Top-Rated Small Business Ideas For Expats

There may be a lot of negative press around expat businesses, and indeed, some subcultures do take offence to the idea of their job’s being taken by foreigners. Not that any of that should dissuade you from following your dream, some small business ideas lend themselves particularly well to being run by foreign nationals.

There are, of course, considerations that will be quite relevant when relocating, like international insurance for employees abroad and various tax laws, applying to different countries and in different capacities based on your country of origin. When you are sure all your business affairs are in order, here are some great ideas to build a small business while living abroad. With these options, there is no doubt that you will be well on your way to earning an income from absolutely anywhere in the world.

Teaching Your Native Language

Language tutoring is a great idea, regardless of where you come from. Your target market may vary depending on the national and international prevalence of your native language, but there is always a market for education on some significant level. Language tutoring is also a prevalent option for young expats as a result of ample opportunities.

If your native language happens to be English, you may face a lot of competition but hold a tremendous potential market. In contrast, the more ‘exotic’ your home language is, the more of a niche market you will attract. The latter may mean seeking out clients of specific socio-economic demographics, depending on the educational and cultural value placed on linguistics in the country. If you are considering teaching your native language, you will need to brush up on methods of getting your name out there as a language tutor. In some cases, it is a fantastic idea to opt for tutoring courses that will ensure you can guide students appropriately.

Tour Guide

This one may sound absurdly counter-intuitive. Why on earth, after all, should a foreigner stand a chance of becoming a successful tour guide? In truth, surveys and statistics show that an outside perspective lends well to an enthusiastic representation of an area and its attractions. As natives lack fresh excitement for landscapes and historical aspects as they are used to their home countries, foreigners make the best tour guides.

Furthermore, an outside perspective allows for comparison and a more globalised approach to introducing people to any landmarks. This is best advised once one has a comprehensive understanding of the local culture and landscape, including all relevant and significant attractions.

Enter The Arts

In and of their very nature, artistic professions benefit from being ‘exotic’ and culturally fascinating. Whether you have talent in the performing arts or create realistic works, your market should be drawn to your work in direct proportion to its novelty. That is to say, don’t become a classicist painter in Greece!

More pragmatic artistic professions exist for those looking to earn in more conventional careers. Photography is a fantastic option, should you be skilled, and as long as people keep getting married photographers to keep getting work. You may also look into creating an artistic coalition with other foreign artists in your area, creating a consolidated cultural experience for your target market, even if it is done infrequently, is sure to draw many prospective clients.

Translation Services

Perhaps an obvious choice, your odds of success depend much on your nuanced comprehension of the languages involved. Necessary translation skills could secure you an office job, whereas advanced translative skills can lead to a lucrative career in either government or the private sector.

Should you not find a market offering enough work to pay all the bills, be sure to advertise your services in a freelance capacity. Every cent helps, and every job may be a gateway to a full-fledged career in professional translation services. There are also a few translation platforms out there that broaden the spectrum of opportunities for aspiring translators.

Work For Anyone, Anywhere

The epoch of the digital age means your geographic location no longer bounds you in terms of service delivery. A great deal of work happens remotely, online, across the globe. Should you possess a penchant or skill set that you can capitalise from, there are numerous sites like Fiverr and Freelancer on which you can advertise and bid for work.

There are a ton of freelancer sites out there that host enormous amounts of online opportunities. Therefore regardless of your career skills, you will be able to find remote and freelance opportunities where ever you are in the world. If you are considering freelancing, it is vital to determine methods of payments with clients before formulating agreements as you will need to be sure the payment method will suit your bank. Some digital wallets that boast international convenience are not able to link to banks in certain countries.

How Can Working Alongside With Andrew Argue Help Your Accounting Firm

After years of experience as an entrepreneur, Andrew Argue has opted to share his knowledge with fellow accountants via several organized, comprehensive programs. Argue has plenty of great advice to offer whether you are an independent accountant trying to establish a new business or a large, more established firm. Here is how working with Andrew Argue can help your firm:

Get Better Clients: The range and type of potential clients can vary for any accounting company, and some clients may be better suited for your business than others. For instance, clients who are rude, or are not willing to pay fair price are probably best left for other firms. Argue teaches how to find and close prestigious, high paying clients, and how to properly price services. The Andrew Argue price model is still consumer friendly, but will help ensure that accountants are paid for their skills and time.

