The Foreigner’s Guide to Owning an American Business

The USA features one of the largest and most prestigious markets in the world today. The Internet has opened up incalculable income opportunities for the small businessperson worldwide. There is a growing list of individuals living in foreign lands that strongly desire to own an American business, tapping into this vast marketplace, while continuing to live in their homeland. This article will briefly touch on the subject of how you can setup and operate a business in the USA while living in a foreign land.

Why would you want to own an American business?

Generally, Americans prefer doing business with American companies because they expect American quality and have legal recourse if the company doesn’t deliver on their product or service as promised. This may not be true when they make a purchase from a foreign business. If you market your goods through your American business, you can overcome this limitation.

The American buyer needs to have confidence in a company they wish to make a purchase from and image is of paramount importance. You may live in a foreign land, but if your business has its address, bank account, and phone number in the USA, you have already laid substantial credibility to your company. Also, American suppliers may be more cooperative with your company in America than overseas.

Overcoming demographic issues

It may seem overwhelming to you when considering the idea of setting up your own American company. Actually, most steps are rather simple and it isn’t too difficult to find qualified services and consultants that can walk you step-by-step through the complete process for a reasonable startup fee.

Meeting legal requirements

It isn’t a requirement to be an American citizen or even live in the USA to own a company here. You can hire agents to setup your corporation or LLC (Limited Liability Company) for you for less than $700 (US Dollars), and maintain your own business address with receptionist for about $200 – $300 per month. Your phone number will cost about $30 per month. Business licenses are low cost and renewed annually. Your company will be required to obtain an Employer’s I.D. from the U.S. Internal revenue Service (IRS) since it must pay taxes it earns. If you setup your company in the state of Nevada, Delaware, or Wyoming, you won’t have any state corporation or personal state income taxes.

One problem that faces a foreigner establishing an American business is the establishment of a business bank account in their state of business. It’s important for the corporation to have a bank account in its home state (the state of its incorporation). This is one of the tests to validate that the business is legal.

Most banks here require the business owner to open their bank checking account in person. The individual that is authorized to sign checks on the account must sign the required bank signatory card in person. Normally, this requirement would necessitate a trip to the USA by the foreign business owner. But, there are creative ways to circumvent this issue. Some small Internet companies even utilize their PayPal Premier Business Account to handle many international sales payments, though a bank checking account is still necessary.

There are various legal structures for American companies, but you will likely use either the “C” corporation or LLC (Limited Liability Company) structure. The “S” corporation structure isn’t available to nonresident corporate owners. The service or consultant you select to assist you in setting up your new business will help you understand what you need so you can make an intelligent decision as to the best way to proceed.

Once your business is established, it isn’t to difficult to maintain its legal status. Don’t be overwhelmed with this process. It’s more than worth the effort to establish your own business in the USA. It can open many business opportunities that simply are not available to nonresident businesses. Even many established and successful companies like Sony, Mitsubishi, Panasonic, Honda, and Hitachi have opened up American branches and businesses for these reasons. Learn from their examples and gain many of the same benefits.

Business Credit Cards – Even When Your Personal Credit is Not-So-Good

You’ve heard the saying, “You’ve got to spend money to make money!” This couldn’t be more true, especially in business. If you want to grow your business, you’re going to need a source of funds and access to cash flow – particularly when things are moving slowly.

At one time, owners of businesses had to get business credit against the things that they owned personally and based on their personal credit score. This is a major liability because if your business doesn’t make it, you could lose your personal assets, too! Thankfully, there are now ways to obtain business credit that is not just an extension of what you owe personally.

If you set the business up as an official entity- separate from yourself, you can apply for various business funding, including loans or credit cards. When a business is just starting out, it hasn’t had the opportunity to establish it’s own credit rating yet and so lenders will have to use your personal credit report to determine the level of risk in lending to a business you own. What happens if your personal credit score is not-so-good?

You can take some steps to increase your chances of getting a business credit card (or some other form of business funding) by doing the following:

  • Take steps to increase your personal score. Before you go any further looking for business credit cards or other sources of funding, do you know what your score is? Is your credit score below 640? If it is, it is recommended that you attempt to increase the score first. Often, making all of your payments on time for 3 consecutive months will pull your score up 2 to 4 points. Check with a financial advisor for some ways of increasing your credit score as it will only serve to help you personally as well as in business.
  • Create an LLC or Corporation. This type of business structure automatically means the business is separate, and not just an extension of you. If you are operating a business under your name, and have not filed any official paperwork with the government or with lawyers and accountants- your business finances are no different than your personal finances.
  • Have a physical address. Believe it or not, using a PO Box can hinder your ability to get a business credit card or loan! If you operate out of your home, you might consider getting a business mailbox from Mailboxes Etc, or UPS, as both offer a physical mailing address rather than a PO Box. Having a business phone line also will increase the way the business is looked at by lenders, and ensures the business is reachable.

If you are still unable to obtain business credit cards or financing on your first try, perhaps you know someone with a strong credit rating who would be willing to co-sign an application for you. You may not be able to have a business application for credit co-signed, but you can as an individual. Get a credit card in your name and then use it only for the business. Be sure to make the payments on time, and keep the balance manageable. Over time, you’ll build up your personal credit score, which is seen as a boost for the business validity- and eventually you’ll be able to obtain funding and credit cards under the business name.

Getting business credit cards and financing is a necessity that all businesses will face from time to time. There is a need for cash flow in order to grow and increase the business. With some careful planning and preparation, most businesses will be approved for a business credit card even if the owner has personal credit that is slightly less-than-perfect.

Personal Training Business Tips That Generate Wealth

Personal trainers start a personal training business because they are passionate about fitness, want to help people, and also enjoy the freedom of working for themselves. These are all great reasons for starting a personal training business. Fitness trainers are mainly individuals who enjoy teaching fitness, owning their own business, and scheduling appointments whenever it is convenient to them.

If you are a fitness minded individual who enjoys health, fitness, and exercise, and wants to make an excellent income with the freedom of working for yourself, then follow the personal training business tips I reveal below. I have already reached a high level of success in the personal fitness training business, and so can you.

The fact is the fitness business is booming! As a result of the aging baby boomers, and the will of the aging population to live a great quality of life, there are more and more opportunities for personal fitness professionals to make an excellent income. The baby boomers quality of life quest, and the obesity factor will surely drive a huge amount of personal training clients your way. Therefore, the potential of running your own personal training business is financially limitless. However, the time to seize this fitness training business opportunity is right now.

After working in the personal training business trenches for over 20 years I am pleased to reveal some of my very powerful fitness training business building tips that will help accelerate your fitness earning potential.

1. Treat personal fitness training as a real business – Most personal trainers just focus on the education of exercise physiology. This is where a typical personal trainer makes a huge mistake. Anatomy, and physiology knowledge is very important, but it is the business, sales, and marketing knowledge that is going to allow you to benefit financially.

My recommendation is to not be a one dimensional personal trainer, but to invest a considerable amount of time on personal training business courses. Remember, it is the business, sales, and marketing wisdom that will bring new clients through the door, not specifically your physiology, or nutrition smarts.

Treat your personal training business as a real business. It is not just something temporary until you find a new job. It is a real income producing business opportunity that can easily yield you well over $100,000 year in and year out. A real personal trainer business means you must have a business plan, and be willing to investing in sales, and marketing continuing education.

2. Invest in personal trainer courses to continue your education. Since you are running a professional personal training business it is important to say on top of the latest research, and techniques which will help your clients. They pay for your expertise to help them. As mentioned above, I also recommend investing in the educational material regarding business, sales, and the marketing of a fitness business.

3. Be professional. Since you are going to be commanding fees equivalent to that of other health care providers, it is important for you to conduct your personal fitness training business with total professionalism. You must show the client excellent value for their investment. Clients don’t want to pay someone top dollar when they act in an unprofessional manner. Being professional also means having a personal trainer certification to back you.

4. Be a good listener. You should also listen more than you speak when consulting with your personal training business clients. Fitness training clients want to be understood, and listened to. The more you listen to them, the more they will rely on your services, and the more they will tell their friends about you.

5. Don’t have the cheapest personal training rates on the block. It is a fact that if your rates are higher, the clients perceived value of you is better. With that said, when starting a personal training business you should not have the cheapest rates around. People generally feel they get what they pay for. By elevating your clients perceived value of yourself, and your fitness business, they will not complain of higher rates. You should always portray a higher perceived value in relation to your personal training session price.

6. Be a leader. Professional personal fitness trainers have to be leaders. You should not waffle, or look confused when training a client. Instead, act confident, and well in command as you look after your fitness training clients best interests.

7. Always be networking. Everyone that is within 5 feet of you should know about your personal training business. The more people you tell, the more money you will make. It is that simple!

8. Carve out your own niche. Don’t be a jack of all trades. Pick a segment of the personal trainer market, and specialize in it. Whether it be the post rehab market, the baby boomer population, or pregnant women, make sure you are known as the guru for a particular segment of the personal training market.

Now you ask how to start a personal training business. Before doing so get an education in anatomy, exercise physiology, business, sales, and marketing. There are many great resources to help you quickly profit in your very own personal training business.

If you love fitness, want to work for yourself, and enjoy the possibility of a great income, then the personal fitness trainer business is for you. There is no better time than now to begin your own fitness training business.

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