The popularity of cryptocurrency has exploded over the past several years. As cryptocurrency has gained popularity across the world countries, have had to develop regulations and rules for dealing with this new form of currency. Some have taken a very cautious approach, with some banning the use outright. Others have taken a more inclusive approach to developing regulations and rules that are very crypto-friendly. Many banks still refuse to deal with cryptocurrency, but that approach is slowly changing. The cryptocurrency market is a rapidly moving one, with new regulations and rules being developed and implemented every day. In the absence of regulations, many banks and countries took the approach of being crypto tolerant. However, that can change overnight if regulations are implemented that are either friendly or unfriendly to cryptocurrency.
The countries that see cryptocurrency as an opportunity for growth have implemented regulations and rules that attract the investment in and use of crypto. This includes crypto-friendly banking regulations, taxes, trading, blockchain technology, and actual cryptocurrency businesses. Today, a few countries would be considered crypto-friendly, but remember, as fast as regulations change, countries can change course and go from crypto-friendly to not and vice versa. Below is a list of some of the most crypto-friendly countries with some details as to why they are.
Malta, nicknamed “Blockchain Island,” has taken a very pro-crypto stance and sees the adoption and use of crypto as a significant driver of economic growth for the island nation. An early adopter Malta passed legislation in 2018 to regulate virtual financial assets. Malta recently authorized VAIOT, the first regulated crypto public offering. VAIOT develops AI-powered blockchain services for businesses.
Malta still has quite a few applications, many of which are from crypto exchanges currently under regulatory consideration.
Historically known as a very friendly international financial and tax haven for its tax levels and privacy laws, Switzerland has seen pressure from the US and EU, weaken their privacy laws. As a result, Switzerland has adopted a friendly approach to cryptocurrency. The Swiss parliament recently modified laws that resulted in recognition of the blockchain and cryptocurrency industry. Switzerland is currently home to more than 900 cryptocurrency and blockchain companies, including Facebook’s Libra.
Antigua and Barbuda Cryptocurrency
Antigua recently joined Vanuatu in offering citizenship in exchange for Bitcoin. The reason they did it is not necessarily an endorsement of cryptocurrency. It occurred because in the “passport for sale” market, tight restrictions regarding US dollars means to compete, Antigua needed to diversify.
St. Kitts & Nevis Cryptocurrency
St. Kitts & Nevis recently passed the Virtual Asset Bill, which legalizes digital assets. As a result, entities can legally exchange virtual assets into fiat money and vice versa. You can also exchange one virtual asset for another, transfer those assets and perform administrative and safekeeping functions related to virtual assets or those tied to virtual assets. The lenient tax structure and recent crypto bill make St. Kitts & Nevis even more attractive to investors looking for a second citizenship.
Japan was an early adopter of cryptocurrency and recently announced the central bank is examining a national digital currency concept. This is partially driven by an increase in digital payments because of the COVID-19 outbreak causing the shift to card-based or contactless financial transactions. One difference in Japan’s cryptocurrency market vs. other countries is that it is more focused on retail investors than institutional investors.
The list of crypto-friendly countries is a dynamic one, with each country adopting and developing crypto regulations for different reasons. The one common thread is that cryptocurrency is seen as an opportunity for economic growth for small countries and large ones.
How being a pilot helped these Entrepreneurs?
Entrepreneurs have changed the world. They are very optimistic, and they tend to ignore the risks or obstacles that stand in their way. They have, what one would call, risk-takers. It’s how they have managed to create multi-billion-dollar companies. In the process, they have revolutionized the world. However, did you know that an entrepreneur and a pilot have a lot in common? A good entrepreneur and a good pilot learn how to fly straight and the right way. No matter how dense the clouds are, they learn to fly above it. As a result, they thrive. Some of the pilot-cum-entrepreneurs have achieved a lot, thanks to their training as a pilot. Here are some of them.
He is the co-founder and president of Stripe, a company established in 2010 that helps internet businesses manage their online payments. He is worth $1.1 billion and he is only 26 years old. This makes him the youngest self-made billionaire in the world. However, a lesser-known fact about him is that he is also a pilot who can fly several different models of an airplane.
The journey to establishing Stripe was not always smooth. He came across obstacles such as the poor infrastructure online. However, being a pilot means being comfortable with uncertainty. Used to dealing with unpredictable things such as weather or turbulence prepared him to take on this challenge and emerge successfully.
He is another famous entrepreneur who has shaken the world. He co-founded Tesla, Space X, and The Boring Company. He was also a pilot before dedicating himself full time to lead Tesla. According to Musk, he used to fly a two-engine Cessna Citation CJ2 and a military jet known as Aero Vodochody L-39 Albatros.
His training as a pilot helped him immensely as an entrepreneur. For one thing, he is extremely detail-oriented. It is not easy to envision a future the way Elon Musk has and invent a device that will sync the human brain with AI. In fact, it is something no one has even dared to think about before. However, just like a pilot understands the small details of the plane, such as where the nuts and bolts go, how the electrical, transmissions and hydraulic systems work to handle the aircraft properly, entrepreneurs such as Musk understand their businesses the same way and handle them accordingly.
Who doesn’t know Tom Cruise? Cruise is Tom Cruise got his pilot’s license in 1994. He is a flyer and jet-lover. He owns several expensive jets. With a net worth of $570 million as of 2020, Cruise is the second most rich actor around the world.
