5 Things to Consider before Moving your Business to the U.S
Author : Joseph Franks | Published On : 12 Aug 2021
Running your own business can be ‘a dream come true’, but success does not come easy. The challenges multiply when you set up your venture in a foreign country. Five out of ten startups fail to keep the lights on beyond 4 years; also, 3 out of 12 entrepreneurs give up by the end of their first year. Will your company be among the 25% that make it past 5 years? Can you make a name for yourself that persists for decades or perhaps centuries? Ask yourself the following questions before you step foot in the U.S market:
1.Why have you chosen to establish your business in the U.S?
No precise statistics suggest that doing business in your homeland is the safest option. No matter where you go, potential risks, advantages, and disadvantages co-exist. Many people relocate their business in response to growing competition. The foreign market appears to be an untouched territory where their product can stand out and generate more sales.
Several companies move to U.S for the purpose of expansion. It is indeed favorable, if you have received or observed substantial demand for your product around here. On the contrary, you could be trying to push or introduce good that may not be working out in your own region. The outcome in either case is unpredictable, but the former situation is sounder.
2.Have you acquainted yourself with local business and immigration laws?
Do not assume that the host country will treat you the same way as your native country. Business and immigration laws vary indefinitely from nation to nation. Something that is lawful or mainstream in your hometown may raise reservations among the foreigners. Consult Immigration Attorney in Orlando, FL, to learn about your legal capacities and limitations, being an immigrant in the U.S.
3.What are the basic elements of your Business Model?
Will you import products to the U.S or rely on locally manufactured merchandise? Do you plan to locally assemble or manufacture your goods? Will you provide your services/product to immediate locals, sell nationwide, or establish your business on an international level? You must estimate the cost of all your decisions, as this will ultimately determine your profits. Get the facts straight before finalizing your decision and discuss the feasibility with a business immigration lawyer.
4.Will you require the service of locals?
The U.S has always welcomed foreign businesses that can offer employment opportunities for the locals. In order to hire locals, you shall have to fulfill certain obligations enforced by the district’s employment law. If you plan to run the company with family members or sponsor other workers from your homeland, that shall require different paperwork. Setting up business in a specific state or location may grant you promising leasing and tax benefits.
5.Do you speak fluent English and understand U.S culture?
Language barrier and cultural differences can be a huge hindrance for the success of your business in foreign territory. Communicating with the locals, developing an understanding, respecting their traditions, and adopting their values is part of the venture. It you fail on either front, securing a position in the U.S market will become problematic. You should definitely work on your language skills and learn about American lifestyle before applying for a U.S Business Immigration visa.