Creating A Business Plan For An Innovator Visa
Crucial to many business visa applications is having a strong business plan. This is especially true for the innovator visa which which will be brought under scrutiny by the Home Office, investors and endorsing bodies. It is therefore vital for you to have a strong business plan which meets the specific criteria of the Home Office.
Having several years of experience working with clients to develop their business plan; as well as a detailed understanding of the Home Office’s requirements; and, connections with expert business consultants; Westkin is able to provide you a top-tier business plan.
What does the Home Office look for?
Central to your business will Home Office’s focus on innovation, viability and scalability in the business plan.
When considering the innovative nature of a prospective business the Home Office has told potential endorses to ask:
– Does the applicant have a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage?
This is quite a broad question but in break this down we ask ourselves
– How similar is your business to competitors and those in a similar local trade?
– Is there a need for this in the UK market which is currently left unfulfilled?
– Does your business bring something new to the UK and global business markets?
When considering the viability of a prospective endorses will be advised to ask:
– Does the applicant have the necessary skills, knowledge, experience and market awareness to run the business successfully?
Again, this is quite broad, but we try to break this down by asking:
– What market research has been undertaken? – How realistic and sustainable are your product goals?
– What is the long-term plan for your business?
With respects to scalability, the official guidance asks:
– Is there evidence of structured planning and of potential for job creation and growth into national and international markets?
In forming our business plan, we will ask:
– How likely is your business to gain sufficient traction? – Does it have potential for growth?
– Will this business successfully scale to be a part of the national market? In asking these questions we tailor your business plan to demands of the Home Office and possible endorsers.
Our 5 steps to create your business plan
Whilst recognising the uniqueness behind each business, we have established a proven process through which design your business plan and prepare you for your interview.
1. Assess your background
– In order for us to optimise your application, it is necessary for us to understand your education, work and business experience. From here we will match this with your desired business in the UK. It should be noted that the Home Office has a bias towards certain businesses, and we will bear this in mind.
2. Input questionnaire
– Through this questionnaire, you will be able to direct us on how you would like to proceed on your business plan.
– For example, you can detail what you would like your business called, what are its basic services or products, what kind of roles you need to fill
– Provide as much information or market research as you feel comfortable with.
3. Business consultation
– At this stage we will match you with a professional business consultant who will work with you to create a plan that highlights your business innovation, viability and scalability.
4. Business Review
– After an initial consultation we will provide you with detailed feedback as to how you can best optimise your business plan to meet the Home Office’s requirements as well as endorsers.
– At no extra charge, you will be able to provide further feedback or make any amendments to help craft your business plan.
5. Mock Interview
– With your business plan completed, we can now prepare you for the interview. This can be quite a daunting process however, through our support many of clients have been successful in gaining an endorsement.