Develop Sound Marketing Strategies: While Argue studied accounting in college, he also made an independent study of marketing and business when he wanted to start his own company. It is important to consistently market any business, but not all marketing strategies are equally effective. This is where Argue can help your company save time and money while attracting high-quality clients.

Tweak Your Business Model: Almost every review of Andrew Argue and his program credits Argue’s strong business model. With experience as an independent entrepreneur as well as being a part of a major company, Argue has plenty of helpful tips for large and small accounting firms. Accountants who have worked with Argue report developing a sound business plan based on Argue’s methods that allowed for increased efficiency, growth and client retention.

There are plenty of Andrew Argue reviews from both individual accountants and large company owners. With great feedback, Argue’s program promises a high yield return on investment.

 

 

Online Resources for Businesses

There are many individuals out there who become entrepreneurs and create their own business. For most of history these businesses were brick and mortar shops where someone came in and bought a product.  At first we used the barter system, then eventually in human history we used cash.  In today’s society there is more of a reliance on credit cards more than ever.

Even within the credit card industry there is massive change.  In the past there was a need for credit card machines that would take a carbon copy of the credit card.  Then came the swipe machine.  Now there are companies like SumUp are allowing merchants to accept credit cards without the clumsy and antiquated credit card machine.  SumUp allows merchants to accept credit card payments without that machine.  The store can simply hook up their tablet or cell phone to SumUp’s terminal and start accepting payments.  Convenience is key! The other revolution happening is the growth of online shops.

Social Media

There are so many social media platforms out there to help market your business and gain exposure that you need. Sites such as facebook, instagram, snapchat, pinterest, houzz, etc. can allow you and your business to be seen around the world. By creating profiles on any or all of these sites you have the opportunity to share information to the masses. Potential customers can see examples of your work, reviews from past customers, and your contact information (website, address, phone number). You can even share information easily in this format.

Online Shops

In certain industries it is beneficial for the business owner to have an online store. It allows customers to have access to the merchandise or services from anywhere in the world. This has opened many doors for a lot of companies. Online stores can have physical goods for sale. For example, a children’s clothing boutique in Philadelphia can now offer their clothes for sale to consumers across the country and not only in the immediate location. The same goes for actual services. A cleaning service or car wash can sell and book their services online. Restaurants can offer gift cards for sale. Event tickets are now available for sale online as well which makes it easy for purchase.

Website

A good company website is important for a business to have. A website is a potential customer’s first impression on you and your business. It sets your brand and your tone. Everything from the set up, pictures, colors, writing are very important for you to win over your customers. Your website must include all of the necessary information for someone to contact you or learn about your services as it is most likely the first place a person will go to find information out about you and your company.

Email

A common marketing technique for businesses are email newsletters. Typically a company has you sign up via email on their website. This tool will allow you to reach your customers. Most individuals access their emails on a regular basis and are likely to read information sent to them via email. This is a good way to offer promotions to valued customers as well.

Other

There are plenty of other great resources out there. You can get an iso 9001 2015 download at a great price which can give your business a leg up compared to the competition.

This is a quick look at the online tools available to business owners. All of these items can help maximize your profits. The web is a valuable tool where the possibilities are endless.

Should Your Business Consider Bespoke Portfolio Management?

As your business begins to take off, it’s wise to consider how your business will consolidate its wealth and its portfolio of assets. If you’re a budding entrepreneur, or someone with limited business experience, then it may be that you’re not the best person to make this call. Instead, it may be best to specifically employ someone who has experience in bespoke portfolio management. Here, we run down some of the positives of this approach.

What is Portfolio Management?

Before you decide whether portfolio management is right for you, you’ll need to know what it involves. Portfolio management involves making complex decisions on investment mix and policy.

A portfolio manager will aim to match your investments to your objectives and will allocate assets to individuals and institutions, balancing risk against performance.

As such, portfolio management is about determining what the strengths and weaknesses of your company and its assets are. From here, opportunities and threats can be determined and the attempt to maximise return against the appetite of risk can be assessed with the company owner.

Once all of this has been established, a strategy can be brought together. This will weigh up the choice of debt vs equity, domestic vs international growth targets and growth vs safety, among other trade-offs.

