Do’s and Don’ts of Doing Business in America
It is no secret that the U.S. provides abundant opportunities for non-citizens and non-residents in which to operate, innovate, and succeed. But no matter how experienced you are in your own business or industry, when it comes to expanding a company to the U.S., you are bound to run into problems.
Having helped numerous non-U.S. companies establish a strong foothold in the competitive U.S. market, ReachOut Business Solutions is familiar with some of the most common pitfalls that can take even the most confident and experienced business leaders by surprise. To help you on your quest for success, here are 5 mistakes that every foreign business makes when expanding to the U.S.:
Failing to Have a Competitive Advantage — Some entrepreneurs believe that a good idea for a product or service is simply enough to win over the American audience. Unfortunately, this isn’t the case. Because the U.S. market is one of the most competitive in the world, it is incredibly important that you establish an effective and well-researched strategy before entering the American playing field.
Waiting to Develop a Business Plan — One of the first steps to successfully starting or expanding a business to the U.S. is developing a detailed business plan. Establishing a structural and financial framework upon which to follow will greatly reduce cost and potential mistakes.
Forgetting About Visa Specifications — While it is true that foreign business owners tap into the U.S. market for its limitless business advantages, it is also equally true that many of those same entrepreneurs are also interested in obtaining permanent residency for themselves and their families. However, in order to achieve the deeply desired “green card,” it is necessary that you become familiarized with your visa specifications (especially if you’re enrolled in the EB-5 program).
Not Getting Expert Help — Many business owners underestimate the help they need when trying to expand their company to the U.S. An expert in your market will not only help you locate the right programs, relationships and networks to facilitate your business, but he or she will also advise you on tax benefits and incentives for the U.S. state that you decide to operate in.
Failing to Put Plan into Action — After months, and sometimes years of planning, there are still a group of individuals that hesitate to simply bring their products or service to market. However, with the right expert on your side and business plan in place, there should be no reason why you shouldn’t implement your venture in the U.S.
No matter how experienced or confident you may be regarding your business or industry, establishing a successful expansion to the U.S. requires planning, foresight, and specialized experience. If you are interested in working with an experienced company who can help you establish a strong foothold in the competitive U.S. market, contact us today.
