Tier 1 Visa Business Plan – What You Need to Know
Planning to invest in the foreign market or launching your own business abroad sounds like an exciting idea. If you are planning on utilizing your savings to establish your business in the foreign market, then you have landed on the right page. There are multiple complications and a myriad of other stuff that needs to be taken into consideration before your plan can be implemented. However, getting the Tier 1 entrepreneur visa is one of the primary steps that you need to focus on. Once you have the visa, only then can you continue with the rest of your strategy to materialize your business.
Being an entrepreneur takes a lot of creativity and if you are serious about your business, then finding time for anything else, at least in the beginning, is next to impossible. This is why writing a business plan can turn out to be quite a frustrating task for entrepreneurs. Creating a strategy for your future business, defining its goals and targets, and determining how you will achieve all of them is quite exciting, however, writing several pages of a document that eats up hours of your time can be an annoyingly boring and dull task.
Is It a Necessity?
For someone who is looking to establish a business in the foreign market, the tier 1 visa business plan is an absolute necessity. You are not even eligible to apply for the entrepreneur visa if you don’t have a firm business plan at your disposal. Back in 2013, a test by the name of Genuine Entrepreneur was established that evaluates several factors including the business plan of an individual to determine how serious they are about their venture, the experience they have in their back pocket, and the skills they possess for turning their business plan into reality. It is imperative to state here that, according to an estimate, approximately 50% of the applicants are rejected because they fail the test which the business plan is a crucial part of.
Why Do They Fail?
There is no argument that a standard business plan is not sufficient to impress the authorities and get the entrepreneur visa. The tier 1 visa business plan is to be crafted meticulously to considerably increase your chances of getting your visa approved. Lack of such knowledge is the primary reason why many peoples’ visas get rejected. In order to make your application stronger, it is necessary that you provide sufficient information regarding the academic qualifications that you hold and how they are relevant to the market in which you are planning to invest. Details about your experience in the market are also important to get your visa approved; having experience in the foreign market that you are planning on investing in can work in your favor. You also need to provide the relevant information to authorities about your business aims and objectives and show them how deeply you have researched the market of their country in order to tell them how serious you are about your business. The broader the research, the more seriously they will take your application.
Writing the Tier 1 Entrepreneur Visa Business Plan
Being familiar with the essential components of the business plan which improve your chances of getting the tier 1 entrepreneur visa should be your priority before sending an application. In order to make the task easier for you, we have taken the liberty of highlighting a few of the components which you must highlight in your business plan.
- A comprehensive description of what your business is going to be and the kind of services or products that it is expected to offer.
- The kind of investment that you intend to make. Mention the upfront investment, as well as that which you will be making along the way until the break-even point is reached.
- The financial forecast that highlights the business proceedings for the next couple of years and the revenue that it is expected to generate is of absolute importance.
- Don’t hesitate to boast about your qualifications and the experience that you have in the relevant industries.
- Perform a thorough SWOT and PEST analysis to show your market research and in-depth knowledge.
- Determine your target market and the rationale behind choosing it. Then explain the marketing plan to reach out to your audience.
- Mention the prices of your products or services and justify them with logic.
- Include the specific location or venue where your business will be established. The commercial base and its thorough details should be at your disposal.
- State your knowledge regarding the regulations that you will be required to comply with, as well as the license that you will need along with your intention of how you will get that license.
- Thoroughly elaborate the staff that you will be needing and the job descriptions for each employee.
- Finally, talk about the professional advisors who will be helping you out throughout the implementation of your business plan. Such professionals include lawyers, accountants, and many other professionals.
Now that you are familiar with the key components of the business plan for a tier 1 entrepreneur visa, you can improve your chances of getting your application approved. While it will take a lot of your time to be fully prepared for the visa application in the best way possible, once you have it in hand, it is going to be absolutely worth it.