Starting a small business is a difficult feat for anyone, and as a parent with a disability, you may face extra challenges. However, with the proper knowledge and resources at your disposal, you can be both a successful parent and a successful small business owner at the same time.
How Will You Fund Your Business?
As with any business, one of the first things you’ll need is the funding to kick things off. There are a lot of options from which to choose, but one of the first questions to consider is whether you’re eligible for a federal grant.
The Small Business Administration has specific requirements that determine whether your business is eligible for a grant. For instance, if your business involves scientific research and development, you may be eligible. You may also qualify for the SBA’s 7(j) Program if your business is located in an area with high unemployment or low income, if you’re considered an 8(a) Contractor, or if you (as the owner of the business) earn below a certain income. The last may be especially useful if you’re on a fixed income as a result of your disability.
Keep in mind, however, that the SBA only offers grants to businesses that are already established. What if your business hasn’t gotten off the ground yet? Don’t worry; there are other types of grants available! For instance, the National Association for the Self-Employed has awarded nearly $1 million in grants to new businesses. However you decide to fund your business, you have a variety of resources from which to choose.
What Is an Employer ID Number and Why Do You Need It?
A key item you’ll need for your business is an Employer ID Number. What is an EIN number? Also known as a Tax ID Number, it is a way to identify your business and allow the IRS to track your payroll taxes. There are benefits to having an EIN as well: You will have an easier time filing state and federal taxes, whether annually or quarterly.
What Does It Take to Run a Business From Home?
Did you know that Amazon began in a garage? While it may seem daunting, it's possible to run your business from home. In fact, surveys show that half of all small businesses are home-based. As well, working from home may make it easier to manage your responsibilities as a parent in addition to running a business.
Make sure you have the legal right to do this, as there are some restrictions to the laws in some places. Be aware of your area’s zoning regulations; some areas that are residentially zoned prohibit operating a business within the zone.
If you decide to run your business from home, keep your costs in mind. You want to have as little overhead as possible. Overhead costs to watch for include marketing expenses, office equipment, wages, insurance, utilities, and rent. Also, remember that many home-based businesses are entitled to tax benefits.
Starting a business can be a thrilling and endlessly challenging prospect, and the possibilities of how far your business can go are practically infinite. As a parent with a disability, with the proper know-how and considerations, you may soon be on your way to living the dream of owning your own business. Book an assessment at Itinaucore to determine if you’re ready to take this leap.