Starting a business in the US

5 tips

Famous the world-over for its entrepreneurial culture and home to the most celebrated starty-up culture in the World, the US is a destination for many people looking to start new companies.

Starting a business in the US

For those who are moving to the U.S. to start a business, however, no matter how much preparation has been done or how well-travelled the individual is, the business culture can be surprising to some.

Networking is critical

If you are recently arrived in the US or don't have much of a network, it will be up to you to make the effort. In general, people are very open; so go along to industry events, local business networking events, reach out to people on social media and get introductions to people who may be able to help. Whether it's a recommendation of an effective accountant or an introduction to a potential investor; the best way to increase the probability of such things happening is to make sure you make as many contacts as possible.

Do you have the right idea?

If the business depends on local customers, then make sure the demand is there (eg Kansas might not be the best place to sell Yachts). You then need to look at the competition and it can help to get opinions from friends and family. If you can talk to someone who has started that type of business they may be willing to share information with you that can be a real help.

Get online early

Building a website can be a good exercise in terms of thinking about the new business, how you are going to portray it to the outside world and what the marketing messages will be. Web hosts such as such as www.1and1.com  offer cheap domain registration, which is the first step in creating your new business website.

What resources do you need?

At the simplest level, this is money and people. If you don't have enough of either of these, then your new business has a high chance of failure. Time spent on getting together a conservative cashflow projection is a good place to start. Bear in mind that things tend to cost more than planned, which revenue has a nasty habit of growing more slowly than projections.

Don't get bogged down in red-tape

If you have the cash, don't try to do everything yourself. Get help for company setup, necessary registrations, permits and make sure you have someone who take care of the books, file taxes and process payroll. It is amazing how fast the problems can pile up if you don't keep current with the paperwork.

Get help with company registration

There are a number of different forms of company in the US. There are some significant implications in terms of tax and future flexibility, so it is important that you chose the right one to avoid headaches later. If you are not yet resident in the US and need to register a company, there are a number of people who provide this service .

For those who are moving to the U.S. to start a business, however, no matter how much preparation has been done or how well-travelled the individual is, the business culture can be surprising to some.

Networking is critical

If you are recently arrived in the US or don't have much of a network, it will be up to you to make the effort. In general, people are very open; so go along to industry events, local business networking events, reach out to people on social media and get introductions to people who may be able to help. Whether it's a recommendation of an effective accountant or an introduction to a potential investor; the best way to increase the probability of such things happening is to make sure you make as many contacts as possible.

Do you have the right idea?

If the business depends on local customers, then make sure the demand is there (eg Kansas might not be the best place to sell Yachts). You then need to look at the competition and it can help to get opinions from friends and family. If you can talk to someone who has started that type of business they may be willing to share information with you that can be a real help.

Get online early

Building a website can be a good exercise in terms of thinking about the new business, how you are going to portray it to the outside world and what the marketing messages will be. Web hosts such as such as www.1and1.com  offer cheap domain registration, which is the first step in creating your new business website.

What resources do you need?

At the simplest level, this is money and people. If you don't have enough of either of these, then your new business has a high chance of failure. Time spent on getting together a conservative cashflow projection is a good place to start. Bear in mind that things tend to cost more than planned, which revenue has a nasty habit of growing more slowly than projections.

Don't get bogged down in red-tape

If you have the cash, don't try to do everything yourself. Get help for company setup, necessary registrations, permits and make sure you have someone who take care of the books, file taxes and process payroll. It is amazing how fast the problems can pile up if you don't keep current with the paperwork.

Get help with company registration

There are a number of different forms of company in the US. There are some significant implications in terms of tax and future flexibility, so it is important that you chose the right one to avoid headaches later. If you are not yet resident in the US and need to register a company, there are a number of people who provide this service .

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