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If your dreams of finding a job overseas, complete with work permit, have been dashed on the jagged shores of reality, don’t despair, just develop a little entrepreneurial flair. Change your focus, alter your perspective, and look into being your own boss in another country. You’d be surprised at how many expats are making a living as entrepreneurs. Besides, I bet you’d rather run your own show and make your own hours anyway. Now’s your chance.

It may seem daunting to start a business in a foreign country with all the potentially Byzantine rules and regulations to worry about. However, if you offer a service to the expat community outside of the local economy, you will generally not have to worry about this. Everywhere I have lived expats were thriving financially by filling necessary market niches catering to other global nomads, by providing the simple personal services we took for granted while at home, but which become much more significant when we are living overseas.

When my hair was starting to get a little scraggly, I was overjoyed to hear about a woman who used to be a hairdresser in Virginia and now cuts hair for most of the men and women in the English-speaking expat community in Ankara. She doesn’t advertise but is booked solid. She works as often as she wants, and earns a good living. If she was overseas without her husband’s full-time job, she could easily support herself and enjoy the pleasures of international life all on her own. Who would have thought that being a hairdresser could be your ticket to a life overseas?

Then there is my yoga instructor. Though not as booked solid, she offers three classes a day and has almost 50 clients who come once a week paying $10 each session. That may not seem like a lot back home, but in many places overseas $2,000 a month goes a long way.

And how about training to become a professional massage therapist? I haven’t found one in the expat community over here, but I am sure that someone with magic fingers would be an invaluable resource. Being overseas can be stress inducing at times and having a professional ease the tension would be treasured. Trying to undo my knotted muscles, I’ve been pounded into a pulp by a burly Turkish bath attendant, and I’ve also sampled the skills of a local woman who masquerades as a masseuse, but if you have ever had a real massage by a trained therapist, the difference is like comparing a Yugo to a Rolls Royce.

Another successful expat service I’ve noticed on my travels overseas are bakers who can prepare pumpkin and pecan pies for Thanksgiving, birthday cakes all year round, Christmas cookies, or pastries for special events. In fact, expat bakers all over the world are raking in the dough baking up reminders of home for their fellow travelers.

There is always the dream of getting paid to write about your travel experiences—which is not as hard as you may think. If I can do it, you certainly can! Granted, it took me 10 years to have nine books published, get a magazine column, and become competent enough to sell freelance articles, but if you have a way with words, this is something to try. It’s best to start as a travel writer while doing other work. If you are successful in getting pieces published, you can eventually develop your scribbling into a livelihood.

If writing is not your thing, and the expat community is not big enough to support your entrepreneurial spirit, you can always start a business catering to the local community as well as expats. One surprisingly popular way is to open an Irish Pub overseas. One of the reasons this is such a successful way to become your own boss internationally is because of a program initiated by Guinness in 1992 called the Guinness Irish Pub Concept. Deciding they needed to do something about their stagnating sales, Guinness started a program that acts as a venture capital firm lending money to qualified individuals. It helps entrepreneurs establish Irish pubs abroad by bringing together specialists in site location, pub design, staff recruitment, food, and music.

Today, there is a pub opening somewhere in the world every five days as a result of this program and Guinness’ sales have soared beyond all expectations, so much so that other brewers—including Carlsberg of Denmark and John Courage of England are following suit.

Suffice it to say that there are plenty of ways to make a living as an expat entrepreneur. So if teaching English, serving as a Foreign Service officer, working for the Peace Corps, or whatever else falls through, don’t fret; just combine two dreams at once by being your own boss…and living overseas at the same time.

You made the cut, passed all the interviews and landed the expat assignment of your dreams. Your bags are packed and everywhere you turn you hear, “Do you know how many people would die for that job?”

You’re probably considered a guru in your field. Your skill set is just what that foreign entity needs to compete in a global market. 

You’ve arrived; so now what? On your first day reality sinks in. Is this what you signed up for? Now instead of words of praise, your new colleagues ask, “why did you leave America to come here?”

More often than not, I hear about the challenges professionals encounter in pursuit of an overseas assignment. Don’t get me wrong, I do not wish to downplay the uphill battle of landing one of these sought after positions, especially given the current work environment — limited opportunities, protected job markets, and an increase in the number of foreign nationals receiving advanced degrees and work experience outside their home country  — makes obtaining an expat assignment even more difficult. Why recruit overseas when you can hire local talent who undoubtedly understand local and regional markets better than you do?

I am one of those fortunate few. After a four-month business school internship, I was re-connected, some three years later, with the company that I interned for in Milan. This was not some fluke, but a goal that I worked toward throughout my career. Though the challenge of obtaining an overseas assignment is worthy of an article in itself, I wish to share my experience and pass along some advice for once you set foot on foreign soil.