Being a pilot really gave his career a boost. He got worldwide recognition with his movie “Top Gun” in which he played the role of an air force pilot, this movie inspired him to become a trained pilot. Recently in Top Gun 2, Tom Cruise is stated to fly the jet himself. He also performed dangerous helicopter stunts in Mission Impossible and learned to become a trained helicopter flyer specifically for the movie. Being a pilot also helped him to focus on his goals and brave enough to perform his stunts on his own.
Morgan Freeman has a net worth of $250 million and is a well-known celebrity. He is best known for his manly and distinctive voice. He wanted to become a pilot when he was a child. He used to fly an imaginary flying jet in school. He developed a love for flying due to his interest in war movies of that time. However, he later realized that he doesn’t want to fly a fighter jet and shoot people. He became a radar mechanic and wanted to just pretend to be a pilot.
Well, he finally became a pilot in 2003 after starting his training in 2002. He bought two jets in 2005 which are still part of his possessions. Flying helped tremendously in giving Freeman’s acting career and business ventures a boost. It helped him reach, where he needed to be quick. He even said, “It is so much easier than being strip-searched,”.
Yes, he is also a pilot who became an entrepreneur. He might be a golf player, but you will also find him at the local Five Guys. He is a pilot who learned how to fly a plane because of his father. This license meant a great deal to Mickelson, who wanted to do something that would help him to become closer to his father.
He is a skilled entrepreneur who is continuously looking to come up with new things. A couple of years ago, he and his business partner signed a deal to open 30 Reis & Irvy’s stores in San Diego. That’s not all. Earlier this year, he launched his brand of coffee called coffee for wellness. By the look of it, he seems to be a good collaborator, a trait he shares with pilots. While flying a plane, collaboration is key to becoming successful as one is working with co-pilot, crew, and passengers. Similarly, Mickelson seems to apply this trait when he collaborates with other businesses and teams to develop different solutions.
She is the founder of Sejaa Skincare and is considered the world’s most powerful supermodel. She has her own lingerie and sandals line. Her sales are roughly billion dollars in any given year, and her net worth is almost $400 million. A lesser-known fact about her is that she is also a pilot. Yes, that’s right. She learned how to fly a helicopter when she was pregnant with her first child.
Now, thanks to that training, she is slaying the business world. Despite having so many business products and making deals with other businesses to advance, she remains clear-headed. After all, that is what they teach in aviation school. The crazier things get, the more critical it is to remain calm. You don’t want to go up in the air and start to panic. A cool-headed approach will get you to your destination, a trait that Gisele knows only too well, it seems.
He was a famous businessman and a pilot. He set several records in aviation as well as sailing. He established his firms, Marathon Securities and Lakota Trading, and he made millions from it. He trained to become a pilot in his early years. In fact, by the time he was in college, he had become a pilot. He liked to take risks, as does every entrepreneur, and he completed his first major flight from Canada to Germany in an air balloon.
Dealing in stocks is a risky business, and Steve Fosset did that remarkably well. His company served him until the end of his life. He was an efficient decision-maker, a common trait possessed by pilots and entrepreneurs. In the skies, a pilot is faced with several decisions that one has to make almost immediately. By solving the problem quickly, they avoid incidents. Steve Fosset was no stranger to that and seemed to have done the same. Otherwise, his empire would have crashed long ago.
It takes courage, dedication, and discipline to become an entrepreneur. The same can be said to someone who wants to become a pilot. The more effort you put into your lifestyle, the better the outcome will be. It might seem a bit daunting to become a pilot. However, if you have made up your mind to become an entrepreneur, you should consider enrolling in an aviation school. You will find that the skills you learn will be of great help when you finally set up your business, as you can probably tell from the above examples.
Common Skills of Top Entrepreneurs
Who doesn’t want to be an entrepreneur? Not only are you your own boss, you also get to do what you love and control your hours. However, being a successful entrepreneur is no child’s game. It requires focus and tenacity. So how do the top entrepreneurs achieve their success? Read on to find out!
- Ability to communicate
Communication is undoubtedly an essential skill for business, but have you ever wondered why? Without the ability to communicate i.e. pitch, educate, inspire, entrepreneurs cannot sell their products, gain support for their ideas, or raise venture capital. Communication is basically the ability to transmit ideas effectively. It is also a valuable skill for entrepreneurs, as confirmed by some of the top individuals in business. Take Warren Buffet as an example; he once said that the only diploma he hangs in his office is the communication diploma he got from Dale Carnegie in 1952. It’s evidently a skill he highly values.
You can have the smartest strategies in the world, but if you can’t convince people to follow you, you have no business. Any good entrepreneurship class will teach the art of persuasion and techniques to improve your people skills because they are foundation skills for business. Your ability to communicate will not only get you your first few customers but also help you in the future.
- Money management
The ability to manage money is one of the most important skills for top entrepreneurs. Businesses exist to churn out a profit. This is why learning to manage finances effectively is a crucial skill for all entrepreneurs. They need to understand cash flow; how much money comes in, how often, how accessible the money is, and how it is used. As well as being able to make money, entrepreneurs need to know how to save money and invest it back into their business. They also need to be able to identify money leaks and cut costs where necessary, so they can direct funds into the areas they need it most.
To be successful, entrepreneurs need to improve their financial literacy. Financial literacy is a skill that entrepreneurs can develop independently by taking online courses and doing research on various topics.
