Monday, 13 November 2017
10 weeks of Tier 1 Entrepreneur visa tips – Week 6 – Business plan is the key! And the keys to a successful business plan.
A business plan is a compulsory visa requirement for an initial entrepreneur application. It is also a key to a successful application and meeting the Genuine Entrepreneur Test.
A business plan is a CV (some say “Resume”) of your business. It is a description of your idea, the actions you plan to make it work. The steps you have already taken, such as the market research, approaching potential clients, learning about UK taxes. Plus the steps you are planning in the future, such as organising marketing and employing staff. Finally, a financial plan: how you spend your capital of GBP 200,000, how much sales your business could achieve and profit it would eventually make.
Like with your CV, you would like to highlight your skills and experience for the “job” (the job of running your business in the UK), Like with a CV, you should NOT make the most common mistake of downloading a standard template from the internet. The problem with that is the same as with most CVs these days. They all look the same, they have the same “buzz words”. Just like with a CV, they are full of exaggerations, after all, no one is expecting an “honest” CV, don’t they! As an employer myself (and an immigration entrepreneur in London), I stopped reading CVs a long time ago and prefer interviews where I can judge the person’s reaction on the spot.
Worth asking a question: why are Entrepreneur visa interviews so poplar now? Perhaps the visa officers cannot make any judgement from reading yet another “boring” business plan that looks exactly like all others? Perhaps they would rather talk to you at the interview and ask “tricky” questions to see your reaction and how serious and competent you are?
The most important thing to remember is that your business plan will be assessed by the visa officers, ie by the government employees (not by your industry colleagues and not by businessmen). They won’t be familiar with the professional terminology, but they will have to somehow judge whether your business is going to be successful.
What do we do differently? For starters, we use the structure that reflects the visa requirements. We include information about the applicant (a “CV”), your plans to create jobs for settled workers and what duties they will perform for what salary (remember, it is one of the conditions of the visa!). We do not go into a very detailed financial analysis (the visa officers are not accountants) except the common-sense and realistic calculations, such as how you will be spending the capital GBP 200,000, how much sales you expect and how much profit you are likely to make.
We try to explain how the business works in as simple terms as possible. This is achievable with most types except very specialist ones, such as a specialised banking software or nanotechnology where we have to include more terminology than normal. Even then, we add explanations of the terms as much as possible.
Most importantly, we insist our Entrepreneur clients provide plenty of evidence to support their business plan. Running a business in your home country? Great, add evidence (accounts, bank statements, clients’ references etc). Have potential clients who may use your services? Even better, add correspondence with them. And so on, so every claim you make has to be supported with the appropriate proof. It is likely that your business plan would be about 30 pages while supporting evidence – 2 or 3 times of that.
What an impressive application you will be submitting!
To read about our business plan writing services, provided by our firm of immigration entrepreneurs, visit our website now: http://www.1st4immigration.com/business-plan-writing.php
Next week – How and when do I invest GBP 200,000? CanI buy a car, a computer or do I just transfer the funds to a business account?
For individual advice or to make an application please contact firstname.lastname@example.org or visit http://www.1st4immigration.com/index.php We respond emails on the same working day! 1st 4Immigration Ltd, authorised by the OISC, ref 200800152. we operate at the highest Level 3 of expertise. Office address: 68 King William Street, City of London, London, EC4M 7DZ.