We all have our reasons for our ventures, but what could be the reason behind your desire to start a business in the United States? Let me guess… the American Dream — chasing the equal opportunities set for anyone to reach their own version of success in life in this country.
But wait, do you have any idea where to start?
This is where we come in. Here is a non-citizens guide to starting a business in the US, constructed especially for you:
- Study the Requirements
The first thing that should come to your mind is: “What do I need?”
There are a number of requirements that are needed in order to operate a business in the United States or in some situations, invest in businesses within the country.
There is one major requirement that you must acquire before anything else. A non-immigrant visa, like E2 Visa. The E2 visa will allow you as an individual who lives outside the US to invest and work in the country. It can last 3 months up to 5 years depending on your country of origin.
An E2 Visa will not only allow you to invest or build a business in the country, but it can also lead to a green card in the future.
Learn about non-immigrant visas on Ashoori Law and the other requirements you’ll need.
- Hire a Business Lawyer
There are specific guidelines that you’ll need to follow in order to plant the foundation of your business on US soil. There will be legal requirements that you’ll need, pre-opening and legal papers as you operate. If you are not a lawyer who has studied such processes and systems, it is very advisable to hire one, especially if it’s your first time.
A business lawyer will save you from mistakes big or small that can be a threat to the integrity of your company.
- Design a Business Plan
A plan, before anything else, is what you’ll need: A detailed and concrete plan, but wait, of course it needs to be attainable. You cannot plan something that is impossible to achieve.
A business plan must include what type of business you’re planning to start. How will you achieve your mission? What products or services are you going to offer? How much are you investing and how much are you expecting to earn in a given period of time?
You should also know how you’ll fill up your workforce. How are you going to complete your operations?
One thing that you must also be able to answer is: What problems can arise in the future?
Then, you’ll be able to answer this important question: How are you going to solve problems that may arise in the future?
A business plan will come in handy. This will prevent you from going astray from your goals and messing up the whole picture. You’ll also be able to track your progress with a business plan, your strengths, weaknesses and how you can eliminate them.
- Know Which State You’ll Register Your Business In
Well, this depends on what kind of business you’re trying to open. Register your business in a state where the market is more profitable and presents better survival rate for your business.
On the other hand, if you are starting an online business in the US, you should consider registering your business in a state where there are lower tax burdens.
- Be Wary of Competition
Don’t be too confident. This is going to be bad for your business and your investment. Consider the competition you’re going to meet in the field you’re trying to enter.
If you see a market that is too occupied by leading brands, try another niche. However, if you are ready to introduce better innovation, confidence is the key to success.
Take it one step at a time…
You’ll need to take it slowly but surely. This is how you must run your business. Risks are all over and risks are good, but if you’re going to graze through them without caution and good decision-making, you’re done, pretty done.