Today’s guest post is dedicated to helping people establish a business or career in America.
If you’re an immigrant new to the United States, you may be interested in starting your own small business or entrepreneurial venture. While opportunities abound, there may be some additional business startup steps you’ll need to take based on your residency status.
While you’ll want to keep reading to gain insight into specific steps to help guide you in the right direction insofar as opening a business in America, if you’re looking to start a stream of passive income, consider checking out the courses featured on the home page on this blog.
Making It in America – How to Open a Business
Secure the Right Visa
There is a wide and varied range of factors with the potential to impact your startup, primarily those associated with your visa or immigration status. If you have unusual or complex issues in this area, it can be worth the investment to consult with an immigration attorney to explore your best options.
As you likely know, there are various types of immigration status. Not only do you need to ensure you have the right visa for launching a business, but that your status doesn’t negatively impact your ability to seek U.S. citizenship in the future if that’s something you’re thinking about.
Follow Business Startup Steps
Once you have your visa matters in hand, you’ll need to go through some basic business startup functions, like naming your business, deciding on an incorporation status, getting a business license, and opening up a business bank account. According to the U.S. Internal Revenue Service, you may also need to secure an individual Taxpayer Identification Number, or a TIN. Depending on the type of business you’re starting, you may need to file for special use permits or certain types of insurance.
Local small business development centers can be good resources for helping you determine where to access services in your state.
Handle Practical Matters
Before you get too far into your business launch, you’ll want to research your market and scope out your competition. You need to make sure you can set yourself apart with your product or services, and you need to know there’s a market to tap into.
Writing a business and marketing plan can help you identify all of the key operational elements of how your business will run, including how to obtain financing and develop a budget. If you need an office or storefront, a commercial real estate agent can be an asset in identifying the properties that fit your budget and needs. You’ll also want to think about building a website, getting social media accounts, and planning a strategy to attract customers.
Challenges to Consider
You may find that as an immigrant, you face some unique challenges with your business venture. For example, if there’s a language barrier, you might find it beneficial to hire employees with the ability to translate or speak your language. You might also consider seeking out business organizations in your city that serve as a touchpoint and resource for international business owners. They can often provide tips and insights and find ways to help you anticipate and overcome business-building challenges that are specific to immigrant entrepreneurs.
Maintain Relationships
If you’re new to this country, you’re likely missing friends, family, and business associates back home. This can be especially hard if you’re living alone in a new country and you’re trying to be in touch across time zones. It’s important to stay connected, whether that’s through regular video conferences, telephone calls, or visits.
For example, if you’re financially supporting your family back in Nepal, consider using a low-cost money transfer service or purchasing calling cards or plane tickets as a way to stay close. These approaches allow you to maintain familial bonds without breaking the bank. Having the support of family and friends – even from afar – can have a positive impact on your business startup.
Summing It Up
If you’re looking to establish a livelihood in the US, I hope this post gave you some much-needed guidance and inspiration. And if you’re looking to open up a stream of passive income, check out some of the other posts here that share ideas about finding work you love, learning new skills, and discovering creative career ideas.
About the Author:
Vivek Mukherjee is an entrepreneur and business consultant. He created inspiredexpatriates.net to help other immigrants to the United States achieve their dreams of starting and running a business. Inspiredexpatriates.net offers comprehensive tips, advice, and resources on how to start and grow a business as an immigrant in the United States.