Are you planning to relocate and start a Business in the United States? Well, we’re here to give you a short guide. Starting a business in the U.S is very similar to starting a business anywhere else in the world, also in the Philippines. However, there are a few key differences and rules that you will have to follow, but other than that, it is about creating a successful business model and putting it into motion.
4 Tips on How to Start a Business in the United States
Within the Country itself, there are a few things that you will have to understand as well in order to properly succeed. With the right attitude and the right amount of knowledge, you can definitely create a successful company. Here is how you can go about starting a business in the United States.
1. Determine a Location
The first thing that you are going to want to do when starting a business in the United States is to pick a specific location. Each state has different laws when it comes to registering a business, paying for labor, and taxation.
The specialists over at www.foreignusa.com mention that certain states have higher minimum wage rates than other states, making cheap labor much more expensive in those areas. Picking a location isn’t just about finding the lowest possible tax rate and cheapest labor, however.
You are also going to want to pick a location that suits what your business is doing. If you are a tech company, for example, getting yourself situated in Silicon Valley is a great way to network yourself and meet new people. Finding a location for your business is the first step towards creating your company in the United States.
2. Fill Out All the Required Documents
The next thing you are going to have to look at is the documentation and permits required for your business. You can’t just open up a business without informing the government of what you plan on doing.
There is a registration fee that you are going to have to pay, along with a lot of paperwork that is going to have to be filled out. If you are intimidated by something like this, you can look to hire a lawyer or even a professional business formation service to help you out. They will ensure that all the paperwork is filled out correctly and that you will not be in any legal trouble further down the line because of it. In fact, hiring assistance in this particular case will also help you navigate the more nuanced state requirements like address obligations.
3. Build Customer Rapport
Studies have recently shown that customer retention is not about pricing or quality, but actually the experience they have with the company. If you want to be successful in the United States, you are going to have to create a business that not only caters to the people but makes an effort to connect with them.
How can you go about doing so? Creating a social media account for example to interact and speak with customers is a great way to build a connection. Whether it be responding to someone who has something positive to say about you, or responding to criticism and helping out an unsatisfied customer, all of this helps to build rapport. The more you can do and communicate, the better a response you will see from the rest of the community.
3. Know Your Market
Don’t just think you can step into one of the biggest economies of the world and improvise when you get there. You will have to have a specific market plan for how you will build your customer base and how you will get your product and service to them.
Whenever you are creating your product, sit down and ask yourself, so what? You might have something great, but do people really need it? Knowing your market and knowing where you fit into it is important for making money and being successful. Don’t be afraid to make major changes if you notice that the market is not responding as well to you as you thought it would.
4. Online or Physical?
The final thing you are going to have to determine when starting a business in the United States is if you want a physical store or an online store. Online stores are fantastic because they allow you to have a much wider reach, but they can lack the personality and experience a physical storefront has.
Take the time to consult your market plan and see what would be best for your company. You might find spending the money to rent physical space to be better for you in the long run.
These are just a few key tips and tricks on how to start a business in the United States. You should pay attention to them when it comes to starting your own business. It’s important that you not only understand the legal intricacies of starting your company but also how you can go about building a successful product. What type of business do you plan on creating? Share with us your thoughts and dreams.
Danella Yaptinchay is the managing director of Full Suite, a service company providing back end support to small businesses. She is a cofounder of Co.lab, a coworking space, and of the media company Homegrown.ph. In constant pursuit of balance and self-development, she tries to apply the practices of yoga to her daily life.