Leadership News

Sunday, February 27, 2022

How to Launch a Business in the US as an Immigrant

 

 


 

How to Launch a Business in the US as an Immigrant

 

Immigration is a hot topic in the United States. Sadly, we tend to fixate on the “burden” that immigration puts on our financial and other infrastructures, meaning we fail to grasp the true importance of immigrant-owned businesses. In fact, immigrants are uniquely positioned -- and motivated -- to reach for the American dream by creating a new enterprise. It simply involves applying for the right documentation and then following a series of practical steps, outlined below by Leadership.

 

Getting Started

 

Whether you are an immigrant or not, the first basic step in starting a business in the United States is to draft a business plan. This is essentially a roadmap of where you are and where you want to be. Growthink explains the sections found in a business plan. These include executive summary, description or company analysis, market research and strategies, management and personnel, and financials.

 

       Executive summary. An “elevator pitch” that should be no more than a couple of pages long. This should include your company’s background as well as an overview of its products, services, and highlights.

       Business description. This is a more in-depth explanation of your endeavor. It should outline any special processes as well as intellectual property and, if applicable, your legal structure.

       Market research. Once you’ve completed a marketing analysis, this is where you will outline your strategies. You should notate forecasts, milestones, as well as public relations. Data analysis as well as customer testimonials are included in this section.

       Management and personnel. Each key executive and senior-level manager should provide a biography for this section. This will illustrate their expertise in the industry and help reduce the perception of risk by showing their experience.

       Financials. Numbers, including your balance sheet and cash flow, make up the financial documents section of your business plan. This should look forward to the future and not necessarily create a narrative of your current accounting status.

 

Once your business plan is in place, it’s time to get to work implementing an organized structure. One place to enact strategies, policies, and procedures is through your accounting software. A system that keeps you organized will help you keep your reporting on track while maintaining accurate tax records.

 

Funding is the next consideration, and you will need to know where, exactly, your capital will come from. Your options are to utilize your own savings or to take out a loan. Whether you choose a personal or business loan, you must first verify your status. LawFirms notes that this will either be a US citizen, permanent/conditional resident, non-immigrant, or undocumented. You will typically need to be a naturalized citizen or permanent resident to qualify for any type of financial assistance or loan product.

 

Once you have your funding figured out, decide where to locate your business. Fortunately, many new companies are opening up remotely. This means that you can work from home, and, most likely, your employees will as well. Now is also a good time to establish your business structure, which may be an LLC, sole proprietorship, or partnership. There are also many different types of corporations, and each business structure plays a part in the amount of taxes your business owes and the personal liability levied against you.

 

You will also have to choose a business name. While your company can be named anything you want, make sure to avoid a few common mistakes. These include choosing a name that’s too general or that could potentially restrict the future growth of your business. As an immigrant, if you want to use your family name for your business, get a few opinions beforehand. A business name should not be difficult to understand in both written and verbal forms. Finally, do not forget to confirm domain availability. Check a domain registrar to see that you can get some logical iteration of your business name as a website.

 

Something else you’ll need to do is set up a home office where you can work. Make it as comfortable as possible, with natural light and ergonomic furniture, to help you concentrate. If your home requires some renovations to provide you with the space you need – like adding windows or expanding a room – the good news is that many such renovations have the added bonus of improving your home’s appraisal value, should you decide to sell.

 

Other Tips

 

A few other ideas to keep in the back of your head as you create your business are to:

 

       Save a bundle on advertising by using a free online logo maker to create an eye-catching design. It’s a simple and effective way to get started building your brand.

       Research business insurance. Even if you form an LLC, insurance can protect you against non-legal financial losses, such as natural disasters.

       Apply for state and federal tax ID numbers.

       Maintain a separate bank account for your business and personal expenses. Remember, if you are an LLC or other separate entity, do not commingle your funds or your personal cash may be considered business property.

       Apply for any required licenses or permits. If you’re opening a Mexican restaurant and plan to sell alcohol, for example, you’ll need an alcohol license. Contact your local and state authorities for more information based on your industry.

       Maintain excellent accounting records. Your payroll reporting system/software will help you keep up with your records, but you also need to maintain logs detailing your expenses and incoming funds.

       If you plan to send some of your profits home to your family, don’t rely on your business bank account or personal bank account to do this. It’s costly and complicated. Instead, use a wire service to safely send money home to family.

 

Opening a business in the United States as an immigrant presents a few hurdles that Americans don’t have. You’ll first have to prove your immigration status and figure out how to qualify for a loan. Beyond that, the process is pretty straightforward. Regardless of the challenges, you might endure, becoming an entrepreneur is the American dream and one that can help you live your best life whether you choose to stay here for the long term or return back to your home country after you’ve made your mark.

 

Leadership offers the best contemporary perspectives on the art of influencing human behavior toward organizational goals. If you have any questions, please email sales@pokerleadership.com.

 

Image via Pexels

Wednesday, August 25, 2021

FBI Memphis Honors Pastor Ricky Floyd with Director’s Community Leadership Award

 MEMPHIS, TN—FBI Memphis Field Office (ME) Special Agent in Charge Douglas M. Korneski is pleased to announce Pastor Ricky Floyd as the recipient of the 2020 FBI Director’s Community Leadership Award (DCLA). The DCLA was created in 1990 to honor individuals and organizations for their extraordinary contributions to the prevention of crime and violence in the community. Every year FBI field offices around the country select a community partner to receive the award.

