From Idea to Opening Day: Business Planning for Immigrants
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Starting a new business is beyond exciting. It is especially exhilarating for immigrants who have always imagined building a new life for themselves in a new country. When dreaming up a business, it is important for immigrants to take certain factors into consideration. Finding a funding source and deciding on a business structure are necessary tasks, as well as choosing a visa that is suitable for your entrepreneurial needs.
A web presence will also help your business thrive and can extend your reach to a larger customer base. The web experts at BradGood are available to help you design the perfect website that can grow your business. But first, you need a business plan that includes funding, structure, and registration.
Establish a Plan
A business plan will help your startup go more smoothly. Funding is vital since it impacts your ability to open your doors. Consider multiple funding sources like small business loans, investors, grants, and crowdfunding. You don’t need to obtain funds from one source — smaller amounts from varying sources can meet your budget needs.
After you secure funding, register your business to make it legally compliant. The type of registration you choose will largely depend on how you structure your business. Many immigrants starting a new business opt to structure as a Limited Liability Company. An LLC status protects your personal and family assets and allows you certain tax advantages that other business structures may not. Consulting with a formation service can help you determine your best option and assist with the registration process, which is different for each state (if you are registering in the US).
Your business plan should also include a marketing strategy. In this day and age, this is centered around a professional and functional website that gets the word out on products and services. BradGood offers free templates to help you build your own web presence — or they can do it for you.
Get the Right Visa
Your visa is another important consideration as a business owner. Certain visas will enable you to travel more freely and conduct business without worry. In short, choosing the right visa can have a major impact on the way you live.
There’s plenty to keep in mind when applying for a US visa. Essentially, there are two types to choose from, non-immigrant and immigrant visas. There are then four subtypes that reflect the plans you have as you enter that country. Type 1 visas are for travel and tourism purposes, type 2 is for immigration and naturalization, type 3 is for students studying abroad, and type 4 is a business/work visa for both immigrants and non-immigrants. Be sure to view the visa information of your destination to ensure that you choose right and know the limitations.
Reduce Homesickness
Maintaining long-distance relationships with loved ones back home is crucial for immigrants. Staying in touch with loved ones through frequent phone calls, video chats, and social media apps can reduce the grief of being apart for extended periods.
Commitment to loved ones is often a prime reason people choose to emigrate, as it offers a fresh start and income potential that may not be possible in one’s home country. Immigrants often want to help loved ones back home, and it is comforting to know that there are safe, reliable resources available to help family in countries like The Philippines. For example, a money-transfer service like Remitly guarantees on-time delivery and provides continuous status updates. You could also send them gift packages through courier services like Easyship or find inexpensive flights on Kayak so they can come visit you in your new country. Gifts can make a huge difference for people back home, and sharing can make immigrants feel better about their sacrifices.
Overcome Challenges
It is hard to move to a new country. Cultural differences, prejudice, and language barriers can feel insurmountable at times. Immigrants should reach out for support and identify advocates in their new country. Joining a local chamber of commerce is a good way to connect with local businesses and make friends in the area.
Try not to get discouraged as you settle into your new country and start your business. Immigrants often struggle with the initial merge into a new country, but in time, the adjustment becomes easier. You can grow a successful business and have the life you’ve always dreamed about.
Let BradGood help you build a website and introduce your business to the world. Learn about their custom design services today.