Guest Blogger Vivek Mukherjee, InspiredExpatriates.net
If you are an immigrant intent on creating your dream life in the United States, you aren't alone. The country is home to upwards of 40 million immigrants, according to The Pew Research Center, comprising an impressive one-fifth of global migrants. And, many of these individuals are further realizing the American dream by establishing businesses of their own.
While the U.S. is notoriously friendly to entrepreneurship, starting a business as an immigrant does pose challenges. Fortunately, there are many resources available to you as an immigrant business-owner. So, read on for more tips and tricks on how to help you start a business as an immigrant.
Photo by Jason Krieger on Unsplash
Select a company structure and register your business. The U.S. offers a myriad of company structures. The business model you choose impacts everything from tax payments to reporting obligations. Options include a limited liability company, S-corp, and more. The U.S. Small Business Administration has a handy guide that details the different types of businesses. Once you've chosen your business structure, you will also have to register it with the local state. If you need help in this department, there are services available to assist you. For example, if you decide to register as an LLC, ZenBusiness can help make the process easier.
Select a fitting visa for your entrepreneurial endeavors. As an immigrant, you will likely need a visa to reside in the U.S. long-term. You have a variety of options available from which to choose. Some visas are even specifically tailored to the needs of entrepreneurs. Fundera describes four types of startup visas suitable for immigrant business owners, like the EB-1 or O-1 (extraordinary ability visa) or EB-5 or E-2 (immigrant investor visa). Do your research to see which one best suits your needs.
Look for immigrant-friendly funding opportunities to start your business. Starting a business of your own requires some cash investment. According to Business News Daily, a microbusiness costs on average about $3,000 to start while larger businesses will require more investment. When looking for funding, check out immigrant-friendly platforms. Fora Financial offers a list of options, including SBA loans, government grants, crowdfunding, and more. You may need to submit a business plan or pitch deck to secure funding. SouthFound Media can help you draft these documents.
Find a community of like-minded entrepreneurs for support. Starting a business is exciting, but it can also be frustrating at times. The Titanic Effect book can help you navigate through some of these frustrations. But, nobody will understand the struggle better than other entrepreneurs. Make time to network with other professionals. Zapier provides tips for building your network, from pursuing continued learning opportunities to reaching out on social media. You never know: The connections you make could also become future business partners, employees, or collaborators.
Consider outsourcing admin tasks like accounting and tax filing to a pro. When you start a business, you will likely want to maintain strict control over its everyday operations. While it can be tempting to do it all yourself, overloading yourself can lead to entrepreneurial burnout. Outsource more complex tasks, like accounting. Charles & Darwish Associates explains that outsourcing accounting can save time and money since expert accountants can identify tax write-offs and benefits you may not know about.
If you want to start a business as an immigrant in the U.S., you have many resources available to help. While you may face hurdles in your entrepreneurial journey, with these tips and tools, you should be ready to succeed.
If you need help starting a business, consider picking up a copy of The Titanic Effect, which entrepreneur Michael Hatfield says “accurately captures why startups fail.” Find tools and resources to help steer your venture to success.