In previous posts, we looked at financing your new life overseas by teaching English as a second language, or by writing. These are a couple of very popular ways to earn money in your new country. There are many other options as well, including starting a business.
Shelter Offshore advises that you must be sure your business idea is unique, but “not so unique that it is totally unlikely to succeed.” They point out that self-employment is a tough road in any case, and if you haven’t been self-employed before, adding that to a major move can be extremely stressful and difficult. Their advice is to have at least a year’s living expenses in the bank before you go.
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Many expats gravitate toward businesses in the hospitality industry: running a Bed & Breakfast, inn or hotel or a bar or restaurant. If you’re choosing a business that requires an investment in property, it’s probably helpful if you have previous experience operating such a business.
How about buying a vineyard in Argentina? Investing in real estate? Operating a dive shop? These are all terrific ideas, but they require a level of expertise that you probably are better off not learning as you go.
Many part-time and full-time expats have found their income-producing niche in the import/export business. They scour their expat home for interesting handicrafts, leather, jewelry, woven fabrics, pottery or art, buy it direct from the artisan, and then sell it back home for a markup that’s many times what they paid for it. Some previous expertise in the retail trade or in marketing arts and crafts would be helpful, but you can start small and learn as you grow.
If you have some ideas about how expats can legitimately earn an income in their new home country, click the Comment link below and share! We all need inspiration, and for some, the need to earn a living overseas is a big stumbling block.