There are so many new service based business ideas that will produce quick and easy revenue in the emerging markets of Southeast Asia. If you are considering starting your own business you need the advice of someone who looks at personalized, unbiased opportunities and can offer insight to the business and residency requirements in these markets. And if you are looking for tax exempt opportunities, Puerto Rico may not be your best option due to its controlling entity, the U.S. Government. Guest David Feldsott, talks of networking in Colombia and how his competitors aren’t the big travel companies.
Key Takeaways:
Andrews Editorial:
[1:46] Mastermind event in July
[3:08] Upcoming E-Commerce boom in Asia
[3:30] Add value to the local market to really be successful
[5:34] There is a wide gap in serving local markets
[7:50] Emerging economies are looking for ease of service
[10:41] It’s a bad idea to try and start a new business in the U.S.
[11:30] Reduce your business tax through Labuan
[12:06] How do you bring in quick and easy revenue
[13:40] Target niche ecommerce opportunities
[13:50] Uber, a logistical fix for inefficiencies
[16:05] Western leaning locals with cash
[16:45] The Nomad Society is developing businesses
[17:27] 3 day workshop for 10 people to help build your online business
Interview:
[22:26] No low cost air carriers in Latin America
[23:25] From DC but I wanted to be an entrepreneur
[24:38] I put money away for travel and to start my business
[25:49] Relationship based business in Latin America
[26:46] Responsive Service requires a 5x’s the upcharge
[28:06] Colombia is central to the America’s and has a tech community
[31:06] Integrating Airlines in the future
[32:52] My competitors are not the companies you would think
[34:45] Legally incorporated in the United States
[36:30] Tech startup money still comes out of the U.S.
[37:56] A big fish in a little pond in Colombia
[40:31] I’m really not a pickup artist!
[40:56] FB and Meetup groups helped me find people
[41:52] The Nomad Society loves Medellin. Private members have an event in November
The Lightning Round:
[42:22] One business - Apartment Rental Service
[43:05] One country - Australia
[43:40] One book - Never Eat Alone, The Hard Thing About Hard Things
[44:25] One tool - Rescue Time
Listener Question:
[46:40] Mannie wants to know Andrew’s thoughts on moving to Puerto Rico for tax advantages.
[46:58] For Peter Schiff it may be a good option. For average people, Andrew doesn’t like it.
[48:55] Moving to Puerto Rico is not cheap
[50:00] The U.S. maintains control over Puerto Rico
[51:33] 183 days a year is the “stay” requirement
[52:44] Foreign Earned Income Exclusion outside of the US
[53:35] It may be a stepping stone but not a final solution
Mentions:
Forget China, There’s An E-Commerce Gold Rush in South East Asia
Never Eat Alone - Keith Ferrazzi
The Hard Thing About Hard Things - Ben Horowitz
