Running a Successful Business as a Parent With Disabilities: Avoid These Mistakes!

As a parent with disabilities, you already know the struggle of juggling your health and your children. If you dream of running your own small business or launching your career, you may feel even more overwhelmed. Fortunately, it is possible to run a business and parent your children; you only need to avoid these major mistakes, as MasterPay USA explains.

According to the U.S. Small Business Administration, the business plan serves as a roadmap. When writing your business plan, detail each stage of managing your new company. Traditional business plans use standard structures where you detail each section. 

In addition, you need an employer identification number. An EIN is also called a federal tax identification number (FEIN). The EIN helps the IRS track your payroll taxes and identifies your business. When you have an EIN, it is a lot easier to file federal and state taxes. To your IRS EIN application, you can find the application form on the IRS website. You can also work with a cost-effective formation service like ZenBusiness to ensure you do it right from start to finish.

Business News Daily notes that another important decision to make as you start your new business is to choose a structure. Careful consideration will help you choose the most suitable of the following structures:

●       Sole proprietorship

●       Partnership

●       Corporation

●       Limited Liability Company

●       Cooperative

Choosing your business structure will determine the type of liability your company has and whether your business liabilities affect your personal assets.

When it comes to paying your workers, consider payroll software. Good accounting software streamlines paying employees and allows you to focus your energy in other business areas, such as hiring employees or marketing the business. You can also call on MasterPay USA to manage payroll for you; they provide a dedicated payroll manager, as well as a slew of other HR services.

In addition to tools to help with payroll, look into online resources that can help with not only keeping you productive and efficient while you work, but with balancing your home life so you have time and energy needed for your family. For example, Adobe Acrobat can easily compress a PDF online, which is valuable when the need arises for reducing a document’s size to save storage space on your hard drive and when a smaller file size is required for sending over email.According to the U.S. Small Business Administration, the business plan serves as a roadmap. When writing your business plan, detail each stage of managing your new company. Traditional business plans use standard structures where you detail each section. 

In addition, you need an employer identification number. An EIN is also called a federal tax identification number (FEIN). The EIN helps the IRS track your payroll taxes and identifies your business. When you have an EIN, it is a lot easier to file federal and state taxes. To your IRS EIN application, you can find the application form on the IRS website. You can also work with a cost-effective formation service like ZenBusiness to ensure you do it right from start to finish.

Business News Daily notes that another important decision to make as you start your new business is to choose a structure. Careful consideration will help you choose the most suitable of the following structures:

●       Sole proprietorship

●       Partnership

●       Corporation

●       Limited Liability Company

●       Cooperative

Choosing your business structure will determine the type of liability your company has and whether your business liabilities affect your personal assets.

When it comes to paying your workers, consider payroll software. Good accounting software streamlines paying employees and allows you to focus your energy in other business areas, such as hiring employees or marketing the business. You can also call on MasterPay USA to manage payroll for you; they provide a dedicated payroll manager, as well as a slew of other HR services.

In addition to tools to help with payroll, look into online resources that can help with not only keeping you productive and efficient while you work, but with balancing your home life so you have time and energy needed for your family. For example, Adobe Acrobat can easily compress a PDF online, which is valuable when the need arises for reducing a document’s size to save storage space on your hard drive and when a smaller file size is required for sending over email.

In the early stages of your business and throughout your company's lifecycle, you need to have financing available to you. Grants, loans, and other types of funding cover equipment, emergencies, and cash flow. SBA loans are among the most common loans for small businesses. You apply and receive the funds from a private lender, but the government backs the SBA loan, lowering the lender's risk.

For business owners with disabilities, there are grants available. Often those with disabilities have different financial hardships than other business owners. To account for the challenges you face, the federal government sets aside money for individuals such as business owners with disabilities. For loans, there is an Abilities Fund that helps business owners find capital.

It can be easy to forget about your needs with children and a business to take care of. As a parent with disabilities, you need to provide yourself with the necessary care or have less energy to juggle your life. Business owners who do not give any time to self-care tend to have burnout.

Before you give in to stress, try to give time to self-care. Self-care could be as easy as taking a few minutes a day to spend in meditation. Meditation reduces stress quickly with a few deep cleansing breaths.

Take care of yourself in the best way possible, and remember to stay within your physical limits. When you're busy with work and kids, it can be easy to lose focus on your routine. Develop strategies to remind yourself to perform daily health maintenance, such as taking your medicine at the appropriate time. If you have an electric wheelchair, remember to charge it every day and to clean your CPAP or BIPAP mask if you have one.

To run a business, care for yourself and your children, you need to focus on a business plan, self-care, and funding options. As long as you don't make these major mistakes, your business could be successful!