Updated: Oct 28
For small business owners with a disability, there are a variety of grants and options available to help you build your brand and business.
Starting a home-based small business is an ideal way to begin your entrepreneurship journey. In addition to saving costs on office space and travel, as a business owner with disabilities, you are eligible for numerous government grants to help run your business.
Below, Texas Innovators has listed four important aspects you should focus on when planning to start your small business.
Create a Strong Business Plan
As reported by WSI, a business plan allows you to secure funding and provide clarity for achieving short and long-term goals. Your business plan needs to include the following:
Executive Summary– A one to two-page summary of your business objectives, market potential, and funding requirements.
Business Description– This covers information about your industry, how your product fits into it, and any future developments that can affect your business.
Market and Competitor Analysis– In detail explain your target market and how your product solves an existing problem. Additionally, mention competitor performance, their weaknesses, barriers to entry, and how you can overcome those.
Design & Development Strategy– Your strategy should cover all stages of product development, how it will scale, marketing strategies to be used, expected budgets, and revenue projections.
Explore Funding Options
Having a strong business plan will open various doors to raise money, such as:
These are individuals looking to invest in businesses they feel have the potential to be successful and profitable. The decision to invest will base majorly on your business plan and your interactions with the angel investor.
These are firms that typically provide funding for the initial stages of a small business. Additionally, they also provide guidance on product development, operations, and connections to various professional networks. While the amount invested is more than that of an angel investor, VCs often take a controlling part of the company.
In addition to these, explore various government grants and loans oriented towards small business owners with disabilities. While these might not be enough to cover your complete funding requirement, it reduces the need to give away equity to investors.
Choose the Correct Business Entity
As a small business owner, you can opt to operate your business as a sole proprietorship or a Limited Liability Company (LLC). Here is a comparison between the two: