We all know that traveling abroad gives you a great feeling of adventure. However, it’s not always just about leisure, and many people mix business and pleasure when abroad. Investing in overseas business can be one of the most rewarding things you can do for your financial future.
Here are some questions that you need to ask for yourself before taking the plunge:
Are you tired of working for someone else? Ready to finally do something that makes you happy? Have you been dreaming of launching a business? Perhaps it’s time to give it a shot. This can be a totally new beginning for you and your family.
It’s great if you have the know-how, the skills, and the passion, but you still need the money. One thing you need to understand, though, is that money should never be the reason to give up a business idea. There are many ways to finance your business overseas.
To launch your dream business abroad, you can use the money you have saved over the years. This is the cheapest and most risk-free way to invest in your business, since you are using the money you already own. For this approach to be truly successful, you will need to work out a budget before you start spending your life savings.
Use a good mobile budgeting app to keep track of personal finances. You may want to tighten your spending to replace the money you take out from savings. One warning: if you decide to use your own money, make sure that you don’t touch your retirement fund and that you have sufficient funds left aside for emergencies abroad.
Sell Things That You No Longer Need
Most people keep lots of stuff they no longer use when they move abroad. I bet if you took inventory of what’s in your closets, in your attic, and in your garage, you would find lots of stuff that you haven’t touched in months or years. Many of those things could be sold for quite a bit of money, especially if you have some old paintings, books, furniture, or antiques.
It is a good idea to do some research or consult with an expert before putting anything vintage on sale. If a garage sale is not an option, you can use one of the many websites or apps to sell your stuff. One of the most popular sites is eBay, where you can find buyers from all over the world. Amazon also gives you the option to sell your used items.
Facebook offers numerous local groups for selling used stuff (or you can create your own). Another popular option is Craigslist. All in all, there are plenty of outlets to unload your used items and make some extra cash.
If you want to collect money for your innovative foreign-based business idea, you should join a crowdfunding website. People who like your idea will give you money. It is a good way to find out if your idea appealing. In order to convince people that your idea is worth it, you will have to prepare a very sound business plan, and that will also help you in starting up your business. Furthermore, the people working for the crowdfunding site will be able to give you valuable advice and help you transform your vague idea into a working one. Even if you are not approved to launch your business start-up on their platform, you would learn a great lesson. The same goes if you launch your idea but you don’t get sufficient backers, you will still know how the market reacts and you will be able to amend something and try again.
Another way to finance your business abroad is to get a loan. If you’re positive that the business will be successful, apply for a car title loan. It is one of the fastest and easiest ways to get cash without lots of paperwork. All you need is a clean title and a car that serves as collateral. A huge plus is that you get the money virtually immediately, and you don’t even need to go through a credit check. The disadvantage is that the interest rate is high, so choose this type of loan only if you are sure that you can return it within a short period of time. Otherwise, you can consider the more traditional approaches such as bank loans or the innovative peer lending options. Asking relatives or friends to help you financially is also an option, but may result in broken relationships or conflicts, so it is best to avoid it.
Lower Your Expenses
You can think about starting your foreign-based business part-time, while you keep your day job to get your steady paycheck. This will give you some security and time to strengthen your business position before relying solely on it. The other thing to consider is working from home, instead of renting an office. You will save a lot of money. It is a great idea, especially if your business is web-based and you are not expecting customers to visit you. Another way to lower your expenses is to rent the needed equipment instead of buying it – at least at the beginning. You can also buy second-hand items instead of new ones, as long as they can perform the required tasks.
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About the Author
Jeff Caceres has been a digital nomad and location independent for almost 10 years and counting. He’s passionate about both business and travel. He likes to attend various business events that capture his interest, such as those relating to real estate, financial technology, and a lot more.