Technology and the internet is changing the way we do and make businesses!
Since the economic downturn, more and more people are going into business for themselves and creating their own opportunities for income.
Fortunately for us today, the internet is providing people a way to work where ever they want to, in any field they want to and be their own boss! As long as you have high speed internet access, you can own your own business and work in Mexico!
Are You Ready To Be Self Employed?
There are pros and cons to self employment.
Some of the CONS are:
- There are no more steady paychecks
- It takes time to develop a profitable business
- You need to create your own investment opportunities
- You will need to find and pay for your own health insurance
- You will have to pay self-employment tax
Some of the PROS are:
- You are in control the direction your business moves
- You control your rate of growth
- You have creative control
- You make your own hours
- You can work and live any country you want to!
Make your own list of pros and cons to owning your own business to decide if you are ready to make the leap! Remember “Making your own hours” does not equate to working less hours-especially if you are just getting started. The elusive 4-hour work week is typically proceeded by many 60 hour work weeks. You may work harder than you ever have before, but this time, you will be working for YOU!
When you are in business for yourself the good news is, it doesn’t feel so much like work…especially when you choose something you are passionate about!
Is It Possible To Run a Business Long Distance?
Absolutely! Service providers like Vonage, Magic Jack, Google Talk, Skype, E-Fax, Earth Mail, on-line store fronts and online bill pay services make it possible to promote, communicate, receive mail and pay your bills all through the internet in virtually any location in the world.
Running a business originated in the U.S. or Canada from Mexico is not only possible, it can be cost effective too! If you work out of the house to start with, you can save on office rent, gas, clothing and dining out expenditures.
How Do I Start?
Put Your Idea On Paper
The first thing you need to do is sit down and figure out what service you want to provide or what you want to sell on-line. What ever that is, you want to develop your business model of how you plan to execute it. Find a niche that you have some passion about. Try making a flow chart with your future flow of operations. In other words make a business plan.
Research Your Competition
Is your idea original or is the market flooded? If your a little late to the party, you may need to revise your offering to be as unique as possible. If you know someone is already doing it, why not do it better or take the best of what they do and create something new. You don;t have to reinvent the wheel to start a new business.
Make Sure You Have Your Sources In Line
Once you can see how your business should flow and have researched your competition, start finding and securing your sources. For instance, if your idea is to sell organic honey products, have you formed a relationship with a bee keeper who is prepared to bottle and ship your products consistently. If your idea is to teach people how to become certified in first aid, do you have an accredited course outline prepared?
Create A Budget
Try to estimate all of your upfront and recurring costs to make sure you have enough savings or investor money to make it through the first year. It may not take you an entire year to start turning a profit, but it might. Better to be prepared than caught off guard.
Legally Form Your Business
File your incorporation docs in the state you are from and open up a business bank account.
Find an International Tax Accountant
Although you will have a U.S. or Canadian corporation, because you are physically located in Mexico, there are international tax laws you need to become familiar with and have your books set up accordingly.
You’ll need a website and a marketing plan for starters and there are many ways to go about that. I have personally been making a living from my laptop since the mid 1990’s so I do know a little bit about how to create a new business online. In fact we created a website to help people do it themselves.
Check out Manifest Income and reach out to me directly for a free new business consultation.
We offer a lot of the tools and resources you will need anyway and you get a lot of it free…there has never been a better time to get into business for yourself!