According to IBIS World research, there are over 18,000 wealth management businesses in the US alone, generating over $233bn alone. This means you should have plenty of options and points for consideration.

What are the Benefits?

If you’re thinking about a bespoke portfolio management service, then there are a number of benefits worth considering that could be advantageous to your business.

  • Dedicated management: If you opt for a professional discretionary service like the one offered by WH Ireland, then you’ll receive an Investment Manager for your business. By working with one individual, you’ll get someone who takes the time to understand your business and its investment priorities.
  • Delegation: Ever feel like your head is spinning with important decisions? Well an Investment Manager can help alleviate some of the pressure. The markets are incredibly fast moving and your Investment Manager can relieve you of this stress, implementing your strategy on your behalf.
  • You Won’t Be Cut Out: However, the independence of your Investment Manager won’t mean you’re entirely cut out of the decision-making process. You should receive regular reports on what’s happening. If you choose a reputable wealth management company, these reports should take place however you like, too. Such as face to face or online.
  • Diversity: Through portfolio management, you’re able to diversify your assets, incomings and growth. You can use these alongside ISAs, personal pensions, trusts or even offshore bonds. These can all be managed as part of wider wealth planning.

If you’re looking to delegate some day to day decision making, then investment management could be great for your business.

How Business Owners Can Invest Their Earnings

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Running a successful business is no easy task. After all, recent research reveals that four in ten small companies don’t last for five years. After the recent political and economic uncertainty in 2016, many were also expecting this rate to rise further. However, this doesn’t mean that you should be overly pessimistic, and if your business is doing well, you should continue to forge a path to success. Here, we discuss the current economic situation and how you can reinvest your earnings at the current time.

The Current Economic Situation

Against expectations, the broad outlook for the UK economy is positive. Recently, the British Chambers of Commerce have announced that UK buying habits have shown strong resistance to the Brexit vote.

This level of robust customer spending means that the outlook for trade and investment for UK businesses is broadly positive. The economy is expected to grow a further 1.4% in 2017, which is almost at pace with the 1.8% growth we witnessed in 2016.

As a result, if you’re looking to invest some of your wealth, now could be the time. Let’s take a look at how you could make the most of the broadly positive economic situation.

How Can You Invest?

To help your wealth grow, you can invest internally within your business or externally. First, let’s look at your internal options.

Internally

Staff ­– if your customers are keen to keep spending high, then let them. Investing in new staff members means that you’ll be able to service larger orders in a higher volume, boosting your revenue.

New Products – Likewise, consider diversifying your offering to take money from your competitors. By investing in market research, you can find out what your customers really want and cater for them.

These two tactics will help you strengthen your business and generate new revenue. Sometimes, you have to spend your wealth to save even more. However, although these will help you accrue wealth, it may also be worth diversifying your assets through external investments. Your best options here are:

Externally

Property – the UK housing market continues to boom and shows no signs of slowing down. Housing is generally considered as a solid investment; particularly buy-to-let, which is low risk.

Stocks and Shares – If your business is doing well, then it’s likely that others are, too. So, it could be worth investing in other businesses. This is a higher risk strategy than investing in houses, but the rewards are potentially higher, too. Take a look online for advice on what investments could be profitable.

Forex – Finally, consider being bold, brave and bright. Geo-political tensions such as Brexit cause currency fluctuations and changes. By investing some of your money in forex trading, you could make money on these fluctuations. This is a high risk, strategy, however, so educate yourself before you begin.

To conclude, the current economic situation looks positive, so consider how you could invest to maximise your wealth carefully.

 

 

New Business Growth Fuels The Economy

Though small businesses don’t necessarily generate the type of revenue that larger corporations can, they are a crucial part of helping to build local economies. For every small business that is established, there are a plethora of benefits that the local community can take advantage of. This includes new funding for the community, new employment opportunities, and more. Let’s take a closer look at just how necessary small businesses are.

Employment Opportunities

One way small businesses help the economy is through employment opportunities. According to reports from the Washington Post, the U.S. Small Business Administration states that small businesses account for approximately 99.7 percent of all employment opportunities. For the last 20 years, small businesses have accounted for more than half of all new jobs and paid more than 40 percent of the US private payroll.

Tax Contributions

Another way in which small businesses contribute to the local economy is through tax contributions. When consumers support local small businesses, this increases the company’s overall revenue. The more money a company makes, the more they have to contribute to both local and federal taxes. This money is then used to fund schools, compensate for local government employee salaries, and aid with other programs within the community.