So, you think the toughest obstacles are behind you. Think again. Soon after the jetlag settles, you will encounter a whole new set of challenges including legal, cultural, social, and, in some cases, language barriers.  Below are some helpful suggestions to ease you into your new environment, and make the experience something worthwhile.

1. Cut through the red tape. Surviving the bureaucracy, can be one of the toughest obstacles, testing emotional and physical limits. Your hiring company should address issues such as foreign work quotas, visas, permits to stay, social-security-number equivalents, currency of your salary, taxes, housing and relocation assistance, health and other benefits, etc. before the job offer is made. Make sure you understand the who, what, where, and when of the above. Even when these issues are spelled out, be prepared for some hiccups along the way. After I learned that I made it into the quota for foreign employees, I returned home for what I thought would be no more than two weeks time in order to obtain a work visa. In the end, it took two months and several visits to my local consulate.  At times, I thought that my overseas assignment would end in the waiting room of my local consulate.  Even simple tasks of obtaining a driver’s license or opening a checking account can cause headaches. Survival tip: Before accepting the assignment, do your homework. Have a list of questions prepared for your employer. No question is a stupid question. For example, my first paycheck was delayed because I was unable to open a bank account when I first arrived. I needed a permit to stay, a routine document for foreigners working and studying in Italy. However, my scheduled visit to the local government office that handles this procedure was well after my first official payday. Consult other expats, alumni, colleagues, and family members living in the country where you will be working. Also consult online resources such as ExpatExchange (www.expatexchange.com) and the U.S. Department of State (www.state.gov) websites. Be prepared to spend some time on the due diligence, every country is different. Don’t expect one resource to have all the answers. And above all, be patient.

2. Observe first then earn the trust of your colleagues. You may be a financial wiz, the best change management consultant or the sharpest marketing professional around. However, if you don’t understand the internal rules or politics, all your know-how and previous success stories will be irrelevant. Here’s where your “soft” management skills will come in handy. Before you charge ahead, assess the cultural norms of your new workplace. This means keeping an open mind. What may have been the best means of achieving success in the past may not apply in your new work environment.  Your first objective is to learn how to navigate your new office terrain. I can not tell you how important this point is. It can take what seems like a lifetime to repair a relationship and regain the trust of a colleague when you fail to recognize the flow of power and question a co-worker in front of others even when done in a professional manner. Needless to say, you want to avoid putting your foot in your mouth.  The next time there is an issue that you feel strongly about, you will undoubtedly, think first and take a new approach such as to bring up your concerns in a one-on-one environment.Ask yourself the following. Does the local culture permit you to question colleagues or senior management in a group environment? Is your boss hands-off or a micromanager? Are your colleagues/superiors competent from a functional and an industry perspective?  Have you joined the ranks of a highly masculine environment? For females, this will change how you approach the workplace and colleagues. Once you get a grip on the office environment, the next step is to adjust your work style. Now that you understand the do’s and don’ts of your new office, you can set a plan in motion to earn the trust of co-workers and superiors. This will be no easy task. From day one, there will be those who will be suspicious of your motives. In this scenario, you must show how you add value to the firm without looking for the high-five or praise of how great you are. This may mean sharing or even passing off credit to a colleague or superior to show that you truly want to be part of the team. However, be weary of those who see you as a free meal ticket.Survival tip: if you don’t know the business culture of your new country in which you accepted your expat assignment, find out.  How, you ask? Conduct first-hand and second-hand research. What does this mean? You must talk to former and current employees and better yet, from the expat community. Also, see what you can gleam from the company’s website and press coverage. For example, if you read more than once that the company is late on a product launch; conduct your own market intelligence.  You might find out that the problem lies in limited resources or an extremely bureaucratic system. A good place to start is with Geert Hofstede, www.geert-hofstede.com. Professor Hofstede conducted one of the most comprehensive studies of how values affect workplace cultures. His research is based on the analysis of IBM employees from more than 70 countries.  Hofstede uses five cultural dimensions to compare workplace behavior. Using Hofstede’s model one can compare the cultural norms of two different countries.  For example, if we compare the Uncertainty Avoidance Index (UAI) for Italy and the United States, you can see that Italy has a low tolerance for uncertainty and ambiguity in the workplace. Thus, if you are moving from the United States to Italy, the environment will be rule-intensive and more bureaucratic. This link shows a comparison between Italy and the United States. 

3. Form a network outside of the office. I cannot stress how important this is. Even when you really enjoy your colleagues and workplace, external outlets are a must. These outlets can come in the form of professional associations, alumni clubs, leisure activities, or volunteering; anything that can help you develop a social network. Survival tip: before you leave for your assignment put together a list of groups and contacts such as Americans, Republicans/Democrats and US Chambers Abroad (www.uschamber.com/international/default). In addition, look for local or regional social/professional networking groups. For example, in Milan, the Professional Women’s Association (PWA) www.pwa-milan.org fosters personal and professional development through monthly after-work events. Establishing a well-rounded network including friends from the local and expat community will give you the balance that you need. Your local network will provide the insight that only native-born citizens can, while your expat network can offer a shoulder for support and advice for challenging issues that only foreigners experience.

