Tier 1 Entrepreneur Business Plan
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One of the most important factors when applying for a Tier 1 Entrepreneur Visa is a quality business plan.
According to the Home Office, writing a business plan well could mean the difference between your visa being granted or rejected – a poorly-constructed business plan makes up for 1/3 of all Entrepreneur Visa rejections.
As part of your Tier 1 Entrepreneur Visa application process, you will be expected to present a business plan to the Home Office which shows your business would be successful in the UK and would ultimately benefit the UK’s economy. In your Entrepreneur Visa interview, you need to discuss your business plan in detail.
When writing a business plan, you should bear this in mind and make sure that you know every detail of your business plan from start to finish. This will include knowing your forecasts and projections, the employees you will hire and the roles they will fill.
Your Tier 1 Entrepreneur business plan should be produced with the advice of experts but you will need to know every detail of it before your interview. With IAS, your lawyer can advise you on the best options for writing a business plan and help you prepare for your meeting with the Home Office.
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Frequently Asked Questions
A business plan is a document which outlines a business model, financial projections, goals and objectives, product marketing plan and business structure.
A business plan is necessary when you are applying for a Tier 1 Entrepreneur Visa, as you need to demonstrate that your business is viable and lucrative.
A business plan is a way for you to discuss every aspect of your business in detail and, when it is being assessed by the Home Office, it will be used to show that you have an in depth understanding of your prospective business.
A business plan should give detailed information on every area of your business.
These areas include:
- An executive summary of the business;
- An overview of the business;
- An operations plan (including physical setup of the business);
- Market Analysis;
- A description of the products/services you will be selling;
- An outline of your sales and marketing plan;
- Analysis of competition (other similar brands of companies);
- Information on all roles and players involved in the business;
- Financial plan and projections.
We can place you in contact with a specialist business consultant, who can assist you with planning and writing a business plan which is of the highest-quality.
Your consultant will:
- Meet with you at a time that suits you;
- Advise you in person, over the phone, or via Skype;
- Work with you to ensure that all key areas are discussed in-depth;
- Ensure that your plan is organised and structured in a way which makes it navigable to the home office;
- Organise, collate, structure and polish your business plan.
With the help of your consultant, you will be fully equipped for your Entrepreneur Visa interview and your business plan will be in the best possible position to meet the standard demanded by the Home Office. This will maximise your chances of a successful outcome with your Entrepreneur Visa application.