Success is subjective, however, in the business world, there is a term synonymous with success and that is profit.
Profit the defining marker between those who make it and those who don’t.
Nearly all entrepreneurs are searching for the secret formula that will procure profit. But when seeking profit having a plan isn’t enough, nor is simply have a business background.
There are factors that influence success.
What are the Benefits of Being A Foreign Entrepreneur?
Not many people know this, but when I was younger, I always dreamed of owning a business in the US. Coming from the UK, America to me seemed like England on steroids.
I went there when I was 14 for a family holiday, and as soon as I got back, I was looking up the requirements for business visas.
That’s right, at 14 years old!
So what are the benefits of being a foreign entrepreneur in the US?
Well, I guess that depends on where you’re living in the first place. But potential benefits are as below.
1. Better Economy
The US economy hasn’t been the strongest in recent years, but to a lot of foreign entrepreneurs, it will be better than their country of origin’s.
2. Cheaper Cost of Living
The US has cheaper living costs in certain areas compared with other countries around the world. So for many business owners, this may be a great reason to start a business in the US.
3. Much Nicer Environment to Live In
As I discovered when I went to America, I loved the atmosphere! Everything seemed bigger and better, and I loved it!
Of course, it’s been 6 years since I last visited, but I’m sure the US appeals to many people because of this reason.
4. More Opportunity
There’s no doubt that US has a lot more opportunity within it than many other countries around the world.
3 Success Tips for Foreign Entrepreneurs
In particular, there are factors that can affect entrepreneurs of many types, however, the foreign entrepreneur might be more vulnerable and less informed than the average citizen.
How can a foreign business (wo)man secure success? More so, success in the American arena?
Here are some tips that can help foreign entrepreneurs looking for success in America.
1. The Visa
While there are several visas that are appropriate in the business world (the L1 and EB5 are just a few), the focus will be on the E2 visa.
What is the E2 visa?
This visa is designed for foreign investors with a minimum investment of $70,000 and the desire to start or purchase a business in the US.
The seasoned entrepreneur that has established his/her business in his/her native country is a prime candidate. Some requirements must be met; the applicant should not only create a business, but also secure jobs for future employees.
It allows for a lot of mobility; in terms of upwards mobility and travel between countries. There is more flexibility with the E2 visa in comparison to the others.
2. The Business Plan
The business plan should not be underestimated or ignored.
Equally as important as requirements and proposed venture are these documents that predicate the project.
Here is where the USCIS will give a close eye to detail. Seek counsel if necessary. Hire a professional business writing team. Be advised, this element should be given adequate attention.
The business plan is a lengthy, tedious endeavor. Some might even call it a fickle beast. Just be advised, that is it the bulk of the application and should be completed according to high standards.
Don’t go all lazy and limp here, please; heed warning, strike this step with ferocity, and don’t undervalue help from experts.
3. Industry Knowledge
Which field boasts success and space for the foreigner?
Let’s remained focused on the E2 visa applicant.
Through experience and evaluation, it has been noted that there are industries which USCIS prefers. So when considering whether or not to grant an E2 visa, knowing which industries USCIS favors will make for a stronger application and bolster a greater likelihood of success.
For E2, the USCIS favors working with restaurants, retail shops, gas stations, grocery stores, and spas. Why?
These businesses require large upfront investments.
Having a substantial amount of capital demonstrates interest, but also determination.
This bodes well for the applicant. An individual who has the ability to invest in one of these businesses would be considered someone of character; someone who has researched the many aspects the project, understands the risks, profit potential, and the sustainability that their venture can provide.
These businesses require approximately 2-3 employees in the early stages, ensuring that visa employment requirements are met early in the life of the business.
Both of these features fulfill two main proponents of the E2 visa application. In this regard, they meet USCIS’s criteria. Consider a business in these industry when seeking the E2 visa.
The Final Word
The search for success will never end nor will the need for profit amidst the business bubble.
However, in order to achieve better, more efficient results, foreigner entrepreneurs should learn the formula then execute the steps.
They can surely make their mark in the business world even more evident. They can be a force to be reckoned with and a powerful contender for the future.
Foreign entrepreneurs can take the US market by storm by following these guidelines.