Each project arrives with its purpose, milestones and first tasks written out. Here is how the first three read.
Written case for a business back home
Most diaspora ventures start with a feeling on the plane home: the town needs a proper hardware store, a gym or a cold room for the fishermen. Before any money moves, write down what the business is, which island and town, who will buy, and what role you will play: running it, backing it, or holding a share and wanting a return.
First tasks
- Write two sentences on what the business sells and who buys it
- Name the island, the town and the customers within reach of it
- Decide whether you will run it, back it or simply hold a share
- Send the page to someone in the town and someone in the trade for honest comments
Money-at-risk ceiling and two-year runway
Ventures run from abroad usually cost more and take longer than planned, because every delay means another flight, another transfer and another month of rent on an empty shop. Setting a hard ceiling on what you could lose without touching your home, pension or the children's savings, and spreading it across two years of running costs, protects your household abroad if the business back home struggles.
First tasks
- List the savings you will not touch for the business under any circumstances
- Agree a maximum amount at risk with your spouse or partner
- Open a separate account to hold the business money
- Write the stop rule for what happens when the ceiling is reached
Starting, buying or backing an existing business
There are three ways in: start from scratch, buy a business that already trades, or put money behind someone who is already running one. Starting gives control but the longest wait for income, buying brings customers but also hidden debts, and backing gives speed but less say.
First tasks
- Score starting, buying and backing on cost, speed, control and risk
- Ask contacts back home about one business for sale and one looking for backers
- Choose the route that fits your money ceiling and your available hours
- Write a paragraph explaining the choice for your spouse or co-investors
