A business plan is compulsory when applying for a Tier 1 visa, this will be a vital document when making your application. The main purpose of your business plan is to communicate how successful and attainable your business idea is to the Home Office. We have created a short guide on putting together a successful business plan for your Tier 1 application.
1: Executive Summary
An executive summary should be at the beginning of your business plan, this should provide a snapshot of what your business plan contains. For example; you could use your executive summary to speak about key points, focus on your unique selling point and relevant data related to your business.
2: Company Information/Description
This section should focus on any information about the company, the industry, the present outlook and future. If you are opening a franchise or an existing organisation; try to speak about the history, profits and revenue and any other relevant information.
3: Marketing Strategy
This should look at your market in detail, focus on the industry, competitors and market performance. Your business plan should focus on your competitors; try to compare your business to potential competitors, analyse their strategies and look at their strengths and weaknesses.
4: Management And Operations
This section will show how your business will function, in this section you should discuss logistics, your background, experience and the necessary training needed for staff
5: Financial Implications
Show how your aims and objectives can translate into measurable goals. This section should include the costs of running your business, a profit and loss forecast and your budget and pricing.
6: Risk Management
Consider any risk associated with your business, any licences that need to be obtained and authorities that need to be contacted.
This should conclude all your findings in your business plan, this should focus on the opportunity, the key strengths of the business and why it will be successful.
You should list the resources that you used to collect information for your business plan. This will show that you used reliable sources and that you are genuinely interested in starting your new venture.
This should include supporting documents such as bank statements, contracts, cash flows and anything that can support your business plan.
If you are considering obtaining a Tier 1 visa and need assistance with a business plan or application, please contact our expert immigration advisers for an initial consultation.
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