3. Strategic thinking
You can’t just sit in a corner and wait patiently for business opportunities to present themselves to you. In order to be successful, entrepreneurs have to think strategically and be proactive. They have to show initiative, research trends, and always put themselves and the business in the optimum position for growth.
Strategic thinking means actively looking for opportunities. This type of thinking is critical when it comes to determining the best way to advance a company towards its objectives.
Entrepreneurs should aim to build a sustainable business that prioritizes custom needs. This involves learning to create products and services that solve customer’s problems.
4. Visionary leadership
What enables entrepreneurs to keep going despite facing setbacks and disappointments? It’s the unique outlook that only visionaries possess. Successful entrepreneurs need to have a sense of confidence in their businesses. They have to have faith and visualize the end goal, even when no one else does.
Visionary leadership starts with a commitment to an end goal, and it fuels entrepreneurs with the energy needed to manage the ups and downs of building a business. It involves both the passion and self-confidence to turn a dream into reality. Entrepreneurs develop this quality by realizing that their idea has the potential to either change the world or increase their personal freedom.
Entrepreneurs need to learn how to create a unique independent brand. The brand is the image or identity that your business reflects and the way customers perceive your business. This skill is vital because if you don’t define your brand, someone else will. Top entrepreneurs are very deliberate with their branding, from elements such as color schemes to copyrighting; they are masters of their craft. This is important, especially in today’s capitalistic landscape, where people are overwhelmed with information and resonate so much more with clear, consistent branding.
Another highly valuable skill of top entrepreneurs is networking. Building a powerful network of potential clients and business partners is what enables your business to grow. Networking allows you to identify as well as make the most of opportunities that you just won’t have had access to otherwise.
Networking is also essential for entrepreneurial success because it has a highly motivational effect on you. It allows you to meet other entrepreneurs who are in the same boat as you. That’s not all, the community an entrepreneur cultivates through networking can is also an unmatched resource for advice and bouncing ideas off.
Many top entrepreneurs start their career in sales. Learning sales and marketing is critical to building a successful business. Sales skills are often underestimated by those who launch a business for the first time. They assume that a great product will speak for itself. But that’s not how it works. This is a key factor in why many businesses are not able to survive.
Learning sales helps entrepreneurs develop tenacity and deep comprehension of their business process.
8. Talent Management
Top entrepreneurs often collaborate with others in some way, whether it’s working with a freelancer or hiring staff as the business grows. Talent management is a fundamental skill that top entrepreneurs need to develop to be able to pick and recruit the right people who will contribute to the success of their business. It’s essential for running a successful business because it ultimately allows you to concentrate on tasks that generate revenue or require your creative direction.
9. Leadership skills
Top entrepreneurs also need to be able to train and manage the people they add to their team. This requires leadership skills, which is another important skill of top entrepreneurs. When business owners know how to encourage, develop, and motivate staff, it boosts morale and keeps the company moving in the right direction.
Persistence is a defining trait of top entrepreneurs and one of the top skills on the famous success iceberg.
Persistent entrepreneurs can watch their ideas grow from nothing to the business they always envisioned. One of the key reasons why persistence is so important is that it keeps hungry for answers and solutions.
Successful businesses are a reflection of the successful entrepreneurs behind them. The above-mentioned skills of top entrepreneurs enable new entrepreneurs to start and run a business. However, it a commitment to self-improvement that makes top entrepreneurs truly successful.
How To Be More Creative in Business As An Entrepreneur
The most common yet important thing that puts the growth of your business as an entrepreneur at a halt is the lack of creativity. Creativity leads to the generation of sales and thus profits and only creative entrepreneurs can survive the tough market competition. If an entrepreneur has the creative skill to get rid of occurring problems, then the chances of their ultimate success are sky-high.
Now, the question is that what practices and processes an entrepreneur should apply or avoid to be more creative in business. Because there’s no other way, you can succeed in this technology-based modern age.
Here, we will share the essential practices and processes that play a vital role in bringing out more creativity from one’s self. All these practices and procedures work as a creativity booster in an entrepreneur’s life.
1: Be Diverse
Diversity has the utmost importance when it comes to a successful business setup. People with different skills and mindset offers more overall creativity. If you have a team with the same skills and philosophy, then the chances are high that you would get stuck at some point very soon. However, a team with several skills can help you out even from big trouble. Apart from that, too much diversity sometimes create issues as well. So, diversity is essential, but up to some certain extent. So, it will add positivity to your business rather than negatively. Everyone in the team should have one motive despite having different backgrounds and skills.
2. Take breaks
Continues working to solve the problem hardly ends up in a successful solution. So, it’s better to take breaks, refresh, recharge, and get back to it with full energy and motivation. The chances of success become high this way. Excessive work locks up the creative skills inside you that have immense importance in the growth of your business. Many types of research show that creative ideas and solutions usually come in leisure time.
3: Change the location
Sometimes it happens when you are stuck on a problem, and you are unable to find any suitable solution. You apply multiple methodologies to get rid of that but fail every time. In these circumstances, another excellent solution that works sometimes is changing your physical position. Get up from your current location and go to feel anywhere relaxed. This thing can bring the needed creativity you need at the moment.
4: Shift thoughts
You can never grow your business with a pessimistic approach. Changing your negative thoughts into positive ones creates a fantastic effect on your business. It provides extra room for new creative ideas. Always have the belief that you can come up with something that will indeed work.
