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Starting a Small Business

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    Starting a Small Business

    Deciding if Starting a Business is Right for You

    Having a great idea is only the very beginning of starting a small business. Before you move forward, you should think hard about if your business would be profitable (if it would make money) and if you would be a good business owner. You can ask yourself questions like:

    • Do I like being in charge of everything?
    • Am I willing to put lots of time and energy into my business?
    • Is the risk of losing money worth the reward of having my own business?
    • Do I have a strong support group of family and friends who can help me?

    If you answered "No" to some or all of these questions, being a business owner might not be the right fit for you. Being self-employed means being responsible for everything related to your business, like taxes, legal paperwork, and paying for business expenses. Starting a business is also a risk—you will be putting money and time into a project that might not make money. Only you can decide for yourself if having your own business is worth the financial risk and extra effort.

    Start to Do Research

    Your next step will be to do some market research about your potential business. Put simply, the market is:

    • The supply of your product or service (how many businesses are selling the same thing as you), and
    • The demand for your product or service (how many people are buying it).

    Start gathering information about other businesses (supply) and potential customers (demand). Research questions like:

    • Do people in my area want my product or service?
    • Of those people, how many could I get to be my customers?
    • How many other businesses are selling the same thing as me, and how much do they charge for it?

    Answering these questions will give you a good idea of how easy or hard it will be to get customers and make money. And if you do decide to start your business, your market research will help you write your business plan.

    Start by talking to people you know: Would they use your business or do they know someone who would? How much would they pay for it? You can also hand out surveys or questionnaires in your area to reach more people. Then, you can look online or in person to see how many similar businesses there are in your area and what their prices are.

    If you need help doing market research, you can ask for help from an organization that helps people start small businesses. They may be able to help you understand if your business is a good idea, if it can realistically make money, and how much work and money you will have to put into it. Some of these organizations are specifically for people with disabilities, but some aren't.

    You can read more about market research on the Small Business Administration (SBA) website.

    Example

    Bob didn’t plan to start a small business; he was just helping out a neighbor. But sometimes opportunity knocks and you just have to open the door!

    One day, Bob heard a knock on the door and rolled his wheelchair over to answer it. Standing on his porch were his neighbor Susan, looking frazzled, and her golden retriever Darwin. Susan said that she wasn't allowed to bring Darwin to work anymore, and she was hoping Bob could watch him.

    Bob was happy to help. For two days, he watched Darwin as a favor to Susan. Then she asked if he would want to watch Darwin full-time—five days a week, while she was at work. She would pay him, of course! she added. Bob was interested, but he had no idea what to charge. He had never planned to be a dog-sitter. He did some research about what other dog-sitters in his neighborhood charged, and told Susan he would watch Darwin full-time for $100 a week. It wasn't a ton of money, but it definitely helped Bob out, since he was living off his Social Security Disability Insurance (SSDI) benefits.

    Then, two weeks later, Susan introduced Bob to a coworker who also needed a dog-sitter, and Bob agreed to watch her dog as well. Now Bob was making $200 a week, and he began to wonder if he could make a real business out of this.

    He asked around his neighborhood to see if anyone else was looking for a dog-sitter, but couldn't find anyone who was interested. His friend who worked in marketing told Bob that he would probably have to do some advertising to get more customers, like putting up flyers or even buying newspaper ads, which would cost some money. Another friend who owned his own business told Bob that he would have to get a business license and insurance.

    After doing this research, Bob realized that he didn't actually want to run a business—he didn't want to deal with permits, licenses, and attracting customers. Today, Bob watches two or three dogs a week and is happy with that. It’s not a huge business, but it does give him some extra cash, and he has fun with the dogs while helping out neighbors and friends.

    Get Expert Help

    On top of figuring out if your business can be profitable and if you want to be in charge of it, you may also have questions specific to your disability and your benefits, like:

    We talk more about these questions later in this article, but the answers may depend on you and your personal situation. Talk to a benefits expert to learn more.

    For information about how working and self-employment might affect your SSI or SSDI benefits, call the Ticket to Work Help Line at 1-866-968-7842 or 1-866-833-2967 (TTY). They can refer you to benefits planning services from the Bobby Dodd Institute, Walton Options for Independent Living, Inc., or Infinity Support Services, depending on where you live in Georgia.

    If you are confident in your business idea and want to make your dream a reality, you can start writing a business plan and raising money to fund your business.

    Learn more

    Building Your Assets and Wealth

    Discover ways to save up money while working.

    Plan to Achieve Self-Support (PASS)

    PASS helps people who can get SSI save money for a work-related goal.

    Finding the Right Health Coverage For You

    Try this interactive guide to see your health coverage options.