A #THREAD ON HOW TO START A #SOLOPRENUERSHIP FOR #SRILANKANS. I thought of celebrating this May Day with a thread on how you can empower yourself! Please note, in no way am I insinuating that I am successful, these are just some tips that worked for me, and might work for you! 🙏🏽

Tip #1: Do you think you need capital to start a business? FALSE 🚫. There are tonnes of businesses that can be started with very very little to no capital, by simply using your own skills, dedication and contacts. Two of my most successful ventures started with ZERO capital. 

Tip #2: Do not overthink. A lot of people have fantastic ideas, but either keep overthinking and never launch, or simply procrastinate. So, one of the most crucial tips I have for you is that if you have a business idea just go for it. Don't worry about failure. DO IT! 

Tip #3: If you are just starting, try to be as location agnostic as possible. What I mean is, try not to be tied down in terms of resources/facilities/skills to one particular location. This is the secret to going global. If you are location agnostic, the world is your oyster 🌏 

Tip #4: LEARN A NEW SKILL. Since the pandemic, there has been a major shift in terms of skills in demand. If you are still in a traditional field, that may not have many solopreneur opportunities, learn a new skill in demand. Here is a great source.

https://emeritus.org/blog/these-are-the-top-5-skills-youll-need-in-2022-to-advance-your-career/

Tip #5: Check out this link. It shows you the most in-demand skills for freelancers in 2022. Try to identify if you already have one/many of these skills. If not, try to find a skill that you may be interested to learn. 

https://www.techrepublic.com/article/the-most-in-demand-skills-for-freelancers-in-2022/

Tip #6: One of the most valuable links I have ever come across is the list of free courses from @skillshare. Again, these courses are 100% FREE OF CHARGE, and they teach you amazing skills that are in demand! Bookmark it! 🔥

https://www.skillshare.com/browse/free-classes

Tip #7: Another excellent place to learn a new skill, and earn a certification that is recognised is edX. There are a variety of different courses/skills that you can learn to become a freelancing pro. 🔥

https://www.edx.org/search?tab=course

Tip #8: If you are looking into digital marketing, and would like to begin a freelance career in it, here are some amazing places to get started FOR FREE: 🧑‍💻

https://www.futurelearn.com/courses/digital-skills-digital-marketing

https://learndigital.withgoogle.com/digitalgarage/

Tip #9 (1/2): If you are planning on starting your solopreneurship on a smaller scale, without registering your business first, make sure you have your infrastructure setup carefully. Create accounts on @wise or @payoneer that will enable you to accept USD/FOREX payments. 

Tip #9 (2/2): If you are starting on a smaller scale, check out all possible freelance workplaces that have tonnes of opportunities. Here are some newer, niche marketplaces with less competition.

https://www.toptal.com/
https://weworkremotely.com/
https://remoteok.com/remote-freelance-jobs

This is another fantastic remote job opportunity board that I came across. https://www.workana.com/en/jobs

Tip #10 (1/2): Think twice before registering your business in #SriLanka. I know registering your business is a step towards credibility. However, last I checked business reg can cost anywhere between LKR 35000- LKR 100,000. This once again ties you back to Sri Lanka.

Tip #10 (2/2): My suggestion, if finance permits, spend a bit extra, and register in #USA. As I mentioned before, this opens you up to world-class US banking services. Plus, when submitting proposals, mentioning that your business is reg in the USA will give you an advantage ✅

TIP #11 (1/2) : MOST IMPORTANT: DO NOT BE SHY. I cannot stress this enough. To first start a business, you have to leverage your contacts. Whether that is your mom, dad, uncle, aunt, or girlfriend, it doesn't matter. Everyone needs a service. 

Tip #11 (2/2): Talk to people, they may know someone that needs your services. Set a target where you talk to at least 50 or 60 people/week. That is what it takes. From that 50 or 60, only 1 may bite. But THATS A START. If you are shy, I am sorry, but don't start a business. 

So, I hope these resources in this 🧵 were able to help you in some way. I am going to put together a few more avenues on how Sri Lankans can make a side income in USA/Forex soon. In the meantime, as always if you found this useful, do let me know 😁

Starting your own solopreneurship; for Sri Lankans!

REGISTERING YOUR BUSINESS IN THE #USA FOR #SRILANKANS! As promised, here is a 🧵 on how you can register your business in the USA and open yourself to a global market of potential customers, accept foreign payments and open a US Corporate bank account!

Please note that since this is a thread, I have simplified the entire process here. There may be a few extra steps, which ARE NOT substantial. Once you go through this, I will host a Twitter Space to answer your questions. And before we start, total cost for this is under $400.

First things first. The actual legislation can get a bit confusing, and there are different types of business entities you can set up. For the sake of simplicity, I will assume most of you are single-owner businesses and SMEs. Therefore, a Single-Owner LLC is the way forward.

A Single-Owner LLC, as the name states allows the business to have one owner only. The main benefit of this business entity is that as a foreigner, you are not entitled to pay corporate tax or any other form of taxation under 3 main conditions.

(1) You DO NOT have an employee/company based in the US working for you.