5. Accept failure.
Another dilemma of our corporate culture is not accepting the failure and moving on to new solutions. This practice leads to ultimate deterioration. So, don’t stick to one idea and solution, and it is best to accept the failure and try to explore and implement a new solution to cop-up against the problems.
6. Brainstorming & Reverse Brainstorming
They can have a brainstorming session where you will be thinking about solutions to specific problems. The brainstorming session can be with your colleagues, fellow businessmen, employees or even you can do it alone. In reverse brainstorming, you will think hard about the cause of the problem to find the best solution.
7. Write down thoughts
Having a habit to write down everything can be a vital step towards being creative. This helps in documenting any creative idea or solution you might come across and thus not missing the opportunity to go for it.
Applying all these practices and processes, can make an entrepreneur creative and will improvise their business growth.
Why Do You Need A Second Passport? Advantages of Dual Citizenship
You might have seen your friends and peers working towards acquiring a second passport, which is dual citizenship. You may not know, but citizenship by investment has become a $25bilion industry today.
If you have been wondering why applying for a second passport has been getting this much attention nowadays, well, holding a second passport has both personal and economic benefits. It improves mobility, opens up new opportunities, and acts as a safeguard.
In case you are unsure about going through the hassle of applying for second citizenship, we have a list of advantages for you to consider and help you arrive at an informed decision.
There are four ways to get a second passport:
- Citizenship by Descent: Done based on proof of ancestral ties with the country.
- Citizenship by Investment: A country will grant citizenship in exchange for your investment in its economy. An example of this is the St. Kitts & Nevis citizenship by investment, an immigrant investor program to attract foreign investors.
- Citizenship by Marriage: You can apply for citizenship if you are married to a citizen of the country.
- Citizenship by Naturalization: After a specific time of living as a legal resident, you can apply to become a national.
Now that you know how to get a second passport, let’s explore why you should get one;
Unforeseeable risks such as financial or economic downturns, natural disasters such as tsunami or earthquakes, or security threats such as political unrest or war terror, can expose a country to hardships and lead to a downtrodden economy.
In such time, the second passport of non-controversial, small, and peaceful countries with responsible governments, for example, Iceland, St. Kitts & Nevis, and Canada, will come in handy. Citizenship by investment in the Caribbean countries is most desirable for this reason as the countries are peaceful with abundant natural resources and are the easiest countries to get citizenship.
One of the biggest pros of a second passport is the freedom to travel without worrying about a visa. Whenever you plan a trip, the most significant step is applying for a visa. It is time consuming, costly, and hectic, which is best avoided. You never thought you could do that, right? Well, you can.
You may not know, but even the U.S. or Canadian passport isn’t very useful to travel to South American countries like Brazil or Paraguay. You will have to get a visa to travel to many countries, but with a second Caribbean passport, you can enjoy visa free travel. For example, a St. Kitts and Nevis passport ensure visa-free access to 156 countries, including the European Union, Russia, the U.K., and all of South America.
If you have dual citizenship in a country, your travel experience can be a 100 x smoother. This benefit makes all the more difference if you are a frequent visitor due to office/ business requirements. Instead of filling deep pockets for an urgent visit, you can make a long term investment in a second passport.
More Investment Opportunities
Often we notice how developing countries are lacking behind in terms of technological advancements or business opportunities. These countries’ governments already have a lot on their plates- debts, inflation, sanitation, healthcare, and a new and improved way of life through technology takes a back seat.
Thus, such countries’ citizens are deprived of investing in more significant financial markets, bigger corporations, and the ever-growing tech market. Through dual citizenship of a country where the government focuses on capitalization rather than consumption, you can get involved in a more worthwhile investment.
If you are looking to set up businesses for luxury goods or capital goods, you will have a broader market in developed countries or small developing countries with stable governments. This benefit will also help reduce your cost through evading freight fees or import duties. In such cases, a second passport is nothing short of an investment in the long run.
Certain countries follow the Residential Tax System, under which you have to pay taxes imposed when you meet very specific resident criteria. Thus, in such countries, if you have a second passport, you can exit the home country’s tax system and start paying taxes in the country where you have your second nationality.
This act will lower taxes if the other country has lower tax rates prevailing. Passports by investment will also act as a safety net if your home country tightens tax regulations. Usually, the cheapest citizenships also have incredibly low tax programs.
Double the Citizenship Benefits
If you want better social benefits than provided in your country, a second passport can do wonders. Countries like Germany or Canada have efficient healthcare systems with low costs. If you get dual citizenship for such countries, you can make use of these when needed. In case of a healthcare emergency, where your country does not provide the best treatment or has not developed any treatment yet, you can urgently fly out to the other country as a national.
In some countries, the education system is too expensive and not even worth the money. In this case, through your dual citizenship, your children can get a passport through descent and move to a country with better options.
Things to Consider When Starting Your Business
Starting a business of your own can be challenging, no matter how much prior experience you have. Nevertheless, the process is a quite rewarding and big learning opportunity. Plus, who knows, you could be the next multi-millionaire in the market.
If you are considering starting a business, the most daunting period is the initial steps. You would often find yourself asking “I have the idea and expertise to execute it, but where do I start?” Fortunately for you, this article is going to give some direction about things you should consider and where to start.
