10 weeks of Tier 1 Entrepreneur visa tips – Week 4 - Your business idea must be realistic, not too generic and in-demand in the UK economy.
In Week 1 post we mentioned the importance of the Entrepreneur visa applicant to have relevant skills and experience in the chosen industry. If not their own - then experience of their families or business partners. Here we consider what kinds of business ideas work and don't work, based on our practice. A business idea shouldn’t be too generic. For example, another restaurant or a shop is unlikely to work, there is no shortage of them! Importing consumer goods to the UK could be difficult too (mobile phones, clothes etc) unless these particular goods are in great demand. You have more chance to succeed with a specialist type of skills/services, as long as it is in demand by the economy. Property-related activities are excluded by the Rules (although nothing is stopping you from doing it as a secondary activity, separate from your business for the visa purpose ). Examples of business ideas that are likely to be successful: IT services, particularly very specialist ones...