(2) This employee/company DOES NOT substantially contribute to your business.

(3) You ARE NOT are engaged in “considerable, continuous, and regular” business in the US.

Legally, there has not been a clear definition of what “considerable, continuous, and regular” business in the US is. However, after speaking to numerous lawyers and business experts in the USA, I can confirm that services "PERFORMED FROM ABROAD" are generally not taxable.

Services such as personal services performed from abroad, selling digital products, web design etc, or selling physical products if the shipping point is from outside of the US is not taxable. However, an eg: if you use Amazon's warehouses and ship, you are liable to pay tax. 

Right, now that the confusing part is out of the way, generally as a Sri Lankan you can opt to register your business in either Delaware or Wyoming. I would recommend Wyoming as it is faster and has NO CORPORATE TAX. 

https://wyomingllcattorney.com/Wyoming-Registered-Agent/Business-Tax

However, if you are a startup that may one day look for VC funding, apply in Delaware as a C-Corp. There are numerous benefits. This is a completely different topic. If interested let me know, I will do a new thread. 

https://www.delawareinc.com/blog/why-venture-capitalists-prefer-delaware-c-corps/

When it comes to registering your business in the USA, you ARE NOT REQUIRED TO HAVE ANY CAPITAL UPFRONT. The application is very straightforward. You have to submit your personal identification details first, and you can then apply for the official business registration. 

It can take about 5 to 10 working days to get your official business reg. Once you do, your next step is to apply for something called the EIN (Employer Identification Number) from the IRS. The EIN is the most important thing you need. 

You are not permitted to open a bank account without an EIN. You pretty much cannot do anything else without it. When it comes to applying for the EIN, have a GOOD social media presence that is active. If possible, a website is even better too. Do this prior to applying.

Remember, the IRS is checking to make sure that you are a legitimate business. Even if you are just starting out, ensure you have your primary social channels such as FB, Insta, Twitter and LinkedIn set up with the basics like logo, cover image, address, and a few posts.

The EIN can take 15 to 20 working days. Once you get your EIN you are golden 🏆 That is it. Along with this, you will receive your other official documents such as the corporate agreement, company bylaws etc digitally. You are now ready to do business with the global market 👊

There are numerous options when it comes to opening a corporate bank account. I would recommend Mercury. Mercury is a completely digital bank, with very low fees, and you can get a debit card shipped to you allowing you to withdraw funds from Sri Lanka. 

https://mercury.com/

Once you get your bank account, you can then set up a payment processor so that you can ask your foreign clients to pay via CC or debit card so you can accumulate $ 🤑. I would suggest Stripe start off as a payment processor. Relatively low fees, however there are other options.

How to proceed? Use FirstBase. (https://firstbaseio.grsm.io/yy055oen2b2t)

I used them, they were reliable and very responsive. Use the link below, you get 5% off, and I get $40. I WILL BE DONATING EVERY $ I GET BACK TO THE #GALLEFACEPROTEST & #GOTAGOGAMA. https://firstbaseio.grsm.io/yy055oen2b2t

I will document a separate thread if anyone does use the link above to register, and I will be crystal clear with where the donations are going.

As always, if you found this 🧵 do let me know. If you have any questions just leave a reply below, and I will respond! 😁👊

Registering your business in the USA; for Sri Lankans.

(1) You DO NOT have an employee/company based in the US working for you.

(2) this employee/company substantially contributes to your business.

(3) You ARE NOT are engaged in “considerable, continuous, and regular” business in the US.

You can read the unrolled version of this thread here: https://typefully.com/sonaljay8/BBu2z8R

Registering your business in the USA; For Sri Lankans!

MOVING TO BALI FOR A #SRILANKAN 🏝! So here is a 🧵 on how you can potentially move to Bali, live here, and earn a source of foreign revenue while in #Bali. Keep in mind Indonesia is not a straightforward option for long-term migration, but an option for short/medium term stays.

So, I would like to reiterate that Indonesia is NOT a long-term migration option. As far as I know, there is no direct route for a PR, unless an employer sponsors you for a job. But, it is a great way to get away from the #EconomicCrisisLK at least in the short /medium term.

Right, so diving into it, Indonesia offers a visa called a B211A visa that allows you to stay in the country for up to 180 days. The visa is initially given for 60 days, with 4x extensions of 30 days each. You can legally stay here, rent apartments/villas, and open a bank AC.

The B211A is a completely online process. So please DO NOT FALL FOR SCAMS 🚫  There isn't a single agent in Sri Lanka that can do this for you. You can approach numerous Bali based visa agents to get this visa for you. The price varies between $180-$220 inclusive of sponsorship.

Please do your research before selecting a visa agent to work with. Look at an agency that has an office and a good track record with the B211A program. I recommend balivisas.com. (I am not affiliated with them, I don't make a commission). I used them with no hassle.  

Right, so how should you move here? What I recommend to a lot of people is to first find a remote job opportunity or a job they can completely WFH. But, once you arrive here the potential is INSANE. Bali is a melting pot of entrepreneurs, businessmen, investors & founders. 

