I’m publishing the following post on behalf of Ed Carter, a retired financial planner and the founder of ablefutures.org. Ed offer tools, original articles, and other resources that will provide helpful financial information to members of the disabled community. Ed says, “Many people are unaware of just how many options they have when it comes to financial assistance and planning, so it’s an honor to offer my experience and change people’s lives for the better.”
One in four American adults has a disability. Many of those with disabilities are parents who need a reliable income source despite having work restrictions. One option many disabled parents turn to is starting their own business. While the idea of starting a small business may seem daunting at first, using the tips below can help you get your new endeavor up and running.
Look for Grants
There are various grants and other funding opportunities available for disabled people. However, these funding sources may change quickly because they’re often offered on a first-come, first-served basis and close when funds are no longer available. You can keep up to date with current grant information by regularly checking the following websites:
- Grants.gov
- SBA.gov
- HHS.gov
- semel.ucla.edu (for art-related businesses)
You can also apply for a small business loan if grant funding isn’t enough. There are several types of loans designed for small businesses.
Start an LLC
Starting an LLC is an excellent choice for disabled parents looking to get their own business up and running. LLC stands for limited liability company, and it’s one way you can register your business. An LLC offers multiple benefits, including:
- Greater flexibility when compared to alternatives
- Limited personal liability
- Tax advantages
- Less paperwork
- Increased credibility
Using a lawyer to form your LLC can be costly. You can save money by filing the paperwork yourself or using Zenbusiness, a formation service. Since each state has its own regulations on forming an LLC, it’s essential to research your area’s specific laws ahead of time.
Understand How to Hire In-House Staff
Hiring your first few employees can seem like an overwhelming task. The most important thing to understand is that you shouldn’t feel pressured to hire quickly. It’s worth waiting for the right employee, even if it takes weeks or months to fill the position. To ensure someone is the right fit, ask the following questions during the interview process to get a feel for each candidate:
- How many years of experience do you have in this field?
- Why do you want this job?
- What are your greatest strengths?
- What is your greatest weakness?
- Do you have any certifications, degrees, or on-the-job training that applies to this position?
You should also ask questions that apply to your specific industry and the available position during the interview process. At the end of every interview, ask if the candidate has any questions for you. Generally, you want someone to ask at least one question. This shows they’re interested in learning about the position and your business.
Outsource Where Applicable
It isn’t always financially prudent to hire an in-house team member, but you may not have the necessary skills to perform a task your business requires. At times like these, outsourcing becomes the most viable option. To choose whether to outsource or hire an in-house team member, ask yourself two essential questions:
- Does this position have 20+ hours of steady work available each week?
- Does outsourcing or hiring in-house make more financial sense?
Applying These Tips
Starting a business is an excellent option for disabled parents. Applying the above tips can make the process smoother by helping you find funding, choose a business structure, understand how to hire staff, and decide when outsourcing makes more sense.
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Rolfe Dlugy-Hegwer 