4 Types Of Small Businesses You Could Start As An Expat - Which Is Right For You?

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4 Types Of Small Businesses You Could Start As An Expat – Which Is Right For You?

Charting a new course as an expat can be a thrilling journey, filled with the promise of new experiences and freshly minted friendships. However, when leaving one’s homeland and embracing life in a foreign country, finding the right professional or business outlet is essential.

The good news is that you might just have what it takes to launch a small, successful business abroad. But regardless of what’s driving your entrepreneurial spirit, now may be the right time for you to tap into that potential and create your own source of income by starting a small business abroad.

This guide explores various types of small businesses suited for expats, addressing fields.

1. Culinary Business

Transforming your culinary skills into a business can be an ideal venture for you as an expat. So, consider taking advantage of the unique flavors and dishes from your homeland and introduce them to your new community by opening a restaurant or a food truck.

If catering isn’t quite your style, consider teaching others how to replicate those special dishes. Offering cooking classes can be equally profitable and fulfilling, providing a platform for cultural exchange while making income.

Whether it’s mastering the perfect sushi roll or concocting tantalizing Mexican salsa, flavorful business opportunities are abundant for expats with adeptness in the kitchen.

2. Starting a Painting/Decorating Company

An appealing aspect of starting a small business as an expat is the opportunity to channel your creativity into something profitable. If you have a keen eye for color and design, starting a painting company can be an excellent option.

With home and office renovations constantly on the rise, demand for professional painting and decorating services remains high. Not only does this venture offer room for artistic expression, but it also provides consistent potential for income generation.

Your roles could include choosing the right color palettes, suggesting appropriate decorative items, or even physically carrying out the painting tasks. With craftsmanship and customer satisfaction at your core, your new painting business can add pops of vibrant colors to spaces while contributing to your new community’s economy.

3. Education-Based Business

In a globalized world where knowledge and skills are the new currency, there’s a growing demand for quality education services. As an expat, you can tap into this market by launching an education-based business.

For instance, English language schooling or tutoring services remain highly sought after in many destinations around the globe. If your mastery of the English language is strong, setting up a tutoring service can be both impactful and profitable.

Your business might also provide lessons about other valuable skills you possess, such as computer coding, musical instruments, or even baking. An education-based venture isn’t restricted to academics alone; it could span any domain where there’s something to learn and someone eager to learn it!

4. Technology-Based Businesses

The realm of technology is vast and constantly evolving, providing a promising arena for entrepreneurial opportunities, especially for expats with tech expertise. If web design, app development or digital marketing are in your wheelhouse, consider launching a tech consultancy business.

Such consultancies can serve both local and international clients; therefore, geographical boundaries become irrelevant. Your services could help small businesses establish an online presence or larger corporations refine their digital strategies.

Moreover, remember that every technological problem is an opportunity for innovation. As you settle into your new home, stay alert for areas where technology might bring improvements! Your tech skills, coupled with an entrepreneurial spirit, might just be the winning combination for your successful business abroad.

So, Which is Right for You?

Making the decision about which business venture to invest in should be a careful balancing act between your skills, interests, and available market opportunities in your new country.

For example, opening a restaurant might excite you, but it may not be a feasible business idea if there’s already an oversupply of eateries. Also, you might want to reconsider starting a tech-based business if tech services aren’t in high demand locally, even when you might have impeccable technological expertise.

Moreover, before deciding, do examine the local laws and regulations governing expat-owned businesses. Don’t forget to factor in potential language barriers or cultural differences that could influence your operations.

Profitability matters significantly when starting any business venture, so do enjoyment and fulfillment from what you do. What seems like an abstract concept, making a life you love in a foreign land, can become more concrete as you pinpoint the best small business idea for your unique expat journey!

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.