5 Steps for Immigrants To Thrive in Entrepreneurship

Immigrants to the United States have had noteworthy successes in the field of business. Historically, immigrant entrepreneurs shaped the U.S. business and financial scene. And this remains the case: Some of the most successful businesses in the contemporary market, such as Houzz, Chobani, and eBay, were founded by immigrants.

Moreover, nearly 50 percent of Fortune 500 companies were founded by immigrants or the children of immigrants. Immigrants are also active and productive in the small business sector. So if you are an immigrant and wondering whether business ownership is a viable life choice in the U.S., the answer is a resounding “yes!” You just need to know where to start.

Know The Market

If you have a product or service to offer and think that you can make this the basis of a fruitful business endeavor, you will want to research the market before you take the next steps. First, look at the region where you hope to reside. Is there a demand there for what you have to offer? Will the potential customer base be sufficient to sustain your business indefinitely? Also, consider the competition. A little competition is good and can draw more customers, but too much will make you redundant.

Get A Visa

Once you are convinced your idea is a feasible one, it’s time to see about legally immigrating as a potential business owner. To do this, you will need a visa that will allow you not only to reside in the U.S. but also to run a business here. Keep in mind that while it can be a good idea to partner with someone who has citizenship, you still need to be sure that your visa allows you to assume a managerial position. Fundamentally, there are two types of visas that allow immigrants to start or manage a business: visas based on investing and visas based on education or ability.

Evaluate Your Need for Capital

While some immigrants are fortunate enough to arrive with the capital they need to get a business rolling, most will need to bulk up their finances by means of loans or grants or find partners willing to go into business with them. There are ample financing options for immigrant entrepreneurs, offered both by the government and through private parties.

Create Your Business

Now it’s time to look at what goes into the process of actually creating a business. The first thing you’ll need to do is select a structure for your proposed business. This will determine things like taxation, liability, and whether or not you can get funding from potential investors. You will probably benefit from the services of a registered agent to help you make your business a legal entity and register with the IRS. You will also want to write out a comprehensive business plan, detailing your proposed management structure, finances, and marketing. As you’re just starting out, connect with freelancers who offer the services you need to launch your business. Whether it’s a business consultant to help with your plan, an accountant to walk you through the financial picture, or a lead gen specialist who can help you attract the customers you’re looking for. For more on setting up a business in the U.S. as a non citizen, check out this guide.

Seek Support Near And Far

One of the most significant challenges immigrants face when considering entrepreneurship is the lack of a support network. Another is the lack of contacts in the business community. Immigrants who feel isolated might want to use social media to connect with the immigrant community, like-minded individuals, and other business owners.

In many ways, you might find that the best support still comes from your loved ones back home. Fortunately, neither time nor budget has to be limiting factors to maintain this connection. While social media is invaluable for maintaining your communication with family from afar, incorporating other communication tools like video-conferencing apps and low-cost calling cards may be beneficial. If you’re connecting with family in the Philippines, for example, you can do so easily and affordably. For example, you can use a service like ComFi to find the best rates to make phone calls back home.

If you want to set up in-person visits throughout the year, set up flight alerts on Cheap Flight Alerts so you can monitor affordable options and grab deals as they come. And if your family is relying on you for financial support, weigh remittance services carefully; as a rule, choose one that lets you closely track fund transfers. Being an immigrant entrepreneur means being daring, innovative, and motivated, which may be why immigrant entrepreneurs are so much a part of U.S. history. Keep this in mind, and it will help you stay confident. Even with all the additional hurdles to clear, with knowledge and sufficient support, you are more than well prepared to take on this new role as a business owner.