Over the years, the American dream has attracted countless expats to pursue the promise of prosperity, growth, and a better lifestyle. Statistics show that the USCIS welcomed 967,500 new citizens in 2022, and the numbers are expected to swell every year. The country beckons people from across the globe, even from developed nations like the UK.
With its vast and diverse market, a culture of innovation, and easy access to capital, the US emerges as the world’s favorite business hub. A thriving startup ecosystem makes it ideal for entrepreneurs. If you have an overseas startup dream, you can consider pursuing the American Dream because it is certainly achievable. All you need is careful planning and strategic execution from the outset.
Here are a few valuable insights for UK-based entrepreneurs planning to launch a business in the US.
Start With Market Research
Before dipping your toe into a new market, it is always advisable to test the water. Whether you have a brilliant startup idea or are yet to think of one, you should check the American market first. A hot-selling product or service in the UK may not have good selling prospects in the US. Extensive market research can offer valuable insights to pivot your business idea according to the local demand and competition.
The vast size of the country spells diverse opportunities for UK entrepreneurs. Unlike the UK, the US has several markets with localized demand and demographics. For example, your product may gain momentum easily in some states according to its climate and demographics. You can rely on surveys to choose your business destination and fulfill your aspirations.
Understand the Legal and Regulatory Landscape
The legal and regulatory complexities are perhaps the biggest hindrance you may face while relocating to the US and starting a business there. Specific laws and regulations govern different industries and aspects such as employment, taxation, and intellectual property in the US. Further, you will have to navigate immigration processes relating to visas and work permits.
When setting up a non-resident LLC in the USA, you must understand the essentials, such as business structure, documentation, and location-specific requirements. Compliance with the regulations can help you avoid penalties and legal hassles in the long run.
According to USA Corporate Services, UK entrepreneurs can position themselves comfortably by seeking legal and regulatory guidance. Collaborating with a provider offering end-to-end advisory on business incorporation can give your American dream a head start.
Be Financially Ready
A study suggests that immigrants are 80% more likely to launch businesses in the US than the locals. The numbers are inspiring, but you cannot start and run a business without proper funding. Not everyone can bring hefty funds to launch a startup. Fortunately, the US offers a vast capital pool for startups and entrepreneurs, provided they have a solid business idea.
As a UK-based entrepreneur, you can explore options such as angel investors, venture capital firms, and crowdfunding platforms. You may even seek government grants, incubators, and accelerators that support foreign entrepreneurs planning to establish entrepreneurial ventures in the country.
Build Your Network
Networking can be a game-changer for startups, specifically when starting a new business overseas, a UK-based entrepreneur chasing the American dream should invest in a robust network. Beyond gaining insights into the business landscape, you can secure valuable partnerships through networking.
Consider starting early by establishing connections through online platforms like LinkedIn and entrepreneurial communities. Attend industry conferences, engage with local communities, and join business associations after landing in the US.
Embrace Adaptability and Resilience
Healthy market competition is the mainstay of the U.S. economy, and it is reflected in the business landscape of the country. Although you come from the dynamic UK market, you may still find the American landscape overwhelming. Adopting adaptability and resilience is the best way to face the challenges of a startup owner.
You may need to adapt according to consumer expectations, competitive trends, and overall business climate. An adaptable approach can help you pivot with agility and find growth opportunities. Achieving the American dream is easier said than done, and there are chances of losing your way. Resilience can be your savior in the face of failure.
Wrapping Up
Launching a business in the US is rife with challenges and opportunities. Many success stories inspire entrepreneurs to step out of their comfort zone and reach the American dream. Although there isn’t an easy way to reach the goal, it is still attainable. UK-based entrepreneurs can rely on this actionable checklist to set up their ventures for success.
