$80,000/Month Helping Non-Americans Launch U.S. Companies
Hello Tribe,
Welcome to another exciting edition of Moneymint! We're more than just a newsletter—we're a community of go-getters, dreamers, and doers.
From the wrong side of the map to $80,000/month
From the "wrong side of the map" to $80,000 a month—sounds impossible, right?
Well, today we're diving into the incredible story of TheITIN, a company that helps non-Americans launch businesses in the U.S. and get their tax ID numbers (EIN and ITIN).
They’ve built a system so effective, they now make $80,000 every single month. Here's how they do it!
The Backstory
Meet Ugur, the accidental entrepreneur who turned his language skills into a thriving business.
Born in Turkey, Ugur defied expectations by studying languages. That decision changed his life.
His skills took him to China, where he saved $27K and discovered Amazon selling.
But as a non-US founder, he hit a wall. He couldn't set up a US Amazon account.
Undeterred, Ugur spotted an opportunity. He invested $30K to launch TheITIN, helping non-US entrepreneurs establish US entities.
But setting up US entities was getting challenging as competition from establish players was high.
They realized that big, established business incorporators like Inc File and Northwest Registered Agent were slowly tapping into the non-US market.
So, after working with various clients, Ugur and his team made a crucial decision. They focused on one product: ITINs
Instead of competing with these giants, TheITIN chose to go niche and become the go-to brand for ITINs.
The move paid off. TheITIN's laser focus on ITINs attracted attention from YouTube content creators.
Influencers started to mention TheITIN as a reliable service to get a US ITIN for non-US founders.
Non-US entrepreneurs, understanding the importance of an ITIN, flocked to TheITIN.
The company even partnered with two competitors, Firstbase and Doola, who raised over $15M and generate hundreds of formations monthly. They now rely on TheITIN for their customers' ITINs.
By focusing on a specific niche and delivering unparalleled expertise, TheITIN has carved out a dominant position in the market.
Let's talk about their stats:
Their monthly revenue is $80,000, out of which $35,000 is monthly profit
They've served 3000+ customers from 150+ countries
Achieved nearly 200% year-over-year growth for 3 consecutive years
The founder doesn’t have a legal background and isn’t from the US. However, this is exactly how he came to understand the challenges non-Americans face when setting up a company in the US.
And today, he is one of the knowledgeable humans out there (for setting up a entity as a non-American).
Growth Channels
From day one, TheITIN knew that influencer marketing was the key to attracting and retaining customers.
When YouTube creators talked about their $200+ service, it built trust and encouraged people to give them a shot.
Today, an impressive 40-50% of TheITIN's traffic comes from revenue share partners.
But it's not just about reaching out to everyone. TheITIN takes a targeted approach, hopping on calls with creators to build real connections.
This strategy has paid off. Over 40 YouTubers have covered their services, with around 20 actively sending leads every month.
After two years, TheITIN launched Google Ads, tapping into people's direct searches for their services. This now accounts for 20% of their customers.
Word-of-mouth and referrals also play a significant role, with a generous revenue share model encouraging people to spread the word. This brings in 10-15% of their traffic.
By focusing on influencer marketing, targeted outreach, and leveraging multiple channels, TheITIN has cracked the code for attracting and retaining customers in their niche.
Ugur Advice
The secret to success: Hard work, consistency, and enjoying the journey
You don't need to do anything extraordinary. All it takes is putting in the work, staying consistent, and trying to have fun along the way. It’s that simple. You can achieve your dreams if you're willing to put in the effort.
At first, you might make the mistake of taking everything too seriously. You may sacrifice a lot and stress yourself out. But once you learn to care less about the little things and focus on your progress, things will get better.
So, if you're thinking about starting your own journey, ask yourself: Are you ready to stay consistent and dedicated? How badly do you want it, and why? 🤔
The truth is, good things don’t come easy—that’s what makes them valuable. Even if it's your passion, it's going to be tough. Make sure you have the resilience to push through the challenges.
Don’t be fooled by fake gurus. Not having it all or not working 24/7 doesn’t make you any less worthy. Many of those "successful" people are living a lie and aren’t truly happy.
Sure, there may be times when you miss the simplicity of a regular job, with fewer responsibilities and less stress. But in the end, building something of your own is worth it.
How to Start a Business Like This in Your Country
1. Identify the Challenges
The first step is to research the specific challenges that foreigners face when trying to start a business in your country.
Some common issues include complicated legal processes, language barriers, visa requirements, or a lack of understanding of local tax laws.
Use publicly available data, surveys, or even online forums where non-residents discuss their struggles with setting up businesses in your country.
For example, in India, a major roadblock for foreign entrepreneurs is understanding the difference between various business structures (LLP, Private Limited, etc.), and navigating tax regulations like GST.
You can also go to reddit to identify the challenges:
Tip: According to a survey by the World Bank’s Ease of Doing Business index, countries like Singapore and New Zealand have the simplest processes for business incorporation, while others may have long wait times and complex bureaucratic procedures. Use insights from this index to understand what might be more difficult in your own country.
2. Develop Solutions to These Roadblocks
Once you've identified the most significant roadblocks, think about how you can resolve them.
This could include offering a step-by-step service to help with visa applications, tax registration, and business licensing.
If language is a barrier, you could provide bilingual legal and accounting services. Your service should make the process easy and efficient for foreign entrepreneurs.
3. Partner with a Local Chartered Accountant (CA) or Lawyer
Teaming up with a certified professional like a Chartered Accountant (CA) or lawyer is crucial. They can guide you on the legalities, assist in registering the companies, and help ensure compliance with local tax laws.
You can offer a seamless service that handles all legal and financial aspects of business incorporation for your clients.
Example: In the UAE, local service agents charge around $5,000 to $10,000 to help foreigners set up a company in a free zone area, where they can retain 100% ownership.
A similar setup might work in your country, where you charge a premium for streamlining legal and regulatory processes.
4. Register Your Company
Once you have your plan and partnerships in place, formally register your company.
Ensure that your own business is compliant with the same laws you plan to help others navigate. This will give you credibility and serve as a model for potential clients.
5. Marketing: Use YouTube and Influencers to Promote Your Services
Marketing your business online is key. Reach out to YouTubers or influencers in your niche and pitch your idea to them.
You can offer them affiliate deals or a commission for referring clients.
According to Statista, influencer marketing spending is projected to reach $21.1 billion by 2025, which shows the power of this strategy. A few strategic partnerships with well-known influencers could help you quickly grow your client base.
Case Study: LegalZoom, a popular business formation company in the U.S., collaborated with YouTubers and influencers to increase visibility, contributing to the company's massive growth. You could do something similar by reaching out to content creators in the legal, financial, or entrepreneurial niches.
6. Be Patient and Persistent
Starting this kind of business isn't easy, and success won’t happen overnight. You might need to invest time in educating people about your service and building trust. But with persistence, you can grow it into a profitable business.
As per Entrepreneur.com, 20% of small businesses fail in their first year, so being resilient and adaptable is key.
Revenue Potential: If you charge $1,000 per client and onboard just 10 clients per month, that's $10,000 in monthly revenue.
Over time, with proper marketing and scaling, businesses like these can reach six or even seven figures in annual income, just like TheITIN, which makes $80,000 a month.
If you found this newsletter informative and thought-provoking, why not forward it to someone you think would enjoy it?
Thank you for reading. See you in the next time.
Awesome
Hw