How to Write an Innovator Founder Visa Business Plan and the requirements

Innovator Founder Visa

In recent developments, the UK Government phased out the Startup and Innovator Visa in April 2023, introducing the Innovator Founder Visa tailored for overseas entrepreneurs eager to kickstart their ventures in the UK. The main focus of this visa is on experienced business individuals keen on establishing a business in the UK.

A central part of the application process is the Innovator Founder Visa business plan. This document plays a pivotal role in the endorsement by one of the three approving bodies. While a robust business idea is quintessential, the business plan is what truly convinces these endorsing bodies. A notable number of entrepreneurs overlook the importance of this plan, leading to potential rejections despite having potentially lucrative business ideas.

To help streamline the process for potential applicants, here is a breakdown of the requirements:

• You must be at least 18 years old.

• An endorsement letter from an approved UK endorsing body is mandatory. This letter should attest to the following:

• Your eligibility and appropriateness to receive the endorsement under the Innovator Founder route.

• The endorsing body's confidence in the legitimacy of any funds invested into your business.

• There are no concerns that you or your business might be connected to unexplained or illicit wealth.

• Your business plan is in place, and you've either ideated or significantly contributed to it.

• You have a designated day-to-day role in executing the business plan.

• Regular contact point meetings with the endorsing body will be scheduled, at least two times.

• You are either the sole founder or a vital part of the founding team.

• Your business idea is innovative, feasible, and has the potential to scale.

• The endorsement letter was issued within the last 3 months prior to your visa application.

• English language proficiency at CEFR Level B2 is essential (equivalent to IELTS 5.5 across reading, writing, listening, and speaking).

• Financial stability is required: If outside the UK or residing in the UK for under 12 months, you should possess at least £1270 for personal support. Additionally, £285 is required for a dependent partner, £315 for the first child, and £200 for each subsequent child.

• The application must not be subject to general refusal grounds.

• In certain cases, a TB test certificate might be needed.

• These requirements might vary slightly based on individual case circumstances. For a comprehensive understanding and expert advice, consulting an immigration lawyer is advisable.

Innovator Founder Visa Application Rules - A Quick Overview

Changes made to the Innovator Founder Visa application process have made getting a business started in the UK a lot easier. Let’s talk about the key changes and how they affect your business plans going forward:

●      No More £50,000 Investment

Businesses used to have to provide at least £50,000 to invest in the new business as part of the application process - it was a way of ascertaining which companies could contribute to the UK economy quickly. However, this rule has been scrapped, opening the doors to a lot of good business ideas from entrepreneurs who may not have the capital at the time of their application.

●      Reduced Contact Points

The old scheme meant that new businesses would be required to be in contact with a regulatory body at regular intervals - there were 6, 12 and 24-month periods. However, new rules only mandate two contact points at flexible times, leaving businesses free to operate without restriction.

●      Secondary Employment

Entrepreneurs were not allowed to seek secondary employment during the old scheme. However, you’re now allowed to seek secondary employment to help supplement your income and maintain a lifestyle until such a time as the business generates enough money to negate the need for other work.

As we can see, the new scheme makes it a lot easier for entrepreneurs to enter the UK and start a business under the Innovator Founder Visa. Generally speaking, the UK is happy to welcome any entrepreneur that will meaningfully contribute to the economy, but there have to be some rules and regulations in place to make sure that only the right types of people are coming in.

However, you’ll still need a good business plan to get your application started, so let’s talk about that in more detail. It’s all well and good having a fantastic business idea, but without the plan to support it, the chances of you getting accepted are quite slim.

The Key Traits of a Successful Innovator Founder VISA Application

When it comes to a successful application, there are three main areas, which are viability, scalability and innovation. They’re all important parts of a visa application, so let’s take a look at each one individually.

Innovation

During the innovation part of the process, you should take a look at how the business sets itself apart with regard to existing services or products currently on the market. In essence, you need to find your unique selling point.

It’s also important to try and identify who will benefit from the business and how they can benefit, which takes a look at the target market in the process. You’ll need to be able to identify regional, national and international competition where applicable to know how your product will likely perform.

If you know about these types of things, then you can look at how your business is likely to compare to the competition. How do you go above and beyond?

