Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
US Housing Market Real Terms BUY / SELL Indicator - 16th July 19
Could Trump Really Win the 2020 US Presidential Election? - 16th July 19
Gold Stocks Forming Bullish Consolidation - 16th July 19
Will Fed Easing Turn Out Like 1995 or 2007? - 16th July 19
Red Rock Entertainment Investments: Around the world in a day with Supreme Jets - 16th July 19
Silver Has Already Gone from Weak to Strong Hands - 15th July 19
Top Equity Mutual Funds That Offer Best Returns - 15th July 19
Gold’s Breakout And The US Dollar - 15th July 19
Financial Markets, Iran, U.S. Global Hegemony - 15th July 19
U.S Bond Yields Point to a 40% Rise in SPX - 15th July 19
Corporate Earnings may Surprise the Stock Market – Watch Out! - 15th July 19
Stock Market Interest Rate Cut Prevails - 15th July 19
Dow Stock Market Trend Forecast Current State July 2019 Video - 15th July 19
Why Summer is the Best Time to be in the Entertainment Industry - 15th July 19
Mid-August Is A Critical Turning Point For US Stocks - 14th July 19
Fed’s Recessionary Indicators and Gold - 14th July 19
The Problem with Keynesian Economics - 14th July 19
Stocks Market Investors Worried About the Fed? Don't Be -- Here's Why - 13th July 19
Could Gold Launch Into A Parabolic Upside Rally? - 13th July 19
Stock Market SPX and Dow in BREAKOUT but this is the worrying part - 13th July 19
Key Stage 2 SATS Tests Results Grades and Scores GDS, EXS, WTS Explained - 13th July 19
INTEL Stock Investing in Qubits and AI Neural Network Processors - Video - 12th July 19
Gold Price Selloff Risk High - 12th July 19
State of the US Economy as Laffer Gets Laughable - 12th July 19
Dow Stock Market Trend Forecast Current State - 12th July 19
Stock Market Major Index Top In 3 to 5 Weeks? - 11th July 19
Platinum Price vs Gold Price - 11th July 19
What This Centi-Billionaire Fashion Magnate Can Teach You About Investing - 11th July 19
Stock Market Fundamentals are Weakening: 3000 on SPX Means Nothing - 11th July 19
This Tobacco Stock Is a Big Winner from E-Cigarette Bans - 11th July 19
Investing in Life Extending Pharma Stocks - 11th July 19
How to Pay for It All: An Option the Presidential Candidates Missed - 11th July 19
Mining Stocks Flash Powerful Signal for Gold and Silver Markets - 11th July 19
5 Surefire Ways to Get More Viewers for Your Video Series - 11th July 19
Gold Price Gann Angle Update - 10th July 19
Crude Oil Prices and the 2019 Hurricane Season - 10th July 19
Can Gold Recover from Friday’s Strong Payrolls Hit? - 10th July 19
Netflix’s Worst Nightmare Has Come True - 10th July 19
LIMITLESS - Improving Cognitive Function and Fighting Brain Ageing Right Now! - 10th July 19
US Dollar Strength Will Drive Markets Higher - 10th July 19
Government-Pumped Student Loan Bubble Sets Up Next Financial Crisis - 10th July 19
Stock Market SPX 3000 Dream is Pushed Away: Pullback of 5-10% is Coming - 10th July 19
July 2019 GBPUSD Market Update and Outlook - 10th July 19

Market Oracle FREE Newsletter

Top AI Stocks Investing to Profit from the Machine Intelligence Mega-trend

So, How Can I Make A Living In Mexico?

Politics / Social Issues Oct 25, 2012 - 02:54 AM GMT

By: Jeff_Berwick

Politics

Best Financial Markets Analysis ArticleJim Karger writes: So, why don't they pick up and leave?

Money.

They don't have enough to live on the income generated by their savings for the rest of their lives. (Many actually do and believe they don't, but I will save that topic for another article.)


For those who want to live in Mexico, and who know they will need to work to stay here, this is for you: Some ideas on how to make a living south of the border.

Before I discuss ideas for businesses and jobs that can and have worked for other expats in Mexico, lets talk about what won't work: Competing with Mexican nationals for semi-skilled jobs. They barely make enough to survive. You won't last a month performing hard labor for $2 or $3 dollars an hour.

Which leaves a lot of vocational options that have merit, depending on location, and which includes starting your own business, or working for an existing business here in Mexico.

