Top Three Tips For Writing An Entrepreneur Visa Business Plan
Ensuring the quality of an applicant’s business plan is key to achieving a successful outcome when applying for a Tier 1 (entrepreneur) visa. Submitting a clear, detailed business plan is part of the genuine entrepreneur test and most application refusals are due to failing to convince UK Visas and Immigration officials that they have a viable business strategy. You and your Immigration solicitor should sit down together to go over your plan, ensuring that the relevant details UK Visas and Immigration will be looking for are included.
Putting together a business plan can be daunting, especially if English is not your first language. That is why we have put together our three top tips for putting together a business plan that will not only help you secure a Tier 1 (entrepreneur) visa, but provide a guide for how to make your UK commercial venture a success.
Tip One – You are not applying for investment or finance
Most online business plan templates are designed for start-ups that are looking to prove to financial institutions or potential investors that they are able to pay back a loan or provide a return on investment. Lenders and investors will use a business plan to evaluate risk.
However, UK Visas and Immigration officials are not looking to lend you money, therefore, the businesses financial forecast, although important, should not the main focus. Instead, emphasis should be placed on how you plan to meet the Tier One (entrepreneur) visa requirements. Examples of this include:
- the experience you have in the sector your plan to invest in
- how you plan to use your investment funds
- how you plan to create two jobs in the UK (so you can extend your visa)
- how well you know your UK market and competitors
- growth plans and sales forecasts
- your role within the business
For this reason, it is best to ignore online business plan templates and write up your strategy from scratch.
Tip Two – Be clear and concise
This tip applies to all business plans but for one that will be read by UK Visas and Immigration officials, it is vital. If a potential investor is familiar with your industry, then technical terms and abbreviations will not faze them. But an official from UK Visas and Immigration is unlikely to have much knowledge about your particular market, so keep the language clear and simple.
This is where your Immigration lawyer can assist you. After all, it is unlikely that they will have much knowledge regarding your particular industry. Therefore, if your business plan can communicate the idea and potential for your venture to your solicitor, then it should be clear enough for UK Visas and Immigration.
Tip Three – Know what to include
Your Entrepreneur Visa business plan should take around one or two weeks to prepare. Although every plan is different, you should include the following information as a starting point:
- an Executive Summary detailing your business idea
- your qualifications and experience in the industry you plan to operate your business in
- details of the market research and competitor analysis you have conducted
- a clear description of your products and/or services and what makes them unique
- your potential customers and how they will be able to buy from you
- the pricing of your products/services
- a marketing plan which includes your advertising, PR and digital marketing strategy
- where the business will be based and details of any staff
- the licences and professional services you have acquired so you can run your business (i.e. the names of your solicitor, accountant etc.)
- financial information, including how your £50,000 or £200,000 will be used, cash-flow statements, sales forecasts, profit and loss sheets
- how you plan to create two new jobs and your knowledge of UK employment law and recruitment processes
The UK Government has raised the bar significantly when it comes to passing the Genuine entrepreneur test. But this does not mean that Britain does not want international talent coming to the country to start up commercial ventures. On the contrary, now more than ever, Britain needs international investment that will create new jobs and opportunities.
However, the country needs genuine entrepreneurs who have experience in their chosen field and the knowledge and capital required to make a start-up succeed. By taking the time to put together a comprehensive, well-researched business plan, you will have no trouble convincing Immigration officials that your business is on track to success and that both it and you will be an asset to the British economy.
OTS Solicitors is one of the most respected Immigration law firms in London. By making an appointment with one of our Immigration solicitors, you can be assured of receiving some of the best legal advice available in the UK today. We will assist you with all aspects of applying for a Tier 1 (entrepreneur) visa and including providing guidance on writing a detailed business plan.
If you wish to discuss any of the points raised in this blog, please phone our London office on 0203 959 9123.