If you’re looking to start a small business in the US but aren’t sure how to go about it, you’re not alone. For those who are keen to get established with little know-how, here are 20 tips that we think will help you on your journey:
1. Pick something you’ll be passionate about
You’re going to need to put some significant work in, so it’s a good idea to choose an industry or niche that you are passionate about. Also, are you likely to be successful in the American market?
2. Go into it with the right mindset
Starting a business from scratch isn’t likely to be easy, especially in the US, so you must go into it with a good work ethic and the right mindset.
3. Iron out all the details
From coming up with a name that caters to US audiences, to state-specific tax protocols; there are several important details that you should be sure of early on in the process.
4. Don’t quit your job just yet
While you may want to quit your job, you’ll still need money to get by. When entering any new endeavors, there’s almost always a period of low (to zero) funds as you get established.
5. Make sure that you have enough
Either by approaching a lender or saving up early, make sure you have enough money to start your US-based business.
6. Create a strong business plan
You’re going to need to have a solid plan before establishing your company in America, especially if you want to have the best chances of building a strong, trustworthy brand.
7. Choose the proper US business structure
Look into the business structures that are available to you as a US business owner (these may differ from state to state, as well as worldwide).
8. Ensure that all the legalities are taken care of
Take care of any legal matters before getting underway. A local legal representative may help you adhere to location-based protocol, especially as American systems are varied.
9. Get your tax affairs in order
Be sure to familiarize yourself with the tax protocols for your business and state before you get set up to avoid costly pitfalls.
10. Pinpoint the ideal location for your venture
Whether opening up a physical store or an online one, consider where your business is being established. Some niches thrive in certain states, where they may fail in others, so local research can be vital. Having location-specific websites can better target your demographic (if you’re an electrician who caters to upper New York, let your customers know exactly where you are before they click through).
11. Consider how you’re going to fund your business
Getting started in America could end up being costly, and because of this, you will often need to consider how you’re going to be funding your company.
12. Open a separate account for your US-based business
In most cases, simply having a US business account will help with handle taxes, income, and your day-to-day finances.
13. Build your network
Networking is essential for any American business, especially those just starting out. By attending events and networking groups, you can generally begin to build on your list of connections for the future.
14. Start marketing
Many people will wait until their business has officially launched in the US marketplace to get customers. Still, it’s often essential to have people interested by the time your company is ready to roll.
15. Give yourself the best chance to succeed
It may sound obvious, but not everyone will be willing to invest time and money into getting sound advice from someone with more experience in their industry. Doing so could see the difference between success and failure.
16. Work with the right people
While not always necessary, there are certainly times when hiring a local professional, like an accountant or bookkeeper, could be more than worth it.
17. Find the perfect work-life balance
Juggling a successful US start-up and things you enjoy won’t be easy, so take the time to plan a schedule that will help you manage work/downtime.
18. Avoid burn-out
It’ll be easy to prioritize work over the things you enjoy initially. Still, it’s essential to consider that stepping away and to relax your mind and body will go toward avoiding burnout.
19. Consider the competition
In any industry, especially with markets as competitive as those in the US, you need to know what you’re going up against if you want to be successful in your venture.
20. Take the time to do your research
This can apply to many of the points mentioned above, from building a US-specific business plan to simply learning more about the market you’re getting into.
Start Your Business in the USA with Mükellef
If you’re interested in starting a company from outside the States, why not apply now to start your business in the USA? With everything that’s on offer, from their expertise in setting up a business to supplementary services like bookkeeping, Mükellef has a skilled, trustworthy team that can assist you throughout the process.