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The USA remains the capitalist nation to beat, with a projected nominal GDP of 21,921.59 (billions of dollars) for 2021. It has the infrastructure to match its abundant resources, leading to towering productivity. It is therefore very much understandable if you want to start a business in the USA. However, you should read this post first.
Who Can Start a Business in the USA?
There is a reason why America is referred to as the land of opportunities. Both foreigners and natives alike are welcome to be a part of the development.
Moreover, it is a known fact that immigrants in the USA wield a strong influence on the economy. As of 2019, 21.7% of the entrepreneurs in America were immigrants. So, what else do you need to convince yourself?
Business Suggestions for Entrepreneurs
We know that ideas are bubbling in your mind. However, considering the general needs and inclinations of Americans, here are a few business suggestions:
- General Contractors: Perhaps not the earthmoving type, but there would always be someone looking to do some house modifications or repairs. So, if you are handy with tools and simple machines, you are good to go.
- Retail Trading: You would find out that you aren’t alone in this as it is one of the easiest businesses to start if you know the ropes.
- Transportation: Nothing much to say here. Just ask Uber how it has been. Your business could be a ‘neighborhood transporter’ or whatever appeals to you.
- Waste Disposal: You’ll be doing lots of good for people and your pocket, provided you don’t mind the odor.
- Beauty Salons: Looking good is good business. With good hands and simple tools, you’ll be up to something good.
- Information Technology: No one is asking for another Microsoft rival. However, the world of technology is always open to newcomers.
What Do You Need to Start a Business in the USA?
1. A Business Plan
As a basic principle for entrepreneurs, you must know just what you want to do. Also, thorough research would help you avoid failure.
Do your best to know the places where your business has the best chance to thrive. That is in terms of government policies, market availability, and competition, among other things.
At this time, you should also determine your company structure. You could have a sole proprietorship, an s-corporation, or a limited liability company. Each has its pros and cons, which is all the more reason to get your fact-finding right.
There is yet to be a business that does not require resources to start. Therefore, knowing what it would cost you to launch and run the business is crucial. Many immigrants have had to work for some years to save up some funds.
A study revealed that on average, immigrants in the US start their ventures with only $5,000. It also shows that most had their startup capital from personal savings.
Even though your pockets run deep, the reality of starting a business may be quite different from what you expect. If you’re thinking of a loan, it may be quite challenging to secure one as an immigrant. That is not to say it isn’t possible.
3. A Visa
Of course, it shouldn’t be strange that you need an appropriate visa to start a business in the U.S. The immigration process of the US can be quite grinding. The US has strong policies that should make an aspiring entrepreneur have second thoughts.
If your residency is not legal, and you don’t have a work permit, then starting a business in the United States is just a pipe dream. Hence, you should make use of the US Immigration advice service to make your dream a reality.
You must decide on the state where you want to register your business. Each state has different rules and requirements that you should consider. To register a business, you first need to choose your business name. You also need to obtain your Individual Taxpayer Identification Number (ITIN) to pay your personal taxes.
In addition, you need to register for an Employer Identification Number (EIN) so you can pay your business taxes electronically. The last stage is registering your business as a legal entity. Thankfully, there are several websites and agents to help you with this online or locally.
The American dream appeals to both natives and immigrants. If the willpower is there, you can be one of the many entrepreneurs who stepped into the US and found greatness. Opportunity beckons; so, go for it.