Image Source: Pexels
According to research, there are more than 3 million active immigrant entrepreneurs in the United States, whose businesses employ upwards of 8 million people. A significant percentage of this hail from Mexico. If you’re an immigrant on the verge of starting a business, this article from the OmniMarketing2020 blog will provide you with an in-depth guide of all the important steps you need to take.
Choosing a Visa
Here are the best types of visa categories making you eligible to start a business:
E-2: Under this category, you can choose to open a small or large-scale business. While the investment requirements depend on the size of your organization, expect the amount to at least be $100,000. Additionally, you need to have a minimum of 50% ownership of the business.
L-1A: If you own or work in a successful business in your home country, through this category you can start a branch in the United States. This is a popular pathway used by entrepreneurs as it also qualifies them for citizenship down the line if certain conditions are met.
Defining the Company Structure
For immigrant entrepreneurs, the choices boil down to a C corporation or a Limited Liability Company (LLC). Both these options establish your company as a separate legal entity, protecting your personal assets from litigation.
However, with an LLC you can avoid double taxation as you only pay taxes once through your personal income tax. Additionally, LLCs require much less paperwork and provide greater flexibility to add or remove partners.
Funding Your Business
Securing funding is a major challenge that immigrant entrepreneurs face. However, obtaining one of the abovementioned visas or having a local business partner can make the process easier.
A business loan can be the go-to option for covering short or long-term business expenses. But, it requires a high credit score and collateral. If meeting these requirements is difficult, applying for a Small Business Administration (SBA) loan is a good alternative. SBA loans can include amounts up to $5 million. Additionally, they have a longer repayment period compared to conventional business loans and are applicable for immigrants with low or no credit scores.
Focusing on Marketing
As reported by Sprout Social, after engaging with a brand on social media, 91% of individuals visit their website and make purchases. Hence, as a new business, you need to invest time in creating accounts on popular social media channels to attract customers and educate them on how your products solve their needs. In addition, to retain customers it’s important to consistently be in touch with them through emails, SMS, push notifications, etc., making them aware of new offers, products, and discounts.
Given the key role marketing plays towards the success of your business, opt to hire experts such as OmniMarketing2020 who can undertake all important activities from developing a marketing strategy to handling social media accounts, creating websites, and much more.
While immigrant entrepreneurs may travel alone to start businesses, their families serve as a constant pillar of support through their journey. Here are a few ways to stay connected with your loved ones: