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Starting a business is hard and trying to get your feet on the ground while navigating a new culture can be doubly difficult. Planning helps you keep up with all decisions required as you visualize the future of your small business. Follow these three tips when starting out as a new immigrant entrepreneur.
Make a Formal Plan
Whether you are starting a restaurant, a small business, or another type of establishment, keep your end goals in mind as you write your business plan. The SBA recommends framing your financial and marketing expectations in the document, and you’ll need to formalize your business structure.
You first need to choose a company structure: should you file paperwork for a limited liability company (LLC) or a C-corporation? As Just Business explains, non-U.S. citizens are limited to either of these options. An LLC will provide you with benefits like separating your business assets from your personal finances, pass-through taxation and it’s fully scalable. A corporation similarly offers liability protection and can grow if you someday go public, but you will face double taxation.
You should also secure your funding before making the big move to start your business. Funding is unique to each business; it may come from institutions that offer grants, outside “angel” investors, or even from crowdfunding sources like Kickstarter.
Maintain Relationships
You will be busy, but you’ll want to keep in touch with the family back home — that support and connection is invaluable. Plan ahead to map out the best methods for maintaining the type of support you or your family desires.
Say, for instance, your loved ones are in Kolkata. If your loved ones are relying on you for financial support, make a plan for the best way to transfer funds, and compare your options. Some services are safe, fast and free when you meet certain requirements. And when special occasions come along, you can similarly research florists through Sulekha, or check prices for sending boxes through Parcel Monkey. When you get a chance to travel, look for flights and hotels through websites like Travelocity. Searching just takes a moment, and your diligence is financially wise.
Immerse Yourself in the Local Language and Culture
Though U.S. culture may be familiar to you — perhaps you’ve spent time as a student or traveler in the country — navigating the business culture could be tricky if you are not familiar with the language and local customs as you would like to be. Though you may be tempted to spend your social time with a group of people who share your native culture and language, it’s important to interact as much as possible with locals for personal and business reasons.
If this is your first time in the U.S., you may be surprised to learn that the local culture, as well as business opportunities, can be drastically different depending on where you live. Northeastern culture does not resemble Los Angeles, and the states in the deep South may seem like a far cry from the more liberal, laid-back Northwest.
If the business you’re starting doesn’t need to be located in a specific area, make sure to take time to find a place that feels like home. You may need your new home to feature great educational options for your kids as well as opportunities for your business. If your business is successful, you and your family may be living here for many years!
Take Advantage of Connections
If you previously attended school in the U.S., or if you are branching out on your own from a company in which you worked with many U.S. citizens, don’t hesitate to take advantage of your friends’ advice when it comes to business strategies and general cultural questions. They more than likely will be happy to help — and happy to tell you what to avoid based on their own mistakes. If you aren’t familiar with anyone locally, get in touch with a business consultant from AngelytiX who specializes in helping new entrepreneurs succeed.
This is a lot of information to take in, but don’t let that discourage you from reaping the benefits of starting a business as an immigrant. There is a long history in American culture of immigrants coming, staying, and succeeding in this land of opportunity.