Immigrants face a lot of trouble while settling down in other countries. Social, economic, cultural are a few; among all of them, financial challenges are the biggest concern. Those who have moved or been displaced from the original place had to search for better opportunities. In fact, finding a job in US competition is almost impossible.
Migrating people can start their own business and earn a livelihood. Starting a new business from scratch makes you independent and self-employed. But, it takes a lot of efforts, money, and planning for the creation of a successful small-scale business. Here’s a guidebook to help migratory people to establish a business in a foreign country.
Three Notable Steps for Starting a New Business and Help an Immigrant to Stand in competition
Step 1 – Find an Idea for your business
According to the U.S. Small Business Administration, around 29.6 million people are successfully running a business all around the globe. If you want to rank among one of them, then you need to find a better business idea.
- Find business ideas in the most promising industries. Take, for example, healthcare, e-commerce, information technology, personal care services or handicraft. You can set the business in limited structure, but that will require more funds. You can also search for grants for immigrants to start a business
- Choose a small-scale business idea based on passion, skill or interest. Take, for example, the job of general handyman, appliance repair, smartphone repair, Website development, Blogger, resume writer, SEO expert, wedding planner, wedding photographer, tour guide, daycare service provider, own a food truck. Select an option depending on your interest and budget. After all, finance is one of the greatest deciding factors for a startup business.
- Decide a name for your business. Your name business name helps in the branding and marketing of your business in the right way. Know all the important factors, do proper market research and then confirm.
Step 2 – Write a Business Plan
Design a well-structured business plan describing all the important details in it. Business created with a mission statement, business and management structure, a marketing plane and financial projection lead to better success in the future. A clear business plan helps to forecast the future outcome, gives you a much greater understanding of your business financials and competition.
- Create an executive summary of your business, add company description mentioning company objective or business goals. Draw sales plan with all details about the product and the services. Analyze the finances to give an outline of future prospects. All this information should be maintained in a discreet manner.
- Apply for Employer Identification Number. It’s a unique nine-digit number that the IRS assigns to businesses for tax purpose. When you will start your own business, paying tax after getting certain profit returns to help you to improve credit score in the market.
- Choose a business structure that fits right for you. This will reduce the chances of risk to personal asset and help you fix how you want the IRS to tax benefit profits.
- Register a DBA, a “doing business as” name. This will help you in branding your business. It will give you flexibility as a business owner, as well.
- Get a business license to legalize your business. Both federal and state government offers license and permits, find out what you need and do the registration thereby only.
Step 3 – Search for better financing option such as government grants and funds
Getting finances for your start-up business is one of the biggest concerns. Finances are essential to launch, maintain or grow your business. You can get that from various resources, including traditional banks, small-scale business loans or an online alternative lender. But, as far you are an immigrant with the lowest amount of money with you. You can definitely search grants for immigrants to start a business.
- Government agencies are one of the biggest sources for getting grants for business. You need to apply for grants which may take some time. But federal grants are the best opportunity to get free money for your business idea without any debt or mortgage. Some of the best places where you can find grants for immigrants to start a business – gov, Small Business Innovation Research and Small Business Technology Transfer Program, USA.gov,
- State and Regional departments also offer small-scale business grants for entrepreneurs. State agencies help businesses to find finances, secure locations and recruit employees. Search for free funds from the U.S. Department of Commerce agency, EDA, Small Business Development Center for financial support.
- Many corporations and large companies offer free grants for starting a small-scale business. Some of them provide grants for non-profits, while others work for the profit-making organization. Take for example – FedEx’s Small Business Grant, National Association of the Self Employed and many more.
There are some other sources for getting loans for small scale businesses. Grants for immigrants to start a business are best of all. Else, you can go through loans from SBA, banks, online lenders and crowdfunding sources such as Kickstarter, equity crowdfunding, online course.
Start a new business with proper knowledge, information and cost estimation in hand. Do proper planning and arrange finances before. There are many resources where you can get free money, choose grants for immigrants to start a business based on government, locality and need. The market is open and free for all, whether you are a resident or an immigrant. And, history says that immigrants have always been successful business holders in many countries. Never lower your confidence; start searching the best opportunity to ensure success.
PS: For Muslim, please avoid credit card or loan with interest rate, it’s RIBA!!
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