Paris receives about 30 million visitors a year, regularly placing it among the top three most visited cities in the world and creating an opportunity for the expat entrepreneur. One business model that has low start-up costs, low operating costs, and a potentially simple structure is the tour business. Yes, there are thousands of tour businesses in Paris. But if you develop a creative, dynamic tour that builds upon a personal passion that intersects with the desires of just a fraction of the millions who visit Paris every year, you can find great success despite the competition. For some visitors, Paris is the most beautiful city on earth, and they’re yearning to see its most stunning vistas and picturesque neighborhoods. For others, it is a culinary mecca, and they’re looking to immerse themselves in the food culture. For still others, it is the capital of haute couture, and they long to explore the footsteps of Yves St. Laurent, Chanel, and Dior.
Imagine owning a business needing zero capital investment and offering an immediate start-up option. Now imagine owning that business on a Caribbean island... spending your days in the sun and your evenings enjoying the ocean breeze with friends. That’s exactly what Sophia Fedio does after leaving her trendy loft and successful career back in Toronto and becoming a tourism concierge in Roatán, the largest of Honduras’s Bay Islands in the Caribbean Sea. In early 2013, she joined forces with Avi D’Souza, who had started the business, West Bay Tours, and was seeking a partner.
Five years ago, I was the lead copywriter and content strategist at an advertising agency in Denver, Colorado…coming in as early as 7 a.m. and leaving sometimes as late as 9 p.m.—and rarely ever got a real break. Now, I’m sitting in a sunny top-floor apartment in the Swiss Alps, writing this to you. I can see a waterfall from my window and, only a few steps from my door, I could be on a hiking trail that leads to a Swiss ski town or a 360-degree panorama of the mountains. All because I am a travel writer.
Getting a small business loan can be a challenge anywhere. It’s especially tough in a new country where you may not have a credit history or collateral. Fortunately, there’s a way to raise money for your business abroad that bypasses banks altogether. It’s called reward-based crowdfunding. With crowdfunding you fund your business idea without taking out a loan, going into debt, or sharing equity with a financial partner. It’s a perfect solution for many expats because it enables you to fund your business across borders. You can raise money from backers anywhere in the world for a business activity in the country of your choosing.
Licensed attorney Ashley Blaylock thought she had her life all mapped out. She was planning a legal career, specializing in corporate and tax law. But prior to taking a summer program in international law and human rights in Costa Rica in 2003, she took a vacation to Nicaragua. And that changed everything for this Houston native. “As a kid you have a vision of paradise, and when I saw Nicaragua, it was exactly like the vision I had,” explains Ashley. “It’s a gorgeous country, with mountains, verdant green countryside, and miles and miles of unspoiled ocean.
Ten years ago I was one of the millions of middle management, middle-aged people commuting into the big city. I was exhausted, bored, and stressed; deeply frustrated that I didn’t get to spend enough time with my young family. I was a walking stereotype. Today, I still work for the same employer, but I live on the other side of the world. I have spent the last eight years living by the beach in Australia, while being employed full-time by a company in London. My employer is a digital sports broadcasting company, and I’m a graphic designer, creating promotions for the various sporting events that we broadcast.
Places where expats and tourists gather are good locations for a food enterprise that gives them a taste of home— particularly when it comes to a daily staple like bread. Central America simply doesn’t have the same bakery tradition as the U.S. or Europe, which means you can find a hungry market for European-style loaves, pastries, wholegrain, sourdough, croissants, and more. Belize is a case in point. With tourism increasing more than 10% year-on-year since 2011 and a real estate boom reaching even into the less expensive areas like Corozal, San Ignacio, and Punta Gorda, the market for specialized bakeries is strong country-wide.
After her daughter left for college, New Yorker Judy Ganes Chase began to look at the possibility of moving overseas…and getting involved in a new business venture. She chose a frozen yogurt franchise and is now the first franchisee in Central America for the Chicago-based chain Forever Yogurt. She has two outlets in Panama City. But Judy has gone a step further and purchased the franchise rights for all of Panama. She plans to open five additional locations in the next two to three years.
When my husband Jamie and I left our U.S. home in Lake Tahoe, California for our new lives in Argentina, we were looking to learn a new way of life, meet new people and explore a new culture. But we needed income, and both being entrepreneurial souls, we knew that to live our life to the fullest while living abroad we needed to create our own businesses. In the past 12 years we’ve created and run nine successful businesses, from managing a vineyard in San Rafael to creating a bustling vacation-rental company in Patagonia. To say the least, we have learned a few lessons along the way. Here are seven tips to help you create your own successful business abroad…
Getting into retail without having to invest in stock is a great way to cut down on your initial investment and more quickly make a profit. And it can be very easy. Consignment shopping fits right into that mold. And, as a very American concept, there’s not a lot of competition for it in other parts of the world. If you’re gathering what others don’t want—and finding a market for it—you have a good business model for short-term or long-term retailing. Essentially, with a consignment store you offer a space for others to sell their items in exchange for a cut of the money when the product sells.