A Business plan is a key part of a startup and innovator visa application. A business plan is the formal document that encloses your business goals, the techniques and process through which the said goals would be achieved.
The business plan also contains the background information of your company, the type and essence of the business, the time span of the business, the company or business’ financial projections, and methods of achieving the set goals and targets.
A business plan is an important decision making and management tool which every serious business owner should have especially when applying for a loan or a startup visa. It is the tool that makes prospective investors take you seriously.
A business plan is like a road map that makes you organized, so you don’t begin to second guess or make mistakes. It also helps build your confidence and give you more insight about your business, because it exposes you to every detail about your business.
Your business plan should also have the ability to convince investors that your business is very lucrative and would lead to a high financial outcome. Your business plan should also be sustainable and have an advantage over your competition.
Your business plan should answer the, who, what, where, when and why questions of business. Most people seem to believe that writing a business plan is a walk in the park and others feel it means thick pages, but that is not the case.
Your business plan should be simple, credible, attractive, understandable, concise and straight to the point.
Before going into the steps to take when writing a business plan for an innovator and startup visa I would like to quickly state what they are.
A startup Visa is a temporary residence permit for entrepreneurs and business owners who intend to raise funds outside to become a permanent resident visa owner.
While an Innovator Visa is for experienced company owners who intend to build a business in the United Kingdom. For Startup approved applicants they get 2 years leave and can also invite family members while successful Innovator visa applicants get 3 years and can also bring their family members and loved ones.
So here are the steps and things to consider when writing a business plan for an Innovator and Startup Visa;
Your business plan should be divided into sections
Business Overview– The Business overview is a general description of the business. It contains the Major demographic, economic, social and cultural Factors. This simply explains how your products or services will fit into overall social and economic trends.
The Major Players – these are the main people/workers in your business.
Government Regulations – These are the rules and regulation that controls the way your company can operate.
The Market – This is about the Market Segment, Products & Services, Pricing and Distribution, Market trends, Implications or risk factors.
The competition – This segment is where you mention companies that are in direct or indirect competition with you. You write about the type of competition, the Competitors' Strengths and Weaknesses, and Competitive advantage.
Sales and Marketing Plan– This is where you layout your plans, on how you intend to drive sales, and put your products or services out there. This is basically your market strategies in whole.
Customers – This simply answers the Who question. Your customers are those you intend to sell to.
Suppliers – These are vendors you intend to work with to deliver your service and products. When choosing your vendors you need to make sure they are efficient and reliable.
Advertising and Promotion – This deals with the channels you would use to market your products or services.
Pricing & Distribution – Pricing the amount that is required to pay for your product or services while distribution is how you intend to make your product or service available for consumers.
Customer service policy - This is the rules and regulation regarding the conduct of your employees when dealing with customers/client.
Operating plan– This section deals with your company's objectives, goals, procedures, and timeline. It also states the necessary steps you would be taking to complete your company’s mission.
Business location & requirements – This is where your office or company is situated and the reasons you chose that location.
Advantages / lease details – The benefits your location gives you in your business and over your competition. You would also be enclosing the proof of lease.
Equipment / technology – These are the tools, machineries and the level of technology you would be using.
Environmental aspects – How your product or services relate with the environment.
Human Resources Plan– This section is about your key employees Policies & procedures.
Action Plan– This is section is about your proposed strategies and the timetable.
Executive Summary- This is a very concise description of the project, the financing required, and other necessary information that helps explain your business plan.
Appendix: Financial Plan– This is the company’s financial performance history and the projected sales. It also contains your income statement balance sheet, cash flow budget financial requirements, performance indicators and personal status.
It is very paramount, that you carry out detailed research into your line of business, when writing a business plan for a Startup Visa or Innovator Visa. As this will give you a great advantage.
At Tier1 Business plan we have experienced and professional business plan writers who can help create attractive and convincing business plans.
Feel free to contact us on - 02035407770 and our email – info@tier1businessplan and we would be happy to assist.