NO#1 Conduct a thorough market research
Even before you devise an effective plan, you need to conduct market research. Find out everything you need to know about your industry, possible competitors, government policies, etc. The more information you have, the more effective a plan you can devise. For example, if you plan on opening a hair salon in a small town, always check for possible competitors. It would not be wise to open a salon when already 15 are operating successfully. It is always wise to check the saturation of the market and the attitude of your targeted customer.
Some things to consider include:
The scale of your business
Who can be your potential competitors?
How much can you earn from the business?
What are government laws regarding your industry?
Do you want a sole proprietorship or seek any partners?
Once you have sufficient research results, you can go to the second step: planning.
NO#2 Plan effectively
Do not underestimate the power of planning. A successful business is simply an ingenious idea planned carefully. This aspect includes everything from budget planning to market research to feasibility status. If the nature of your business means that you would be confronted with lawsuits (like pharmaceutical companies) you need to be prepared for that too. Besides, have a thorough understanding of your audience or customers. The more accurate a profile you make, the more effectively you can target them. It is also important to understand the taxes and risks associated with your industry. Consider all these things individually and then map out an effective plan according to your business.
You must not rush the planning part. You should take at least 25% of the time planning according to the nature of your business. There is nothing worse than investing thousands of dollars in a business and then later realizing that you are treading dangerous waters.
NO#3 Choose a suitable location
Now that you have conducted thorough market research and devised an effective plan, you need to choose a suitable location for your business. If the nature of your business requires a physical location such as a hairdressing salon, or a restaurant, you need to consider whether you want to rent out or buy the land. Make sure that you consider at least 5 to 10 options and weigh the pros and cons of each before you decide.
It might be helpful to consider the following:
How much space is required for business activities?
What is the current affordability of the business?
Is the area easily accessible via public transport?
How is the condition of roads?
What businesses are nearby?
On the contrary, if your business could easily operate online, as an online store, for example, you still need to decide a ‘location’. However, location in this context would translate to the online platform you want to operate on. It could be your website, or social media sites (such as Facebook or Instagram). You can either choose one or employ a combination of all platforms. That would certainly aid you in the marketing process too.
NO#4 Devise a marketing plan
Even before you officially launch your business, you need to think about how to spread the word. In today’s world, effective marketing has become a necessity, especially digital marketing. Make sure that your business is present on all the social media platform and engage with your audience. Also, create an email address solely for your company to make it seem more professional.
The first step to mapping out a marketing plan is to think about your company goals and what target objectives do you hope to meet. After deciding those, take some direction from the market research you have conducted in step 1. Then, define a suitable budget for your marketing campaign.
Apart from digital media, you could invest in other marketing options such as email or SMS marketing. If you are unsure about which way to go, consider taking some direction from a marketing consultant. It is better to invest a little in planning rather than aimlessly wasting money on ineffective marketing and promotions.
NO#5 Complete the legal protocol
As you must know, a business is a separate entity from its owner. Consequently, you must treat it such. After choosing a suitable name for your company, you need to get it registered to obtain the federal and state tax IDs. The protocol might differ from one country to another, but a lawyer will guide you through the process.
Apart from the tax IDs, you might need some permits or licenses according to the nature of your business. If you need one, consider getting them as soon as possible to avoid any problems in the future.
Last, but not least, open a bank account in the name of your company. As we have mentioned above, the company is a separate entity from its owner (sometimes referred to as an artificial person). Consequently, you cannot manage your business expenses from your account. If you do so, it would only create confusion and mismanagement.
In the end, no matter how carefully you plan or scrutinize every detail, you have to take the risk. The execution of the plan might seem like a very intimidating decision, but there are some things you can only learn by practice.
How To Start An Online Business?
The 21st century is the time of progression, where things are made easier through online platforms. We use online systems to hire cabs, order food, learn extra courses, so why not start earning through an online business?
Starting an online business is now the most accessible and progressive way to earn money. For example, you are starting citizenship by investment business in a Caribbean country like Saint Kitts and Nevis. Now an online presence is a must for your St. Kitts law firm as the target audience will be global. So, what initiatives will you take to establish a good business, or should we say ‘how to start an online business.’
In this article, we’ll discuss the step-by-step process and the tricks and tips for starting an online business.
Step by Step Guide To Start An Online Business
Step 1: Plan Your Business
It is no secret that business can be incredibly profitable, but that takes weeks of planning and decision-making. You need to get a good grip on your business’s main outline, for example, what is it about and what made you start this business in the first place?
Tips to make planning a smooth ride:
- Sit down and ask yourself: why are you starting an online business? Grab a piece of paper and list down niches that pique your interest.
- Try to pick something you’re already familiar with. If your start-up is based on your hobby or talent, you can enjoy the process while building your business. In case it’s something utterly foreign to you, partner up with someone knowledgeable in that field.
- Do market research to find if your product, service, or idea is worth investing in. Check if it offers a solution to something or is a better alternative to something already in the market. For example, if your intended product is generally difficult to find online, it is great for you. The lesser the competition, the more chances of a successful business.
- Once you find something that fascinates you, set up a goal. A goal from the onset will be incredibly motivating to continue your online journey.
Step 2: Know Your Competitors
When you start an online business, it’s always smart to learn and develop by observing your competitors. You should research businesses offering the same services and recheck your stance.
Ways knowing your competitors will help:
- Researching your competitors will enhance your knowledge about the business itself, allowing you to grow.
- It will help define the right target audience for the business and economically feasible marketing techniques and e-commerce strategies.
- You can hire a competitor analyst and observe what tactics top businesses are using and follow or improve on them.
Step 3: Learn About Your Target Market
What group of people do you want to reach with your service, and how you can draw their attention? It would be best if you cleared up these questions from the get-go to avoid any turbulence in the future.
- Who are you selling your product to?
- What age group are you targeting?
- Research what your audience likes, their preferences, and dislikes.
You can use different analytics tools to learn about your audience and their buying behavior.
Step 4: Get to Know the Online Business Laws
Zoning laws, shipping restrictions, and trademark considerations can make or break an online business. Thus, you must get to know them in detail when starting an online business. Doing will help you avoid the ecommerce landmines that can derail a business before it even gets off the ground. Also, get to know all about SKUs and shipping weight.
Step 5: Developing Products
Your business is all set to flourish but have you made sure your products are worth the price? For instance, you’ll need to decide how you’re manufacturing your products. You could manufacture them yourself or get them through a wholesaler.
- If you’re making the products yourself:
- Identify raw materials.
- Try to look for cost-effective places and markets to buy your items because it’s essential to have a limited budget and higher income for progression.
- If you’re seeking wholesalers, then:
- Find someone willing to support small businesses and would be deemed trustworthy.
- Research carefully and choose the company with good reviews and fair prices.
- Request for samples and ensure that the company takes liability.
- Make your requirements clear from the get-go to avoid future drawbacks.
- Ensure quality over quantity.
Do not forget to evaluate the prices smartly; this is the binding force that is bound to either popularize your business or drive people away. Make sure your prices are reasonable and not more than the competitor companies.
Now, how to start a website?
Step 6: Introducing Your Website
Once you’ve got your product and understood your market, you are ready to build a website to launch your business. It is crucial to use psychological tips and methods to drive traffic to your website and get your viewers’ attention immediately. An intuitive shopping experience will make customers want to return, so you must use powerful ecommerce software.
Tips to improve your website:
- Register your domain name. It would help if you were not to have a company owning your website, or else you can lose ownership of your content.
- Analyze top websites and choose simple layouts that are easy to read and user-friendly.
- Go for regular fonts and lively colors, appealing to the eyes but not so bright that it’s irritating.
Step 7: Driving Traffic to the Website
People need to be able to find your website more easily. If you have a great product but can’t reach your targeted market, there’s no point in starting an online business. Identify ways to reach the customers and keep in mind where your targeted audience might be looking for answers.
There are so many ways to reach your audience, including websites, newsletters, or social media platforms, which you can target with leading organic traffic driving tactics.
Tips to get you rolling:
- Use SEO (Search Engine Optimization) to be listed in the top ranks by finding relevant keywords and hot trends and topics.
- You can use other free methods; social media platforms such as Instagram hashtags, YouTube channel, Facebook ads can drive traffic to your website.
- Make use of landing pages and specify your appeal. Introduce deals and free guides to help generate more popularity.
- If you have the money, you can always get paid ads to promote your start-up, like YouTube ads.
You can also drive traffic with tricks like free deliveries and samples with every purchase to generate more viewers in less time.
Step 8: Evaluate Feedback & Monitor Success
Now that you have a business p and running, you must encourage customer feedback and evaluate it to better your products and services. You must use all your channels, including your website and social media platforms, to stay connected and implement good terms in your business.
Another crucial thing for any online business’s progress is monitoring success. You will need to pay close attention to the key performance indicators (KPIs) and best leverage the data insights.
Now that you’re perfectly aware of things to consider before starting a business, we have to go through ‘common mistakes to avoid when starting a business.’
Common Mistakes To Avoid When Starting A Business
- Investing more than your income
As great as it is to value quality, you cannot spend too much money on your products and get less in return. That’s a recipe for disaster! Businesses can only flourish with the right tactics and money accountability.
- Less Capital
It is essential to make sure you have adequate capital before any further discussions. You’ll need to list your source of expenses and gather enough money for both known and unknown expenses that might occur. Stopping midway can cause a lot of damage to businesses and you financially. It is vital to stay on track with enough capital to accomplish your goals.
- Ignoring Customer Feedback
Ignoring feedback is potentially the worst thing you could do when running or starting a business. You need to take criticism maturely and identify the positives and weaknesses. When you’re reading a review, list down conman complaints, and target those points for improvement. If you go about not caring for your customers, your services will start declining.
- Losing Your Passion
If you’re the type of person who wants to see immediate results but easily gets demotivated, you’re in for some struggle. You may fall a few times, but you must get back up, persist, and establish yourself and work hard to overcome the shortcomings.
Business is a bargain, full of unexpected circumstances and outcomes. Many businesses don’t seem to observe any profit until a year at least. Patience is the key to a successful business. It would be best if you waited patiently to see a real change.
How To Start A Business Online?
So, now you know how to run a successful online business. Running an online business is easier than conventional business in many ways, but still, you have to work hard and give your best to it if you wish to see your business stand tall among the crowd.
We hope our article gave you useful insight into starting an online business with rights steps and tips and tricks. Make use of these, and do let us know how you are enjoying each step of it.
The benefits of Retiring in the Caribbean
The Caribbean is an ideal place to retire for many reasons. Many of the reasons why it is a popular vacation destination are also reasons it is appealing for retirement, but there are also additional benefits for those looking to retire:
- Accessibility to the U.S., Canada, and Europe
- Many government programs designed to attract foreign retirees
- Opportunities for outdoor living and recreation
- Large expatriate retirement communities
- Real estate options that range from luxury homes to affordable condos
- Estate and tax planning benefits
- Affordable healthcare
When you decide to retire to the Caribbean, there are quite a few options of countries you can choose from. Which one you choose will depend on the things that are important to you. Making a simple list of those things is an excellent way to approach it. Deciding if family and friends, financial benefits, health and fitness, specific activities like golf, snorkeling, or sailing are important will help narrow down your list.
Once you have narrowed your list to a short one, it may be a good idea to plan a vacation and visit them in person. This will allow you to get a sense of the culture, weather, recreation, and social opportunities available and start to look at property prices.
Some of the most popular retirement destinations include the following:
Many U.S. retirees desire a location close to the U.S., and the Bahamas fits that need. With tropical weather and virtually no taxes, it is a popular retirement destination for many.
One of the happiest places to live in the Caribbean, Aruba has a culture of simple pleasures. With the neverending sun and ocean breezes, it is a highly sought after retirement destination. Being located outside the “hurricane belt” gives many people a sense of safety by not worrying as much about the devastation hurricanes can bring. It is, however, at the higher end when it comes to affordability.
- Turks & Caicos
If a laid-back lifestyle is what you are looking for in retirement, Turks & Caicos may be the spot for you. This collection of islands are perfect for those looking for a beach kind of retirement. A large expat community grows every year, as well as growing real estate options allowing you to purchase a home near the beaches for a very reasonable price.
- Dominican Republic
Like the Bahamas and other Caribbean destinations, the Dominican Republic offers retirees amazing weather and beaches with a relatively low cost of living. The Dominican Republic is known for having the kind of supermarkets and health care you are used to back home. You also have access to various lifestyles, from quiet beachside communities to a more fast-paced lifestyle depending on where you choose to live.
The Caribbean offers many benefits for those looking to retire, and with many different countries to choose from, there is something for everyone. In general, the Caribbean is known as a tax haven with low or no taxes on individuals and businesses. Many Caribbean countries have low annual business license fees and also offer substantial financial privacy. Making retiring in the Caribbean islands advantageous financially.
Grenada Citizenship by Investment E2 and EB-5: How it works
Located just north of Venezuela, Grenada is a tropical island nation with no residency requirements for investors, and nonresident investors are not required to pay Grenadian taxes. The citizenship-by-investment program was launched in 2013.
Congress created the EB-5 Immigrant Investor Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Investors may also qualify for EB-5 classification by investing through regional centers designated by USCIS based on proposals for promoting economic growth. However, the long wait times have driven investors to take their capital to other countries.
The E-2 Option
Considering these long wait times, a popular visa for this option is the E-2 nonimmigrant visa, granting status to investors, spouses, and minor children who are citizens of countries where there is a requisite treaty between the U.S. and the investor’s nationality. Only one E-2 treaty country allows an investor to quickly acquire citizenship, opening the door to the E-2 treaty: Grenada. Investors can quickly acquire a Grenadian passport and enter the U.S. in Treaty Investor status, allowing spouses to obtain employment and children to enroll in schools.
Those interested in obtaining Grenadian citizenship have three investment options to get a passport.
- Contribute to the country’s “National Transformation Fund” or “NTF.” This involves a one-time payment of $200,000 (for a family of 4 applicants) or $150,000 (for an individual applicant) to a national fund serving to revitalize the nation’s infrastructure and economy. There is no return on investment for this donation; it is just that, a donation.
- Invest a minimum of $350,000 in an approved real estate project. These projects must be pre-approved by the Grenadian government. You must also keep that investment for at least three years after gaining citizenship.
- The third option is to make a significant financial investment with the amount determined by the Minister, which benefits the Grenadian economy and will employ Grenadian citizens.
E-2 Investment Requirements
The investor must make a “substantial” investment, and the enterprise need not be “marginal.” Nationals must hold at least 50 percent of the ownership of the E-2 enterprise, and they must be in a position to “develop and direct” the enterprise. This involvement level is still less than the L-1 to EB-1C visa path, requiring full-time employment by the entity.
How much you need to invest depends on the business venture. For example, with a start-up, the investment would have to, at a minimum, cover all start-up expenses. However, an investment in a business consulting company would require less capital than an investment in a manufacturing facility.
Many investors choose to invest in franchises, enabling investment with less work than starting a business from scratch. Several U.S. franchises specialize in this area.
The E-2 has many advantages when compared to EB-5. The processing times are significantly faster since the E-2 visa application is made at a U.S. consulate, not with the U.S. Citizenship and Immigration Services (USCI). Processing times, depending on where you apply, are in the world but are usually a few weeks or months at the longest. Grenadians receive a nonimmigrant visa valid for five years, allowing entry and exit in two-year terms. The E-2 can be renewed at the end of the visa term.
Tax Free Countries
There are many approaches you can take when looking to live tax-free. The approach you decide to take will generally determine which country you choose and the specific strategy or combination of strategies you will employ. The purpose of this article is to discuss countries where you can get a second residency and pay no tax, which is different from tax-free countries.
There are various types of tax-free second residencies out there; the most common are outlined below:
Zero-Tax Countries: This approach involves becoming a resident of a zero-tax country with no income taxes or capital gains taxes.
Territorial Tax Countries: A territorial tax country only imposes taxes on the income earned within their borders. So as long as you don’t earn income locally, you can live tax-free.