Pastor Floyd is the Senior Lead Pastor of Pursuit of God Transformation Center, the founder of Salvation Revelation Ministries, Inc., a 501(c) 3 not-for-profit outreach ministry, and he and his wife, Pastor Sheila Floyd, are on the Board of Directors of many community-facing organizations. Pastor Floyd is an outspoken opponent of violent crime in the Frazier community. Despite becoming a gunshot victim himself last year, he continues his work with high-risk youth to drive down violent crime and improve the lives of citizens in Memphis.

“The FBI is proud to be presenting Pastor Floyd with this award,” said SAC Korneski. “Pastor Floyd and his wife are such positive influences in the community and have made a significant impact on western Tennessee and beyond. Their focus is on changing people’s lives for the better, and their commitment to that is seen through the many programs and partnerships they have developed to support local charities and organizations.”

This award is given annually on behalf of FBI Director Christopher Wray. For more information about this prestigious award, please see https://www.fbi.gov/about/community-outreach/dcla.

Wednesday, August 18, 2021

Transformational Leadership: How to Lead Yourself, Your Team, and Your Organization (3-Part Series)

 

Transformational Leadership: How to Lead Yourself, Your Team, and Your Organization (3-Part Series)

Part 3: Learning to Drive Meaningful Change

Date and Time: September 14th, 2021

10am PT / 11am MT /12pm CT / 1pm ET for one hour

Webinar Summary: Every leader must be a change agent to survive and thrive. Great leadership goes beyond transforming yourself and others; it also involves changing your organization. Driving meaningful change in your department or correctional institution does not happen overnight.

 It requires a strong leader who acts as an agent of change with the desire to collaborate and the heart to identify and implement sustainable solutions for organizational improvement. In this webinar, you will explore how you push past the paradigm that says, “That’s the way we’ve always done it.” To change behavior, you must be a leader who can affect change in people’s behavior. Tools and techniques for effectively leading change will be introduced, and you will be challenged to identify one or more initiatives that you can undertake to move your organization to the next level.

Takeaways

             Shifting from transactional to transformational leadership is the key to taking your department, institution, or agency to the next level.

             Change agents have the ability to manage crisis and readily adapt to shifting conditions in the workplace.

             Sustainable change involves looking at the entire system and not just the individual parts.

Speakers

Dr. Rowlanda Cawthon, Dean and Associate Professor, Northwest University

Dr. Janice Doucet Thompson, Founder and Managing Principal, JD Thompson & Associates, LLC, Adjunct Faculty at the University of San Diego and the University of California, Davis

Dr. Cawthon served the Washington State Department of Corrections for over 11 years before transitioning to higher education. Her corrections experience includes serving as a classification counselor, community corrections officer, communications consultant, and correctional unit supervisor. Rowlanda is a passionate and innovative leader who capitalized on her leadership experience in corrections and doctoral education to drive change in her workplace. In her role as dean, she is leading a Ready to Work initiative that promises to unleash the leadership potential of undergraduate and graduate students in the workplace.

Dr. Thompson has achieved results for people and organizations for more than 30 years. A highly experienced and skilled executive leadership coach, Janice leads her Sacramento-based organizational development consultancy with a focus on leadership coaching, succession planning and talent management, change management and leadership development.

Janice is certified as a Marshall Goldsmith stakeholder-centered coach, a fellow at the Institute of Coaching, McClean (Affiliate of Harvard Medical School), and channel partner with the Ken Blanchard Companies.

Rowlanda and Janice earned their doctoral degrees together, co-instructed an international consulting experience for MBA students in Prague, Czech Republic, and are equally committed to developing transformational leaders in all professional sectors.

Who Should Attend?

Any employee of a federal, state, or local correctional jurisdiction.

How Do I Register?

Follow this link to register in NIC’s WebEx Event Center

Register for the Webinar

 

 

 

 

 

Monday, July 26, 2021

Transformational Leadership: How to Lead Yourself, Your Team, and Your Organization

 Part 2: Learning to Value Your Employees

Date and Time: August 18, 2021
10 am PT / 11 am MT /12 pm CT / 1 pm ET for one hour

 As a leader, when was the last time you seriously thought about the kind of influence you


want to have on your people? With a new generation of employees entering the criminal justice field, leaders need to examine how effectively they influence and develop others. Employees today want to be engaged; expect to grow their knowledge, skills, and abilities; and work for a purpose. 

To be effective, leaders must shift from the practice of simply managing to get work done to leading from a people-centered perspective. This webinar identifies how you can inspire people to achieve unexpected or remarkable results, both individually and as a team. You will learn about the four pillars of transformational leadership and how you can redefine the nature of leadership in the field of corrections.

 Takeaways:

  • Leaders are deeply respected and serve as powerful role models with high moral and ethical integrity.
  • Leaders are mentors, coaches, or guides who listen and address each employee’s concerns and needs as best as possible.
  • Leaders inspire and motivate employees to perform beyond expectations. 
  • Leaders support a growth mindset and stimulate employees’ creativity and innovation
Register Now