
Market Your Business
As with a business of any size, a smart marketing plan is essential to future profitability. Your marketing plan should include a company website, and, importantly, a presence on social media. Blogs, multimedia, formal press releases, and radio spots can help get the word out locally and regionally. We are well beyond a marketplace that allows for profitability while ignoring the reach and impact of social media. Terra Vine Agency can help devise an online strategy and incorporate a strong social media presence for those in the wine and hospitality sectors.
Another idea that can have positive effects on your marketing strategy is by registering your doing business as name or DBA. While it may sound strange, doing business under a legally fictitious name has many advantages. When it is time to grow your business, a DBA provides a low-cost, versatile way to sell different types of services and pick new domain names. This allows you to quickly and easily expand your brand into potentially lucrative new markets.
Hire Your Team
As a business owner with a disability yourself, you may be inclined to hire employees with disabilities, and that’s great! Workers with disabilities can be some of the most loyal and committed individuals on the market looking for jobs.
Persons with disabilities are underemployed and account for millions of untapped individuals in the workforce. If you can also incorporate more disability awareness and inclusion into your company, you can expect lower turnover and higher productivity. According to a 2018 whitepaper by Accenture, businesses that were ranked highly for disability inclusivity averaged twice as much net income and up to 28% more revenue.
There are so many aspects to starting a new business that not all could be covered here. These four recommendations can guide you on the first steps of getting your business up and running smoothly while raising your children. Your disability doesn’t have to be a limiting factor in this process, either. In fact, it can enhance your brand and improve your profitability.
Looking for more insights, resources, and tools to build a sustainable and ethical business? Explore Terra Vine’s available courses and workshops here.
Note: This is a rather small glimpse on a very large subject. Get in touch or dive into Facebook or Google’s e-learning tools to find out more!