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Small businesses are the heartbeat of the community. Taking your talent and carving out a niche to provide a service for others and income for your family is the dream of many entrepreneurs.
As a parent, you know the importance of doing things the right way. It is the same for starting a business. Get advice and understand the best path for your start-up to ensure growth and success.
Check out grant options for disabled entrepreneurs. There are opportunities on all levels, but more exist at the regional and state levels. You can also find local community organizations that offer assistance to disabled business owners. For additional financing, contact your Small Business Administration and your local bank.
To apply, you need to present a business plan for your company. While this may sound intimidating, there are guidelines to follow for writing this professional document. The more details you include, the better you can utilize it. Organizing your plan also gives you the opportunity to see potential weaknesses in your ideas, makes you focus on strategies, and helps prioritize your operational expenses.
Set Up the Company
Take time to understand the various formation options for your company before setting it up since there are unique benefits to each. For instance, an LLC provides flexibility in its members, less paperwork, and protection for your personal assets from creditors.
Open a business bank account to keep it separate from your personal account if you have formed an LLC or corporation. Commingling funds could cause loss of liability protection and result in personal liability for the debts of your business or future lawsuits against it. You may want to obtain advice from the Tomlinson Advisory Group if you need a better understanding of the best practices to benefit your start-up.
Brand Your Business
Getting known and spreading the word about you and your services is important for obtaining clients and realizing financial growth. Having a marketing budget spelled out in your business plan keeps you focused on reaching your target audience based on your current and future projections.
Starting out on social media can save on initial expenses. You should know the typical consumers in your client base and the best way to reach them. Experts say that approximately seven out of ten Americans are on social media sites. Locate these potential customers by researching which platforms your audience uses. Be consistent with your online content, and when you get feedback, respond promptly.
If your business requires employees to help you manage the workload, advertise on your social media pages, ask for referrals or attend local career events. You can also utilize online job boards such as Indeed, LinkedIn, and Glassdoor.
Be prepared with a compensation and benefits plan. Have an application ready or utilize online applications. When interviewing, explain the company's environment to ensure a good fit. Once you have hired someone, provide consistent communication, rewards, and a team atmosphere.
Keep in mind that once you hire employees, you’ll need an accountant to handle your payroll and withholding tax. Businesses need an accountant in general, but this type of professional becomes especially important once you start hiring on employees.
As a parent, running your own business can provide a work-life balance, but it may also prove more time-consuming. Hiring professionals to take on certain operational tasks and employees to manage assignments provides the flexibility you need for family commitments. Reach out for advice from Tomlinson Advisory Group and understand your options to establish a well-grounded base for your start-up. Stay organized with your plan and take advantage of small business incentives.
By: Ed Carter. Contact him at email@example.com with questions or comments.