Lump-Sum Tax Countries: Residents of these countries are only charged an annual lump-sum tax. While not technically not tax-free countries, some view the annual flat tax as the cost of living tax-free for the remainder of the year. Flat taxes are usually based on a fixed amount, not the real circumstance of the taxed entity.
Exemptions and Non-Domiciled Countries: If you choose a country with high tax rates, you can, in some cases, apply for an exemption or special status as a non-domiciled resident. If granted, this will allow you to live in the country tax-free for a defined amount of time.
Tax free residency can be obtained in the following list of countries (this is not all-inclusive)
- The Bahamas – The Bahamas has no income tax, choosing to earn its money from tourism. Residents of the Bahamas pay zero tax on the money they earn anywhere in the world. The government application fee for temporary residence, which is renewable annually, is a mere $1,000. If you plan to stay awhile, purchasing $250,000 in real estate will get you longer-term or permanent residence.
- Cayman Islands – Not an inexpensive choice if you want to live on Grand Cayman, you must have an annual income of nearly $150,000 and make an investment of $500,000 into real estate or Cayman Island companies.
- British virgin islands – You don’t need significant money to get a residency permit, but it can take a while. Obtaining a residence is relatively easy and can be obtained in less than a month in most cases. You must provide bank statements showing you can afford to live there and pay a $1,000 surety bond.
- Turks and Caicos – The residency program offers quick residence permits to foreigners who either spend at least $300,000 building a new home or remodeling a distressed property or invest at least $750,000 in a company majority-owned by locals.
- Brunei – In Brunei, they don’t need investors; however, you can obtain residence or permanent resident status with a large enough investment.
- Vanuatu – Vanuatu offers a residency program that rewards those who invest more. Foreigners can invest about $89,000 for a one-year residence visa, renewable annually. If you invest more, you can get three, five, ten, or even fifteen years of residency.
- Monaco – If you are looking for a European lifestyle, not island living, Monaco requires that prospective residents deposit €500,000 in a Monaco bank and purchase at least €500,000 in Monaco real estate to gain residency.
Second residency can be obtained in the following list of low-tax countries (this is not all-inclusive). These countries tax the locally earned income of citizens and foreigners, while income earned overseas is tax-free.
- Costa Rica
As we have said many times before, the choices you make will largely be determined by your financial situation and other factors, including lifestyle, when choosing a tax free country for residency.
Golden Visa Programs: How to get one
What is a Golden Visa? A Golden Visa is a citizenship by investment or residency by investment program. These programs were developed for wealthy foreign nationals who want to acquire residency in a country by making a substantial investment or purchasing a high-value property. Golden Visas typically apply to you and your immediate family members (spouse and children) who will receive residence permits, which are renewed indefinitely as long as you maintain the investment. There are few programs with requirements that you be present in the country that issued the Golden Visa, which means you don’t need to relocate unless you choose to. However, if permanent residence or citizenship by investment is your goal, most countries will require actual residency for between five and ten years.
Our Approach in Assist You in Obtaining Your Golden Visa
When it comes to working with our clients to obtain a Golden Visa, we take a very consultative approach. Understanding your uniques needs and goals for obtaining a Golden Visa is a crucial first step in the process. As experts in the process, options, and benefits of Golden Visas, our goal to ensure you can obtain the Golden Visa that best fits your needs as quickly and as smoothly as possible.
- Ask – The first thing we do is ask a lot of questions. We want to know about your financial, lifestyle, and family needs, as well as what your goals for having a Golden Visa are.
- Listen – While listening to your answers seems like a normal thing to do, however when we say we listen to your answers, that’s when our years of expertise works to your advantage. Sometimes people are not sure of what they need. By carefully listening to your questions and probing deeper into what you are trying to achieve, we can distill the essence of what you want to accomplish by having a Golden Visa.
- Inform – At this point, we have a good idea of your goals and can develop an approach to share with you. Education is an essential part of this process. We want to make sure you understand the various options available to you, the processs and investment requirements, and the timelines.
- Obtain – Once you have made a final decision on the Golden Visa you are looking to obtain, we will help you walk through the regulatory and legal process to ensure all the I’s are dotted. T’s are crossed, and the process goes as smoothly as possible.
E.U. Golden Visa
A Golden Visa for an E.U. country is very desirable as it allows the holder and family freedom to move throughout the entire Schengen Zone. Suppose the Golden Visa eventually leads to E.U. citizenship. In that case, you’re your passport will offer visa-free travel to over a hundred countries in the world, depending on which country you receive it from.
Top E.U. Golden Visa Options
- Greece – For an investment of €250,000, you can become a European resident in a few months. The Greece Golden Visa program is very flexible; if you invest in real estate, you can invest in one or several properties. With no physical residence requirement, you get the benefits a residence provides, without any drawbacks.
- Portugal – Portugal’s Program was one of the first Golden Visa Programs. With an investment of €500,000, you will get a residence permit, or for those looking to take on a renovation project, a minimum investment of €350,000 is required.
- Spain – With an investment of €500,000, Spain’s Golden Visa program costs about the same as many other E.U. programs and gives you access to the Schengen Zone.
Other Golden Visa’s
In addition to Golden Visa’s available in the E.U., there are many other countries with Golden Visa programs with various benefits to meet your needs. Whether in The Americas, the Caribbean, or other locations, we will help you identify a program to meet your needs.