As a parent of a child with special needs, you face many daily tasks and challenges. Differently-abled children require extra time, support, and care, making it hard for you to work traditional hours. According to a study, nearly 15% of families with children who have chronic health conditions and 40% of families with intellectual disabilities reduce their time in the workforce, resulting in a lower income.
Although starting a business may seem daunting, it can help you gain the flexibility to earn money while attending to your child's needs. Read our tips to get your idea up and running.
Identify Your Skill Set
When you can offer solutions to consumers, you have an excellent base for a viable operation that allows you to balance your child's needs with your work life. Consider your licenses, education, skills, and passions to pinpoint your best options. Ask yourself what experience you have and what problems you can solve for others.
Find Capital
Assess what funding is available to you. Evaluate whether you have the income or savings to finance your company, and decide what level of risk you are willing to take. You want to avoid taking on significant debt, if possible, to ensure security for your family. Look into grants from government agencies, loans from the Small Business Administration, or angel investors.
Write a Business PlanYou know what you want your business to look like, and you have all the required components in your head. So, why do you need to create a business plan? Taking the time to write down the details of your new venture will help you:
- Recognize potential problems
- Secure funding
- Achieve objectives
- Stay focused
- Assess expenses
You have many things to keep track of each day for your child. It is easier to stay on track professionally and personally if you write down your plans.
Select a Business Structure
Now that you have an outline of your new company, you need to choose a formal structure. Your legal setup affects your liability, tax obligations, and funding sources. Review your options to find the best choice for your business and your family.
With all the time and effort you put into parenting, you want to simplify tax season. Ensure that you have an Employer Identification Number assigned to you. This tax ID identifies your business and is essential for tracking payroll taxes. With an EIN in place, filing your state and federal taxes is more straightforward, whether you file quarterly or annually.
Market Your Operation
You need to advertise your services to achieve successful growth. Start by creating a logo with good design to attract customers, build brand awareness and help you stand out in your industry. Your number one focus is your child, so save money and time by using an online logo design maker with customizable templates. You can quickly choose a style and icon. Then, add your text and adjust the fonts, sizes, and colors to get the look you want.
Have a Support Network
Running a business while helping your child takes dedication, resolve, and energy. Make sure you have people you can talk to, friends who can give you a break when needed, and parents who understand the challenges of special needs children. Consider joining a support group at ParentsCAN to help you feel less alone and overwhelmed. Your child also benefits when you take the time to care for yourself.
When you carefully plan your business endeavor with your family in mind, you help ensure the success of your new and rewarding career.
Photo courtesy: Pexels.com