Here are a dozen businesses/jobs that a motivated American with the right experience and skill sets could begin and realize their dream of disconnecting from Amerika:

Real estate agency This business is perhaps the most common startup among expats. It can be established with relatively modest capital and if you can list and sell property, you can make a living. Unfortunately, it is late to get into this game in most Mexican cities where Americans and Canadians are prevalent. Unless you can bring a model to market that no one else has thought of that will cause real estate that hasn't sold to sell, you will be one of a large pack in a currently depressed Mexican residential real estate market. Going to work as an agent for an existing agency is also a possibility if you have experience and a record of success.

Coffee shop/Internet café This is another business that many expats have tried and some have actually succeeded. But, in San Miguel de Allende where I have lived the past 11 years, the city seems saturated with opportunities to buy your morning fix. That said, there is always room for a coffee shop with a new twist in a new area. Just be ready to take on the likes of Starbucks, who are taking Mexico by storm.

Restaurant Most restaurants fail regardless of which side of the border you are on. But there are notable exceptions. One young couple from the northeast with restaurant experience came to San Miguel a few years ago and opened an Asian-fusion restaurant with a creative menu and an even more creative bar. They have done well.

B&B Buying a property that lends itself to offering rooms and breakfast can be a good, if low volume, business. They key to success is to buy the property at the right price after evaluating demand and location.

Tours Bringing in tourists from the US and Canada and providing customized tour services can be attractive in the right market, meaning a location in Mexico deemed safe and desirable by tourists from north of the border.

Employment agency We went through several maids after we moved to San Miguel, not finding one that had the full set of skills we were seeking. One enterprising entrepreneur started a company called: "Maid In Mexico". They came in, determined what we were looking for and trained our maid to service our home and two casitas to a high standard. The same thing could be done training gardeners and handymen. And, for sensitive positions or those with rare skill sets, one could open an agency that conducts background checks, civil, criminal, and confirms experience, for a fee, of course.

Health club/gym Finding a modern, state of the art health club or gym is difficult except for Mexico's largest cities. While capital intensive, if you have several hundred thousand dollars to invest and experience in the fitness business, there may be opportunities in various Mexican locales. If you can't or don't want to own your own fitness business, consider becoming a personal trainer, Yoga teacher, or Pilates instructor. I even know one woman who made a living here for a period of time teaching other women to pole dance (not training to be strippers but because pole dancing is, apparently, great exercise.) Just know you will be competing with certified Mexican nationals doing the same thing and that keeps a lid on potential earnings.

Import/Export Importing into Mexico is highly regulated by the Mexican government and the same is true when exporting good from Mexico to the United States. Someone who can help individuals and businesses leap the legal hurdles might just find a successful niche business.

Non-profit support services The number of NGOs (non-governmental organizations) in Mexico is substantial. Someone who has had experience and success in writing grant proposals, for example, may do very well servicing the many US non-profits that operate in Mexico.

Organics Organic produce and meat may be bigger in Mexico than in the US. Organic farming is popular here and many make their living growing green and selling at various farmers' markets and restaurants.

Accountants and tax preparation professionals US citizens must pay tax on their worldwide income, causing a need for US licensed accountants and tax preparation professionals in areas of Mexico favored by expats.

Medical case management This is a service I haven't seen here yet, but is needed. It might include evaluation of medical insurance alternatives in Mexico for expats, case management for those hospitalized or in nursing or hospice care, including treatment, hospital/doctor selection, and billing. Someone who has a medical and business background might do well managing the healthcare of expats in Mexico.

Those are a dozen ideas. There are dozens more.

Just know that starting and becoming successful in a business here in Mexico or anywhere for that matter requires skill, preparation, market analysis, and hard work. All businesses require, or at least are best-served in Mexico with bilingual owners. So, if you don't speak Spanish, don't wait until you get to Mexico. Find courses you can take now. And, it goes without saying, but I will say it anyway, businesses require money to open, oftentimes as much as a similar business in the US and Canada. Don't come down on a shoestring and believe you can crank up a successful business. It doesn't work that way. If you want to work in Mexico as an employee, determine what you can add.

Either way, if you are serious, come to Mexico, not as a tourist, but with a view to finding and evaluating opportunities that are in demand which can be serviced by your skill sets and to meet the people who can help you leap the hurdles.

Jim Karger is TDV's legal correspondent and the TDV concierge for San Miguel de Allende, Mexico, where he and his wife have lived for 11 years. If you are interested in knowing more or visiting San Miguel de Allende, recently rated as the #1 City in Mexico and the 8th Best City in the World by Conde Naste magazine, contact Jim at jimkarger@runbox.com.

© 2012 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules