Stephanie Haywood
June 30, 2021
Immigrant-run businesses are an important and thriving part of our national economy. Immigrant business owners have much to offer to their communities, often adding diversity to products and services available.
Starting a business as an immigrant comes with its own unique set of challenges, though, from the hassle of acquiring a visa to the difficulty of networking without community contacts. But this has not prevented countless immigrant entrepreneurs from achieving success in a multitude of fields. If you’re an immigrant considering starting a business, don’t be dissuaded by the difficulties. Instead, take a methodical approach to achieve your dream of business ownership, starting with these steps, presented by The Migration News.
Apply for the right visa
Obtaining a visa to reside in the United States can be a lengthy and complicated process. While not everyone wishing to travel to and visit the country needs a visa, it is necessary to acquire one to reside and start a business. The EB-1 and the O-1 are visas for immigrant entrepreneurs who have exceptional education or ability. And then there are the investor visas. The E-2 Visa is a good choice for anyone hoping to enter the country and work there, based on controls of a US business. This visa does not automatically lead to a green card, but there are no limits on how long it can be extended. For investors with a lot of capital, the EB-5 offers further advantages, including green cards for the whole family.
Choose a business that’s a good fit for you
Popular business ideas for immigrants to the United States include restaurant ownership, computing and internet technology, clothing boutiques, and food hubs. Your business should reflect your own individual talents and abilities, as well as your interests. For instance, an ethnic-themed restaurant is a great idea for those who are passionate about food and the culinary arts, but if you are indifferent to food and cooking, choose something else. You should also research the area and make sure there’s sufficient demand and not too much competition for what you intend to offer.
Make your business a legal entity
Companies in the United States are formed in different ways, depending on their size and management structure. This formation affects how your business is taxed and your personal liability. A sole proprietorship is one option for owners of very small businesses, but a limited liability company might be a better choice as it involves tax benefits and better protection of your assets. Whichever business type you choose, you will need to register with the IRS and other government departments as they apply to your desired location and industry. Seek the help of a registered agent to assist you in the process.
Develop a network
This is the part where there’s no set blueprint. Having a network for marketing, collaboration, and a starting customer base is essential, but how you go about networking may depend on your individual situation. Use social media to touch base with other entrepreneurs in your community, as well as to begin to create social connections. Also, having a good website can make a huge difference when it comes to being noticed.
Manage business and personal finances
The services of a professional accountant are essential for new business owners to get off the ground without mishaps, especially those unfamiliar with the US tax and legal system. But besides an accountant, you will also want top-notch accounting software for your business to keep tabs on your business’s financial well-being. Look for software that features real-time financial insights, batch invoicing, and accurate time tracking and scheduling.
If you plan to support your family back home and will be sending money and care packages or paying for flights to visit one another, be sure to budget accordingly. You’ll want to keep an eye on any deals on flights, grab cheap shipping rates when you can find them, and take advantage of money transfer services that offer safe and free transfers. Family relationships are critical to your mental health and the success of your business. By planning ahead, you can have both.
There are many opportunities for immigrants to the United States to succeed as business owners, so take advantage of them for optimal outcomes. Keep in mind that what you have to offer to our communities is valuable and can make a difference for others, as well.
Stephanie Haywood is happy to be living her best life. Personal development and self-care gave her a boost when she needed it most, and now she works to share the gift of self-knowledge, self-care, and self-actualization with everyone who visits MyLifeBoost.com.