If you play your cards right, network and meet the right people, creating a stream of income is EASY. Everyone is in need of someone with expert skills. The community is very tight-knit, so play it right, and you will be recommended to a bunch of others. Potential is very high.

Areas of demand here include skilled professionals in digital marketing, web dev, fitness/health coaches, creative professionals, photographers, videographers, finance consultants, business consultants and creative writers AFAIK. Real Estate is booming here too. 

Note that with the B211A visa you are technically not allowed "to work" in Indonesia. Now the definition of "work" is very grey. As long as you are not employed by a local company WHILE ON THE B211A visa you are fine. 

Therefore when you do connect with someone here, you will not be treated as a typical employee. You will be a consultant/contractor. You can either be paid in cash or if you have a payment gateway setup you can request to be paid that way and receive payments in $. Trust is key.

Typical living costs. You can rent a 2BR villa+pool for as little as $300 or as high as $5k a month. A room in a shared villa goes for  $60-90 a month. Eating out can vary from Michelin starred restaurants to local "warungs" where you can have a fully satisfying meal for < $1. 

Typically, if you go out frequently, it can be a bit costly. Alcohol is quite expensive here in Bali, so if you are into clubbing/partying the costs can start adding up very fast. Other than that, a night out can be very affordable. 

Typical past times include watching beautiful sunsets on the countless beaches that are a walking distance from most places. Most people end their day here on the beach sipping a coconut/cocktail. Another great place to network btw and meet people. 

The most popular form of transport here in Bali is a 🛵. The roads are quite small, so traffic does build up. Driving a car can be a tad exhausting. You can rent a scooter here with insurance for about $50 a month. You MUST HAVE a bike license. 

This is a group that was created to bring together all the digital nomads in Bali. Join it, so that you can see for yourself the potential and skills that people are looking for. It will also give you an idea about the lifestyle here:

https://www.facebook.com/groups/553237938183702

The great news is that there are rumours that the Indonesian government is planning on a #digitalnomad visa which makes this process even cheaper and easier. If you have any questions, please feel free to reach out to me.

As always if you found this 🧵 useful please let me know!

You can read the unrolled version of this thread here: https://typefully.com/sonaljay8/hAVWImW

Moving to Bali; for Sri Lankans.

Moving to Bali; for a Sri Lankan!

Hello everyone. Since this seemed to be one of the most urgent requests from most people that DM'd me, here is a small 🧵 on how to find #remotework job opportunities while you are based in #SriLanka.

Firstly, when it comes to looking for remote working #jobs it isn't as straightforward as finding a traditional job. Your usual sources such as LinkedIn may not be the best fit for finding remote jobs. What I have seen is that the remote working community is very tight-knit 👊

Remote jobs and opportunities seem to be available via word of mouth and recommendations. You need to understand that hiring remote for a company is very risky. The company does not have the safety nets of having a physical employee they can see. So credibility is EVERYTHING.

Tip #1: Build a strong portfolio of the work you have done/projects you have managed. Irrespective of what industry you are in, building a portfolio is possible. Start off with a simple #GoogleDoc or a #GoogleSlide. Or check out https://webflow.com/portfolio

Tip #2 (1/2): Learn to digitize your area of expertise. If you want to be a remote worker, you have to be comfortable with the digital/tech world. But a lot of people seem to think, that just because their area of expertise is not in digital/tech it is a roadblock. NOT TRUE 🚫

Tip #2 (2/2): Are you in finance? How about digital masterclasses giving people unique tips on managing their money? Are you in sales? How about e-books/content about your personal tips on closing a deal. A lawyer? What about online classes for LSAT students?

Tip #3: Join this FB group. https://www.facebook.com/groups/remotejobsfordigitalnomads. Be proactive, as mentioned earlier you need to build credibility. Comment, and engage with the posts so you build a relationship with the group members. Opportunities pop up daily, so keep a close eye and apply ASAP! 

Tip #4: Check out, and sign up at https://remote.co/. By far the best remote job board I have seen, and numerous contacts of mine have found jobs through this. But, be patient. You need to keep applying. Remember thousands of people are applying with you. So be patient 🙏🏽

Tip #5: Join this group https://www.facebook.com/digitalnomadsasia/. It is an amazing source of information about potential opportunities for digital nomads in Asia. There are plenty of tips, tricks and resources to help you identify different pathways to begin your digital nomad journey.

Tip #6 (1/2): Sign up and create strong profiles on #UpWork and #Fiverr. You would be amazed at the scope of work available. Tonnes of projects popping up daily. Projects from people looking for legal assistance, market analysts, accountants and more. 

Tip #6 (2/2): However, the trick is ensuring that your profile is as attractive as possible. Read up and watch YouTube videos on how to optimize your Upwork and Fiverr profiles. Plenty of free resources. Or feel free to reach out to me. 

Tip #7: Read tip #2 again and really take it to heart. Work out how you can digitize your skills. 

I will next build a thread on moving to #Bali as a remote worker outling the visa process too. If you think this 🧵  gave you value, please comment and let me know 😁

You can read the unrolled version of this thread here: https://typefully.com/sonaljay8/z4CCzbi