5 Entrepreneurial Tips for Senior Immigrants
Many immigrants who come to the United States choose to start their own businesses in order to make a living. Even senior immigrants can take advantage of these opportunities. It’s never too late to become a business owner - your skills and work ethic are all that counts. And if you need more support as you pursue entrepreneurship, business coaching with Lynne Patzelt can help! Here are a few steps that senior business owners can take to succeed.
Secure the Right Visa
Applying for a visa can be confusing, so it’s important to understand all of your options. USA Corporate Services states that you may be able to apply for an E-1 visa, which you can renew as long as your business is in operation. Depending on your skills and public profile, you may be able to apply for an O-1 visa, also known as an “extraordinary ability” visa.
Register Your Business
Once you’ve been granted a visa, you’ll need to choose your business structure and officially register your business in the state where you’ll be living. Chances are, you’ll want to form an LLC for the sake of flexibility and asset protection, but depending on your business plans, you may be interested in registering your company as a different structure. If you have lots of questions about registering your business, you may want to work with a lawyer for support.
Seek Funding
Depending on what kind of business you’re starting, you might have lots of startup expenses to cover. Combined with the costs of moving to a new country, it can be tough to cover all of these costs out of your own pocket. If you can’t reduce your business budget, what’s the solution? You can seek funding. If you’re in need of funding for your new business, Startup Grind recommends looking into getting a small business loan from a bank or reputable alternate lending company, entering a local business funding competition, or even turning to crowdfunding.
Address Challenges
As an immigrant from India, you will likely face some additional challenges as a business owner. It’s not easy to build a company from the ground up in a new country. First, it’s important to stay on top of all of your visa requirements and apply for renewal when necessary so that your entrepreneurial plans are not disrupted. Furthermore, if you’re unfamiliar with the tax laws in the US, you will definitely want to work with an accountant to ensure that you don’t miss any filing obligations. And finally, it can take time to build up your network in a new place. Look into local cultural groups for people who share your background - you never know who you might meet! Networking with people who understand you can make a new country truly feel like home.
Support Your Family
There’s no doubt that your family misses you - but you can use your new business venture to support them back home. You can save a portion of your revenue to send back to India with a money transfer platform. In addition to providing financial support, it’s also a good idea to schedule regular phone calls or video chats to catch up on each other’s lives. You can purchase calling cards to make this easier. Finally, when you have the financial means to do so, you can buy them plane tickets for a family visit!
For senior immigrants to the US, entrepreneurship is well within your reach. This path can help you provide for both yourself and your family! With these instructions, you’ll be ready to open your business as you start your life in a new country.
Need guidance on your business venture? Seek coaching with Lynne Patzelt! Request a free consultation through the contact form on our website today.
About the author: Annabelle Harris is the creator of Elders.Center. Her goal is to help soon-to-be-seniors and already-seniors move gracefully into their golden years with less fear and more confidence. The site features a plethora of resources to help answer common and not-so-common questions about aging.
Photo via Pexels
