When you work for someone else, you may not have the privilege of spending more time with your family or allowing yourself days where you focus solely on your health. Many people with disabilities require periods of rest. These tips from Line 25 Consulting will help you learn the secrets of balancing the challenges of family life, living with a disability, and running a successful business.
The Technical Aspects of Business Formation
To get your company off the ground, you need money to do it. While self-funding provides you with complete control over your company, it is also a risky option. Alternative funding options include:
- Finding an investor
- Using crowdfunding
- Obtaining a small business loan
- Receiving business grants
There are grants and loans available specifically for people with disabilities, as well as minority-owned businesses. If you need financial assistance, the government may provide you with the help you require.
Choosing your business structure depends on your company’s needs. For most companies, a corporation or a limited liability company may be a viable option. An LLC, for example, provides you with tax advantages and asset-liability protection.
According to the IRS, the employer identification number identifies your business as an entity. The IRS tracks your payroll taxes through the EIN. When you file your annual and quarterly taxes, the EIN makes it an easier process. It’s important, therefore, to get your EIN application out of the way early in your business.
Mental Health Preservation When Forming a Business
Opening a new business may feel a lot like bringing a new child into your home. It becomes a new responsibility, but it cannot take priority over your children or mental health. Business owners have a higher likelihood of depression, attention deficit hyperactivity disorder, and substance abuse. One way to prevent the negative effects of overworking is to continue to live your nonworking life separately. Consider a hobby and leisure activities that lower your blood pressure and cortisol levels. If meditation helps, try to put aside as little as 10 minutes for meditation.
Thinking About the Future
It’s never too early to start thinking about the future. Do you think you’ll want to expand your business? What are your competitors doing that seems to be working for them – or not? Perhaps you can better realize your potential by pursuing a degree through a flexible online program that will allow you to keep working while you learn.
Whatever you decide, always put your health and family first. As a person with disabilities, you need all of the energy that you can get. When you let your health and wellness slide, your business and family may also slide. Try to prioritize your family. Put their happiness and yours above the business.
If you fear you’ll miss out on family evenings, choose to wake up later in the day to take care of your family in the evening and find a few hours for job-related tasks after they sleep. Be creative about your balance but keep your priorities in mind.
Team Hiring and Loyalty in Your Business
The best way to find balance is through delegation. Do not take it upon yourself to do everything for your business. You should have others within the company that you can rely on for different tasks. Delegation does not mean you push work on others. Instead, you teach your employees, partners, and other team members to be a critical part of the organization.
When it comes to finding loyal candidates, you need to think about the type of talent you need on your team. What skills and knowledge are best for your company? Do you need a marketing team to help your business gain traction? Do you need someone else to handle the financials or creative processes? Some people choose to create a talent assessment to find the best candidates.
Starting a home-based business is challenging, but it is not impossible. Plan ahead, accept help, and remember health and family should remain a priority.
Work With an Inclusive Marketing Expert
Understanding people with disabilities is important. Line 25 Consulting helps organizations create diverse teams to increase productivity and inclusive marketing campaigns to 10X revenue. If you would like to chat, we’d love to hear from you!
Guest feature by Ed Carter with
Able Futures