Financial Preparedness

How Parents With Disabilities Can Pursue Entrepreneurship

By Ed Carter
December 15, 2022
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Ed Carter is a former financial planner who uses his background and experience to help those with disabilities plan for their future.

When you’re living with a disability and raising a child, working a traditional 9-to-5 job for an employer might not be the best fit for you. Instead, you might want to consider making a living by working on your own terms as a small business owner. Succeeding in entrepreneurship is accessible for people with disabilities.

Entrepreneurship can allow you to cover your cost of living while saving up for emergencies with guidance from Easy Emergency Plan. Here’s how to get your new company off the ground!

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File For an EIN

To correctly identify your business and enable the IRS to track your payroll taxes, you will need an EIN, also known as a Tax ID Number. Registering for an EIN will also make things much simpler for you when it’s time to file federal and state taxes on an annual and quarterly basis.

To register for your IRS LLC EIN, you’ll need to establish your business as its own entity with the IRS. By officially forming an LLC for your company, you’ll be able to limit your personal liability and allow for flexibility in your business structure.

Secure Funding

Perhaps you have a business idea that you’re very passionate about. Still, you’re worried that you don’t have the personal funds to get it off the ground. After completing a thorough business plan, you can begin seeking funding.

Kabbage recommends looking into business grants facilitated by the US Small Business Administration intended explicitly for entrepreneurs with disabilities. You could also consider applying for a small business loan.

Hiring and Delegating

Starting a business is a lot of work, and as a parent, you don’t want to spend every waking hour on work. But with so much on your plate, it can be hard to manage your time. The solution? Hiring your first employees and delegating tasks to your new team members!

If you’re not ready to hire full-time employees, you can start by working with part-time employees or contractors. Let your network know that you’re looking for a few more sets of hands, and your friends and former colleagues can refer qualified people to you.

Childcare Concerns

Some days, you might be able to manage to watch your child while tackling your professional to-do list. But what about days when you have endless meetings and pressing deadlines to hit?

You probably won’t be able to handle childcare on your own. You may need to hire a trusted babysitter, find a good daycare center for your child, or ask a relative if they can watch your child for a few hours.

Managing Your Health

When you’re an entrepreneur, it can be hard to avoid burnout. But when you’re working towards entrepreneurship with disabilities, it’s essential to understand your limits and take steps to prevent burnout before it begins.

Gen Y Planning recommends taking personal days to fully unplug from work, only checking email at certain times during the workday, and outsourcing specific tasks to a small business attorney or accountant to save time.

In addition, it’s always a good idea for parents with disabilities to set aside money for an emergency fund in case you ever need to take time off due to your health. This will give you and your family peace of mind.

Final Thoughts

The typical workplace is not always accommodating for people with disabilities. And if you want to spend more time with your children, an employer who doesn’t prioritize work-life balance can cut into your family time. By starting a business, you’ll be able to control your workload and put your family first!

Want to keep your family safe throughout tough times? Check out the preparedness resources on Easy Emergency Plan! Browse the blog today to start creating your own emergency plan.