2 answers
USHASWINI
Student
Plainfield, Illinois
2
Questions
Asked
460 views
As an International student wanted to start Business on OPT?
I have ideas but don't know ay thing how to start a business .can someone help me . how to pitch mentors, investors, how to get licenses , documentations /paper work for getting started over business
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2 answers
Theophilus Mensah
Entrepreneur
37
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Hey USHASWINI,
Starting a business as an international student on OPT is an exciting idea, but it’s important to be aware of the legal, financial, and operational aspects.
1. Understand OPT Regulations:
• On OPT, your business must relate to your field of study. Ensure the business aligns with the degree you earned in the U.S. Consult with your school’s international student office to ensure you’re in compliance with OPT rules.
2. Get Legal Advice:
• It’s a good idea to consult an immigration lawyer familiar with business ownership under OPT to avoid any issues. You can also explore the option of applying for a work visa (like H-1B) after OPT if you want to continue managing the business.
3. Business Idea Development:
• Start by clearly defining your business idea. What problem are you solving? Who are your target customers? Having a clear vision will help you when pitching to mentors and investors.
4. Pitching to Mentors and Investors:
• Mentors: Look for industry-specific mentors who can guide you in your field. Join networking events, business incubators, and university entrepreneurship programs to find potential mentors. When pitching to a mentor, focus on your vision, passion, and the impact of your business idea.
• Investors: To attract investors, create a business plan that includes market research, financial projections, and the unique value your business brings. Be prepared to explain how the investment will be used and the expected return.
5. Licenses and Legal Documentation:
• Register your business in the state where you’ll operate. You may need to choose a business structure (e.g., LLC, Corporation) and file for a business license.
• You’ll also need to get an Employer Identification Number (EIN) from the IRS, even if you’re the sole owner.
• Research any additional permits or licenses required for your industry.
6. Financing Your Business:
• Beyond pitching to investors, explore other funding options like small business loans, grants, or crowdfunding. There are many platforms available for first-time entrepreneurs.
7. Network and Join Communities:
• Consider joining student-led or local entrepreneurship networks. Many universities also offer resources, including incubators and accelerators, to help students start businesses.
8. Tax and Financial Considerations:
• Be aware of the tax implications of running a business on OPT. You may want to hire an accountant or use accounting software to manage your business finances effectively.
Remember, starting a business takes time and dedication, but with the right guidance and planning, it’s possible to launch and grow successfully while on OPT.
Starting a business as an international student on OPT is an exciting idea, but it’s important to be aware of the legal, financial, and operational aspects.
1. Understand OPT Regulations:
• On OPT, your business must relate to your field of study. Ensure the business aligns with the degree you earned in the U.S. Consult with your school’s international student office to ensure you’re in compliance with OPT rules.
2. Get Legal Advice:
• It’s a good idea to consult an immigration lawyer familiar with business ownership under OPT to avoid any issues. You can also explore the option of applying for a work visa (like H-1B) after OPT if you want to continue managing the business.
3. Business Idea Development:
• Start by clearly defining your business idea. What problem are you solving? Who are your target customers? Having a clear vision will help you when pitching to mentors and investors.
4. Pitching to Mentors and Investors:
• Mentors: Look for industry-specific mentors who can guide you in your field. Join networking events, business incubators, and university entrepreneurship programs to find potential mentors. When pitching to a mentor, focus on your vision, passion, and the impact of your business idea.
• Investors: To attract investors, create a business plan that includes market research, financial projections, and the unique value your business brings. Be prepared to explain how the investment will be used and the expected return.
5. Licenses and Legal Documentation:
• Register your business in the state where you’ll operate. You may need to choose a business structure (e.g., LLC, Corporation) and file for a business license.
• You’ll also need to get an Employer Identification Number (EIN) from the IRS, even if you’re the sole owner.
• Research any additional permits or licenses required for your industry.
6. Financing Your Business:
• Beyond pitching to investors, explore other funding options like small business loans, grants, or crowdfunding. There are many platforms available for first-time entrepreneurs.
7. Network and Join Communities:
• Consider joining student-led or local entrepreneurship networks. Many universities also offer resources, including incubators and accelerators, to help students start businesses.
8. Tax and Financial Considerations:
• Be aware of the tax implications of running a business on OPT. You may want to hire an accountant or use accounting software to manage your business finances effectively.
Remember, starting a business takes time and dedication, but with the right guidance and planning, it’s possible to launch and grow successfully while on OPT.
Alvaro Duran
Video Producer
1
Answer
Frisco, Texas
Updated
Alvaro’s Answer
Hello USHASWINI,
I'm excited to share with you the resources I've utilized to establish three businesses in the United States:
For business formation, I recommend: https://bizee.com/
To develop a solid business plan, check out: https://www.liveplan.com/
ChatGPT is a great tool for answering numerous legal queries, although it's not a substitute for professional legal advice. I suggest opting for the pro version if possible.
Leverage artificial intelligence to craft your pitch deck. Most crucially, ensure you articulate the problem you aim to solve and how your concept will address it.
Over the past three years, I've been focused on expanding my company. The most challenging aspect has been securing funding, primarily because my service isn't as appealing to investors as, for example, a Software as a Service (SaaS) might be. If you're interested, I'd be more than willing to share my experiences and journey with you.
I'm excited to share with you the resources I've utilized to establish three businesses in the United States:
For business formation, I recommend: https://bizee.com/
To develop a solid business plan, check out: https://www.liveplan.com/
ChatGPT is a great tool for answering numerous legal queries, although it's not a substitute for professional legal advice. I suggest opting for the pro version if possible.
Leverage artificial intelligence to craft your pitch deck. Most crucially, ensure you articulate the problem you aim to solve and how your concept will address it.
Over the past three years, I've been focused on expanding my company. The most challenging aspect has been securing funding, primarily because my service isn't as appealing to investors as, for example, a Software as a Service (SaaS) might be. If you're interested, I'd be more than willing to share my experiences and journey with you.