Start Up Visa Business Plan Sample

The new start up visa is for people having an innovative, viable and scalable business idea to establish a business in the UK. A successful applicant will be granted 2 years of leave which may progress into the innovator visa category for the purpose of settlement.

There are 3 main requirements for eligibility to apply for a start-up visa.

1. A business plan has three main elements including;

• • Innovation
  • Viability
  • Scalability

2. Meet the English language requirements

• • CEFR B2 level

3. Maintain sufficient maintenance funds for the main applicant and dependents

• • Currently £945 for main applicant & £610 for each dependant

Is my business plan viable?

The first is the most difficult to accomplish, as an applicant has to prove that they have a business plan endorsed by an organisation listed on Gov.UK as an endorsing body. The process of endorsement is hard as it requires an endorsement letter and undertaking from the designated body confirming they will make checks on 6, 12 and 24 intervals to ensure the progress on business.

So how do you know if your idea is worth pursuing? Here are some questions to ask yourself to make sure you know how to swim before diving straight in.

• is there a market for it?
• is there a room for you?
• can you fund it?
• do you a contingency plan?
• have you got what it takes?

Business Plan

The Business Plan includes:-

• Title Page (Face Sheet)

– including the Business name, logo, address, phone fax web address etc, principal’s name(s) and date of the latest revision

• The Executive Summary

1. This should be no more than 1 -2 pages in length
2. This is the very last part of the plan to be written
3. It is a summary of what, where, when, who and how and your vision for the business
4. It outlines headline costs, the investment needed and likely returns

• Table of Contents

 – (sections and pages should be numbered) –also 1 page only

• – Section 1 – Objectives

– the main aims and objectives of the Business and your own personal aims and may include a mission statement

What do you personally want to achieve and why?

What do want out of this achievement for yourself – power, success, excitement, status, money, Where do other people fit in? Are you doing this alone or is this a shared ambition

What is your idea? Where has your idea come from? What sparked it?

Is it your idea alone or do you share it with anyone?

Have you told anyone else about it? Who and what have you told them?

Do you want a business – something to set up, manage and run or do you just want an income from licensing or selling your ideas or intellectual property?

What do you want from a business – a nice place to work, companionship, to be the boss, a shared achievement, money?

What do want for your business – steady or rapid growth, to go public, sell  out, build an empire?

What have other businesses been able to achieve in the industry sector you’re proposing to join? Where have they failed? Why will you succeed where they’ve failed? Business proposals which deviate significantly from industry norms may be heavily criticised and substantial reasons should therefore be given.

And obviously, not every ambition and goal will be reached at the same time, but what is your near future estimate of how long you think it will take to achieve the bulk of the ambitions.

• Section 2 – Abilities –

1. Personal Strengths and Weaknesses of you and all key principals,
2. Experience, Motivation and what you bring to the Business, but NOT your CV (that can go in the appendices). Why are you the person(s) to run this business
3. Key personnel and Training (if relevant)

Why should anyone work with you and help you achieve your ambitions?

Why should any investor back you? What’s special about you compared with other entrepreneurs?

What do you bring to the party?

• Section 3 – Business Description
• A summary of the Trading Process, The product, and for whom, Where? Details of the product and services you will be offering

So what is your business response to the opportunity you have identified? Is it a new product/service altogether? Or are you delivering your product into the market in a novel way? In other words, how do you propose to commercially exploit the perceived opportunity? 

• Section 4 -Market Research

– Primary and Secondary research

1. How undertaken –describe the method
2. Customers …identify customer base, segmentation of market
3. Competition and competitor analysis
4. Consumer reaction

What research are you going to do to prove there is a demand for your product or service. How will you know that there is a need or want?

Who are your competitors?

Why are they your competitors? What products or services do they supply, or what do they do now that makes you recognise them as competitors?

What do you think your competitors will do when you launch your product into the market place?

• Section 5 – The Marketing Plan

1. Product – …identify the benefits / USP’s
2. Place – where based, where interface with your customers, location facilities etc
3. Price – clear and reasoned pricing policy
4. Promotion – initial plans, How the market will be captured -advertising, discounting of pricing,  timing of launch.
5. How the market will be reached- outlets, distribution plan
6. SWOT and PESTEL analysis
7. Any Projected Sales targets must be justified and realistic to achieve

Where do you think the business opportunity is?

Who do you think are your customers? What do you think are their needs or wants that make them your customers?

What currently happens? What do they do now to satisfy those needs or wants? Is there already an existing product being supplied into the market place for them? What’s wrong with it as far as your customer is concerned?

Is it your intention to take a share of that market? Or is it a new market altogether? In other words, what is your rationale for setting up a business operation?

What is especially unique (and therefore valuable) about the product or service or process that you are proposing? Have you taken any steps to protect this uniqueness (e.g. patent, trade mark applications)? Have you told anybody about this?

• Section 6 -The Organisational Plan –Logistics

1. A description of the business and how it will operate –the business model to be employed
2. The legal structure of the business
3. Premises, Equipment, Insurance, Legislation and Licences etc
4. How the market will be reached- outlets, distribution plan
5. Management and personnel – how the functions will be covered.
6. The support /other stakeholders in the business.
7. Any IPR issues – Patents, trade marks, design rights etc.

Summarise all that now in a few simple paragraphs, or better still, draw a picture or diagram or flow chart – what’s your big business idea?

• Section 7 – The Financial Plan

1. Detailed assumptions regarding income (sales forecast), ongoing expenditure and cost of sales / overhead costs , initial ‘Capital Costs’ and other ‘Start-Up’ costs.
2. Projected Profit & Loss Account for first 3 years ( on one sheet)
3. Break Even Calculation(s)
4. Cash Flow Forecast for first 3 years ( 3 separate sheets)
5. Sensitivity Analysis e.g. “how will you balance the books if sales reach only 75% of forecast?”(Pessimistic) or “what is the impact if sales reach 125% of forecast?” (Optimistic) v. ‘Realistic’. For Year 1 only.
6. Funding required to start-up – your own financial contribution v. any grants, loans or overdraft facilities required
7. Personal Survival Budget – your fallback position (these details go into the appendices)

• Section 8 – Appendices

 – these are the Supporting Documents and may include  –

1. Curriculum Vitae (CVs) of owners / managers / partners
2. Market Research Data and Competitor Analysis, including specimen questionnaires, tables of results, etc. and may include detailed results of the surveys done
3. Letters of Intent to sell(to customers ) or to provide( from suppliers)
4. Copies of Patents applied for / other Intellectual Property
5. Copies of any letters of consent (e.g. from the landlord, local authority etc.)
6. Terms & Conditions of Trade
7. Letters of Reference or Support

Need assistance?

Our team of expert immigration advisers are well-versed in start up visa application. Our experiences will work seamlessly to favour and provide you with the most optimised document to maximise the chances of approval.

Disclaimer:

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Adivis and authors accept no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Adivis. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Adivis.