Entrepreneurial Options for Executives on Disability
A serious injury can knock your entrepreneurial drive out of commission. Not only do you have no way to support yourself, but you may have to put a stop to your forward entrepreneurial motion. You start to run out of savings and options fairly swiftly.
Physical injuries that occur inside and outside of the workplace are more common than you might think. If you believe nothing can happen to you, think again.
A vehicle collision, a slip and fall, or another medical issue could leave you temporarily or permanently disabled. According to the United States Census Bureau, 19 percent of the population has a disability, and an unfortunate situation can occur at any time.
What’s more, millions of people suffer brain injuries, which also make it difficult to return to their previous performance level. Every 23 seconds, someone will suffer a brain injury, one of the most debilitating conditions that working people can suffer. It may result in memory loss, emotional distress, and even amnesia or a changed personality.
Job protection isn’t often what it should be for people who suffer a serious injury. “Unfortunately, the system is backed up against the injured worker,” attorney Dennis Liotta said to Fox Business.
“If they are injured on the job it provides a little more protection, but for people who aren’t injured on the job, the options are severely limited.” Bethany Laurence, editor of Nolo.com adds: “After your sick and vacation time is exhausted, you don’t automatically have a right to keep your job. If you can’t do the work, your employer can let you go.”
Many difficulties can gather once you’re injured on the job, particularly if you suffer an inability to work. But if you put your entrepreneurial skills on the task, you might be able to come up with a living, even if you’re an entirely changed person because of the injury.
Tap Into Injury Compensation to Start a Business
If you were injured while working the job, you’re probably entitled to workers compensation. This will cover your medical expenses and some of your living expenses while you focus on healing.
Many workers compensation clauses also compensate you for several months or years after your release from the hospital to support your altered lifestyle. If your injury occurred outside of work, or your company fails to offer full protection, a personal injury lawsuit may be your best option. By suing the party at fault, you can cover your medical bills and explore more options for your new way of life.
If you have a skilled attorney on your side, you should be able to collect enough compensation to cover a more than your basic expenses over a substantial period. If you can save a significant portion after you’ve taken care of current needs, and enough for future, you might consider using whatever remains above that to fund a new business.
If your injury put you out of work, this can be a great use of your time and money. Instead of living on an unforgiving budget, you’ll have the promise of paychecks now and in the future. It’s a bit of a risk to pursue a startup, but what business venture isn’t?
Business Ideas for the Disabled
Of course, if you’re unable to work because of your injury, you won’t be able to start a business that will require you to run around and work long hours. You might not be able to build an empire that way, but dozens of other ventures could, if properly run, take care of your needs and build for your retirement.
Here are some ideas:
Online Retail Store: Ecommerce can often be run out of one’s home and entail very few physical demands. You can design your website, shop for products online, and have items shipped directly to you, and never have to leave your home. If you keep the operation relatively small, you can warehouse the products in the house and maintain a quality lifestyle.
Blogging: People who have a knack for the written word shouldn’t overlook blogging as a line of work that involves very little startup cost. You can learn everything you need to about writing a successful blog through online research, and your personal injury compensation can be used to fund marketing and gain more online attention. The more followers you attract and advertising slots you sell, the more money you can make from this activity.
Bookkeeping Service: Given that thousands of online businesses are popping up everywhere, there’s a huge demand for bookkeepers. The best part is that you can operate on a completely remote basis, so any physical disability won’t get in the way of this line of work. Not only can you operate a bookkeeping service, but you can hire other bookkeepers who also work remotely, and create a booming operation to keep you going.
All is not lost if you should find yourself disabled from an injury. You can keep that entrepreneurial spark alive and stay in business for yourself without suffering financial hardships for the rest of your life.