Now that you are aware of the requirements for opening a business in USA (the first post is here),
you’ll be wondering what steps your should follow to make your business success in a different country. The truth is that 8 out of 10 businesses fail, and I know that you don’t want to be one among the eight ones that fail.
Let’s see what you can do for a good start.
- Is your idea going to work?
You may have a business idea in mind and don’t be sure if this it’s going to work in a different country. In this case, what you need to do first is to validate your idea.
You need to do some research to analyze if there’s enough demand for your idea. If you’re going to sell a product, you can start analizing comments and reviews at Amazon. On the other hand, if you’re selling your services, you can have a look at Udemy. Ask yourself: is my idea going to fill a gap in the market?
Once you’ve done your homework, you should launch a minimum viable product. Don’t invest and risk too much in a product if you aren’t sure if it’s going to work.
- Do I know how to do business in USA?
As you probably have already realized, there’re a lot of aspects that differ from one country to another; cultural aspects influence the way we do business in different countries.
A different language, a lack of resources or a network to rely on, marketing skills, among a long list. Jot down all the aspects of your business that you should hone for opening a business in USA and elaborate a strategic plan to improve them.
Consider hiring someone to compensate this side of you business or outsource some of these tasks to a professional that you know you can trust (a business consultant, for instance).
- Are you exploiting your strengths?
Coming from a different country has its disadvantages, as well as its advantages. Maybe you’ll have to learn how to do business in a different country, but you know already how to do business within the Hispanic community, and there are around 54 million of them within the US.
You know a different language and have a different background that will bring diversity to your business.
Think how you can make the most of this side of your business and, again, elaborate a plan based on the strengths of your business.
This should be part of your SWOT analysis.
You should work on the foundation of your business to strengthen it from the inside to be one of these 2 out of 10 businesses that succeed in the US.