Submitting the right business plan is key when applying for a UK Innovator Visa. To be successful in your application, you must have an innovative business idea to bring to the UK market and at least £50,000 of investment. Receiving an endorsement from a relevant body is crucial, and depends on the strength of your business plan.

In this blog we will highlight some of the key criteria and requirements needed for a successful application. 

What criteria should your business plan meet for an Innovator Visa?

There are three specific criteria that the business plan should meet, Innovation, Scalability and Viability. 

Innovation 

Your business idea must be original and exciting, offering something completely new and unique to the UK market. If your business idea itself is really strong, it will be easier to create an innovative business plan. 

Some key things to consider covering in your business plan include, what makes it different to anything else that is currently available and trading, how your product or business is business savvy and evidence you have undertaken in depth market gap analysts to show how your business or product would fit into the current market. 

Scalability

Having a strong idea is a great start, however your proposal alone will not get you the endorsement you need and therefore it is important that you can demonstrate your business’ capacity for growth.  

Areas to cover here would include, a breakdown of funding, especially if you already have some or all of the investment needed and where you will acquire further finance from, a list of markets you would want to break into and what resources would be required for this and strategies for promotion.

Viability 

Do you have the knowledge and skills to make your idea work? You must present your business plan as a founder that will be at the forefront of the business and heavily involved in the day to day operations. Ensure you set achievable goals and outcomes for your business and provide a clear plan on how you will drive towards them. 

Examples of what you could include here would be your experience and transferable skills, education and training and research about your target audience and industry market.

Structure of a business plan 

You’re already halfway there if you have a strong idea, but how you put your ideas across in your business plan is key to a successful application. Be sure to lay things out in a logical and coherent structure, as this makes it much easier for potential endorsers to see your innovative idea in full. 

Some key areas to include:

• An executive summary – an introduction to you and your proposal 
• Description of your business idea
• Organisation structure and legal considerations
• Product or service description 
• Market analysis 
• Marketing and promotion plans
• Competitor analysis – looking at any opportunities that you can exploit 
• Finances and budget
• Risk management

If you are looking to bring an innovative start up to the UK, get in touch with one of our advisors today. We can give you step by step guidance throughout the whole process, from application to settling in the UK.