Starting Your Own Business

As you can see, small businesses are constantly improving the local economy. The more successful small businesses that are developed, the better it is for the community. If you were thinking of starting a small business to help support the local economy (or simply to ditch your day job), there are a few things you’ll need to secure. Relying on proven online referral companies can greatly simplify the processes below.

Legalities

Before you can legally call yourself a business, there are a few things you’ll need to do. This includes registering the business name, obtaining any necessary licenses or permits to run the business, and securing an employer identification number.

Technology/Equipment

Now you need to invest in certain technology and business tools. In this ever changing digital age it will be important for you to have the necessary technology to accommodate the needs of your target consumers. Certain technology to invest in might include:

  • Computers, laptops, mobile devices
  • Software for accounting, marketing, customer service, etc.
  • Internet services
  • Telephone system

As you’re investing in technology for your small business, don’t forget to protect your company data. Virus protection software, for instance, would ensure that your company information is safe from potential hackers.

Location

Whether you intend to open a pizzeria or an office building, you’ll need to pick the prime location. If you don’t have very much capital to work with, you may want to start out working in your home or renting a property for a low monthly rate.

Website

No business is fully established these days without a well-designed website. Though most of your consumer base is local, digital marketing is presumably the way you’ll go about spreading the word. Website creation is a lot easier than you may have thought. There are plenty of web hosting companies that offer user friendly templates and guides to walk you through the process.

Marketing Strategy

Now your business is pretty much established. All that’s left to do is get the word out about your business and start generating revenue. This is going to require a great deal of marketing. The good news is that since digital marketing is the newest trend for reaching the masses, you won’t have to invest much money right away. You can start by utilizing social media platforms and so forth to reach your target audience. Since you’re a local business, however, you’ll also want to consider traditional forms of marketing, including handing out flyers and advertising within the community.

Being a small business owner is a rewarding experience. Not only does it give you the freedom to do what you love on the daily basis, but it is a surefire way to give back to the community. If you’re thinking about starting a small business in the near future, remember the above mentioned tips and lists of things you’ll need to have to get started.

Is this “good” debt?

It’s time to help another PDITF reader out. Jane sent me an email. It says…

You’re all about debt reduction and I can get on board with that, but we (hubby and I) are contemplating getting into business for ourselves.  Would this be acceptable debt (in your eyes)??  We’re looking at possibly $50k with the potential to recoup in the first year (or two if we actually want a salary in that first year, which is what I’m leaning towards).  We DO have some savings, but that would leave us with NO emergency fund (and me, VERY uncomfortable).

So do I think taking on debt to start a business is a good move? Not knowing all of the details (interest rate on loan, type of business, success of similar companies, amount in savings, annual income, etc) it’s hard to give Jane a completely detailed response, but I’m gonna do my best….

Jane, DON’T FREAKIN DO IT! In fact, I’d rather squirt lemon juice in my eyes than start a business with credit.  Why you ask?

Well according to the U.S. Small Business Administration, three out of ten new businesses fail within two years, and only half survive five years. If you could cash flow the business, I’d say go for it. But financing a business that is just as likely to fail as succeed, is no bueno in my opinion.

Honestly, I think Jane answered her question with the information she provided in her last sentence. By starting a new business she would deplete what little savings she has, she would have NO cash in the event of an emergency, and she would be the proud new owner of a crapload of debt. There is no way I can, in good conscience, recommend she put herself in such a stressful situation.

Obviously I don’t know what type of business she is looking to start. If it’s going to be the next Microsoft or Facebook, then she should probably ignore my advice and take on the debt. But let’s be real, the chances of that happening are the same chances that Ricky Martin was ever straight.

Here’s my advice Jane: Keep working hard. Save up as much money as you can. Build your business slowly. And pay cash as you go. If you do this, you’ll have a lot less stress and a ton more freedom when it comes time to open your business. And if said business does in fact fail, you at least can walk away with no financial obligations. I couldn’t imagine a worse feeling than being $50K in debt, 3 years out of the workforce, and have NOTHING to show for it.

So PDITFers what’s your recommendation to Jane? Would you ever take on debt to finance a business? Is it too risky? Anyone out there think she should go for it? Help a sista out!