It takes time, effort, and money to carry a business idea into a successful venture. If you’re immigrant seeking funds to inject cash flow into your business, you can easily and quickly access ITIN loans from a reputable lender.
Besides cash, you also need to take advantage of digital tools to maximize your time and effort and ensure that your business is appropriately structured. That way, you’ll be set up for success right from the onset.
The digital tools for successful entrepreneurship
Business plan tools
Business plan tools and apps come with templates and financial projection tools to help entrepreneurs write and perfect their business plans. This category’s top tech tools include LivePlan, Bizplan, GoSmallBiz, Enloop, and more.
Market research tools
Market research tools help you find trending and best-selling products in your niche and the best suppliers from where to source those products. The top ones include Google Trends, SaleHoo Market research Lab, Amazon Bestseller page, Aliexpress Hot Products, and more.
Financial & budgeting tools
Financial tools help you stay on top of business revenue by tracking every dollar that flows in and out of your business. The top ones include QuickBooks, FreshBooks, Zoho Books, Xero, and apps like Expensify, MileIQ, and Receipts by Wave.
Marketing tools
Digital marketing tools, including social media and email marketing platforms, help entrepreneurs take their marketing strategies to the next level. The top ones in these categories include GetResponse, HubSpot, MailChimp, Buffer, Hootsuite, and Sprout Social.
Management tools
Project management tools help save time and money by automating some time-consuming tasks. They include Asana, Kissflow Projects, Zoho Projects, Trello, and others.
HR tools
Recruiting software helps find and hire the best talent and build a strong team that will support and uphold your company’s mission, vision, and values. The top ones include Zoho Recruit, BambooHR, Build for Teams, and Recruitee.
Five steps for entrepreneurs to properly structure their companies
Decide between a Sole Proprietorship, LLC, and a C-Corp
A sole proprietorship an easy way to start a company. It is suitable for you if you want to build a source of income for yourself. You can also go this route if you want total control of the business, where you’ll be involved in the day-to-day operations.
But because you’ll be conducting business in your own name, you’ll be exposed to the worst of everything, including high tax rates, legal liability, and the challenges of being unable to sell your business in the future.
Consider setting up an operating entity if you plan to build an actual business. Think of structuring your business as an LLC or a C-Corp.
To deice wisely, work with your tax attorney or CPA for guidance on the best business structure that fits your future goals.
Establish a trust
A trust creates a buffer between your personal challenges and the challenges your business may face in the future. It helps separate your personal and business assets, benefiting from owning and controlling business assets with less personal liability.
Though it may be expensive to form, its benefits are huge, so make sure you create a trust to hold your operating entity.
Secure your intellectual property
Many entrepreneurs associate intellectual property with tech companies. Surprisingly, your telephone number and web address are the core pieces of intellectual property your business owns.
If a competitor sues you, you could lose your IP, and watch as another company takes over your phone number and website to benefit from your reputation.
To avoid such pitfalls, separate your IP assets from your business. Let your trust own your business intellectual property, then license them to your business. If your business faces legal challenges in the future, your intellectual property will be secure. You may also enjoy some tax benefits.
Establish a solo 401(k)
This is a retirement savings plan for small business owners to save up to $50,000 annually. The account comes with substantial tax deductions, and if handled correctly, your savings are protected from lawsuits, bankruptcy, and tax issues with the IRS.
Name your business wisely
Your business name can scare away potential lenders. That’s why you should consider future funding needs in your business name.
If you are in an industry that lenders consider high risk, craft your business name so that it doesn’t carry the stigma that lenders attach to the overall industry.
For instance, lenders readily fund businesses that carry marketing or management names than those that bear real estate or construction-related names.
How to access ITIN loans
ITIN loans are a type of business loan meant for foreigners without proper identification documents or SSN. They come in handy for immigrant business owners who find it hard to obtain business loans from lenders.
Currently, only online lenders offer ITIN loans, and you should take advantage of them. Visit the link in the intro to learn more about ITIN loans and how to apply for one.
