5 Game-Changing Business Tips for Entrepreneurial Immigrants
In the U.S., you have already seen plenty of active businesses everywhere. What you may not notice is that many companies fail and are replaced on a regular basis. Entrepreneurial immigrants frequently do very, very well in business-friendly locations, but they aren’t immune to harsh market forces either. Here are five essential tips for immigrants who want to start a business in a new country.
Learn the Customs
Personal hobbies and interests are different in every country. Some countries promote spending time with family, while others support more self-centered independence. Learn more about Americans to create products and services that they will need and want.
Learn the Laws
American business owners have many rules to follow if they want to remain in business. They need to obtain and renew licenses, follow safety regulations from the OSHA or FDA, and pay their taxes every year. If you’ve worked in another country, you may find hundreds of additional rules to learn and follow.
Other rules pertain to the specific type of industry. Construction workers are required to wear protective clothing, while medical professionals need certain immunizations. For every rule, also learn about the penalties, such as fines or imprisonment, for not complying.
Improve Communications
Communication is the most important field to study in business. You cannot find customers if you cannot communicate with them effectively through advertising. Furthermore, as Franchise Gator advises, you will be unable to understand the important business paperwork that you will need to read and file.The first step is to read, write, and speak better English.
There are classes for people learning English as a second language along with online learning software. Wordcounter.io includes free grammar tools that will help your written communications sound like native English. Correct all spelling and grammar errors before you advertise to customers.
Focus on Marketing
Getting in contact with customers is one of your most important tasks as a business owner. Work with American marketing professionals from the beginning. They already understand the culture, and can offer advice on everything from creating websites to building SEO content.
Get Help
There are several small business loans available specifically for entrepreneurial immigrants through the US Small Business Administration — which might be one of the reasons why 48% of overall growth of US business ownership between 2000 to 2013 was attributed to immigrant business owners, and the number of self-employed immigrants more than doubled between 1994 and 2015.
If you find yourself having difficulty securing a loan due to low collateral or other challenges, signing a “comfort agreement” may be helpful. This is an additional contract between the borrower and the lender that provides the lender with wiggle-room or recourse in the case you default on your loan.
You may have the money and resources, but if you don’t have basic knowledge about doing business in America, you won’t succeed. Come up with a plan on how you will gain this knowledge. Then, learn the tips that are proven to help countless entrepreneurial immigrants.