If you’re one of the 61 million individuals in the U.S. with a disability, you may feel like business ownership is out of reach. However, this isn’t the case. Business ownership is obtainable, but you need to carefully choose your business and know how to proceed. That’s why The MMS Experience is here to provide the following tips and resources to get you started right.
Choosing a Business
First, you should know that no business is off-limits just because you have a disability. Whether you want to cater weddings, make clothing, or pet sit, it’s obtainable as long as you can physically and mentally handle it. Your first step to choosing a business should be listing your interests and ideas. Go through and determine what’s feasible with or without the assistance of others.
Determining Potential Income
Your prospective income depends on how much effort you put into your business, how well you market it, and if your idea is profitable. On average, though, a small business owner earns around $70,300 per year. Keep in mind that it takes time to earn that much.
Funding Your Business
The federal government provides grants to start a business but none specifically for the disabled. The U.S. government also offers low-interest loans to open a company to assist anyone who qualifies. As you search for loans, check for options in your state. Certain states provide grants to disabled people to start a business. For instance, Illinois provides the Illinois Advantage plan.
You can also look into finding certain devices you need on loan. Check out available options at NATADS.
Identifying Your Target Market
Once you know what type of business you want to start, identify who your customers or clients will be. Think about who’s most likely to purchase your products or services. Is it mainly women or men? What age bracket is most likely to use your services? Where do they live locally or nationally?
Tailoring a Market Plan to Your Target Audience
After you know who your customers are, think about where you can best reach them. If it’s an age group that’s known to be on social media and the internet in general, then focus your efforts on digital marketing. On the other hand, if your customers aren’t typically on the web much, consider sending out flyers or coupons. Even in this case, however, it still helps to have an online presence.
You also need to plan for the unfortunate circumstance of customers not providing payment on time. There are a number of tactics that can help, like assigning late fees and helping to set up payment plans. You can also streamline the whole process by using a free invoice design template to help you maintain your records.
Structuring Your Company
Your next step is to select your business structure. You may choose to open a sole-proprietorship, partnership, corporation, cooperative, or limited liability company (LLC).
If you choose a limited liability company, you receive tax advantages that you wouldn’t as a sole-proprietorship. When you choose an LLC, you protect your assets in the event of a lawsuit. Plus, it can even simplify your management process by reducing your paperwork. Although you must undergo a legal process for your business to become an LLC, you can simplify the process by opting for an online service. This will save you money since you won’t need to hire an attorney.
Having a Plan Makes All the Difference.
Your disability doesn’t have to hold you back when you choose your business type carefully. In fact, through determination, an understanding of your target market, and choosing the right business structure for you, your company can see the success you didn’t know was possible.
At The MMS Experience, our mission is to teach online entrepreneurs how to start & scale their online businesses. The business software reviews are based on real-world experience and product trials. Read our BLOG to learn more about entrepreneurship, business building, software reviews & money management tips.
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