4. Don’t fall into cultural traps. Stay away from comparing your new host country or office to that of your last one. While it is natural to refer back to what you know best; the person who regularly starts or ends a conversation with the following statements, “this is how we used to do it in my last job” or “where I’m from this is how we do it,” will be labeled not only a constant complainer but also someone who can’t adapt. Survival tip: if you catch yourself going down this path, make a note to stop yourself. Easier said than done. However, before you dig a hole too deep, try to approach your work from the perspective of the local culture. What might have seemed logical in the past could well be illogical in your new work environment. You might need a new means to achieve your desired end result. This could mean getting support and buy-in from other sources outside of the obvious chain of command. An offline conversation, lunch or even a coffee with influential co-workers/superiors might be necessary to get a project up and running. In the end, the last thing you want is to be seen as is unhappy and unable to grasp the point that you are no longer at home.  Furthermore, stamping your feet because you cannot do things your way is likely to drive a wedge between you and your colleagues. Remember, your current situation will be different from your last one and must be treated as such. Of course, you can apply your skills and past experiences to your current role but how you choose to implement your ideas will greatly impact the likelihood of your success.

5. Speak the same language. Do your best to learn the language and the local culture. You will quickly find out, as I did, that business communications (verbal and written) will be very different from basic language skills that you get by with at the market or in leisure travel. You will have to work on your language skills regularly if you are not a native speaker. Be prepared to dedicate time to this endeavor. It will be critical to your survival. Also, the more you learn about your new home, the better you will be able to fit into your new environment.  Understanding the history, current events and politics of your new country will help you to assimilate. Following major events are important for everyday conversation. Survival tip: read the local papers, watch the news, take language lessons, and again get advice from other expats. There is nothing worse than being on the periphery of a community. You could end up there if you lack the ability to communicate in the local language. Get involved in after-work social groups, join a gym, enroll in an evening or weekend course, etc. — any extracurricular activity which can serve as both a personal outlet and means by which to improve your cultural knowledge and language skills. Look for local resources that cater to expat communities and help integrate foreigners into the local community. Useful links include: www.corrieredellasera.it, www.easymilano.it, www.expatsinitaly.com, andwww.americanbusinessgroup.org.

As a general rule, students should only consider obtaining a private student loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms.

The fees charged by some lenders can significantly increase the cost of a private student loan. A private student loan with a relatively low interest rate but high fees can ultimately cost more than a loan with a somewhat higher interest rate and no fees. Did you know the lenders that do not charge fees often roll the difference into the interest rate? A good rule of thumb is that 3% to 4% in fees is about the same as a 1% higher interest rate.

Be wary of comparing loans with different repayment terms according to APR, as a longer loan term reduces the APR despite increasing the total amount of interest paid. Financial Aid Loan Analyzer Calculator may be used to generate an apples-to-apples comparison of different private student loan programs.

The best private student loans will have interest rates of LIBOR + 1.8% or PRIME - 1.00% with no fees. Such private student loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a credit worthy cosigner. It is unclear how many borrowers qualify for the best rates, although the top credit tier typically encompasses about 20% of borrowers.

Generally, borrowers should prefer private student loans that are pegged to the LIBOR index over loans that are pegged to the Prime Lending Rate, all else being equal, as the spread between the Prime Lending Rate and LIBOR has been increasing over time. Over the long term, a loan with interest rates based on LIBOR will be less expensive than a loan based on the Prime Lending Rate. About half of lenders peg their private student loans to the LIBOR index and about 2/5 to the Prime lending rate.

Some lenders use the LIBOR rate because it reflects their cost of capital. Other lenders use the Prime Lending Rate because PRIME + 0.0% sounds better to consumers than LIBOR + 2.80% even when the rates are the same.

It is not uncommon for lenders to advertise a lower rate for the in school and grace period, with a higher rate in effect when the loan enters repayment.

Often the interest rates, fees and private student loan limits depend on the credit history of the borrower and co-signer, if any, and on loan options chosen by the borrower such as in school deferment and repayment schedule. Loan term often depends on the total amount of debt.

Most lenders that require school certification or approval, will cap the annual private student loan amount at cost of education less aid received (COA-Aid). They may also have an annual dollar limit as well.

Lenders rarely give complete details of the terms of the private student loan until after the student submits an application, in part because this helps prevent comparisons based on cost. For example, many lenders will only advertise the lowest interest rate they charge (for good credit borrowers). Borrowers with bad credit can expect interest rates that are as much as 6% higher, loan fees that are as much as 9% higher, and private student loan limits that are two-thirds lower than the advertised figures.