Finally, you should take a look at the current state of your business, and what level of development it’s at. You need to know the rate at which your business is developing, as well as the potential it has to be successful.

Viability                                                       

The second main consideration for any entrepreneur looking to start a business is viability. Your business plan will need to demonstrate how the business will establish itself here in the UK, as well as how it can develop and grow. You need to be able to evidence that there is potential for growth.

Scalability

This part of the business plan is all about scalability. Essentially, we are taking a look at the financial requirements of your project. What do you need to start the business? How is the capital being generated? While it is true that you don’t have to have the £50,000 ready before you enter the country, any good business plan has to look at things like finances.

What you need to do is demonstrate that your venture can be scaled up and down. You can do this by showing that you have access to all of the resources necessary for the business to start, whether this is the capital, business space, the necessary talent, having the rights management, structure, or whatever else will help.

Key Information To Include

It probably shouldn’t come as a surprise to anybody that there is a fair amount of key information that needs to be included in any application. Your business plan should have a few specific details to help investors and approving bodies. Learn about your business. Let’s take a look at what should be in there:

The Market Assessment

As part of your successful application, you will be required to do a market assessment. This means you need to examine the UK market and conduct consumer research to identify how your business will grow and what opportunities you may have. You will use this information to explain why your business could be useful in the UK, who your target audience is, and what the potential for success is.

The Product Fit

Obviously, the next main consideration is going to be product fit. You need to try and show how your business provides a solution to a problem that your customers are having. It’s really important that you can demonstrate that your product is actually going to help people.

The Marketing and Sales

Marketing and sales are important parts of any business because it does have a big bearing on how well you do. You need to make sure that you are taking things like marketing and sales very seriously because otherwise, your business may not succeed in the way you want it to.

You need to show that your business has a clear and actionable route to get to market itself, and also support this with evidence of your engagement with potential clients before the business is even started. You should also have a contingency plan for an increase in sales, especially as the business grows and develops.

The Interpersonal Skills

This is part of the process where you demonstrate your interpersonal skills and business experience. It’s important to demonstrate that you can successfully run the business and have the necessary leadership and communication skills to make it work.

This means you will want to create a business plan which is both engaging and convincing. It should also talk about how you plan to recruit new people to work alongside you.

The Operational Planning

This part of the process is fairly straightforward. You will need to talk about the operational planning of your business. This means that you need to have things like a relatively detailed task list, along with a handful of key milestones in the process and a relevant timeframe for the company. It’s the sort of thing that showcases your ability to plan ahead.

With that being said, any details concerning the resources that you need is also recommended, but you need to make sure that this kind of information is pretty comprehensive and shows that your business can thrive and grow as necessary.

The Financial Planning

Finally, one of the last pieces of key information that you need to make sure you include is a detailed financial plan. You should definitely take a look at the financial assumptions of your business, but they should be realistic and feasible. It’s worth including a monthly forecast for the first year of the plan and evidence that you can access the finances required for the project.

The Importance Of A Business Plan

Obviously, having a business plan that works for you is very important. You need to be able to get the best results for your application, and you have to be able to evidence that your business is a viable prospect, so a business plan is often the best way forward.

There are a lot of businesses that don’t think about the plan when they are applying to start up a company in the UK. Too many entrepreneurs don't think about the consequences of not having a good business plan, and then they get rejected by one of the approving bodies.

Business plans are an important part of any successful company, whether you are applying for a visa or trying to secure investments because business plans are used to convey all the information necessary for somebody to know what your business is all about and an easy-to-understand document.

We Help Create Business Plans

If you are an entrepreneur who is looking to come to the UK and start a business, then you should definitely work with the right business plan writing service for the job, and we are more than happy to help with this. Please check out our Innovator Founder business plan service here- Innovator Founder Visa Business Plan Service.

Our team has extensive experience when it comes to creating business plans that can be used in a range of different situations. We actively strive to help you get the best results because we understand how important that can be. We have done a lot of work with entrepreneurs in various industries, so creating a business plan is no problem for us.

When it comes to getting a business plan for your needs, we offer you two different options on what you can do. First of all, we will take a look at an existing business plan that you have created and analyse it for you. We can take a look at the plan, tell you what works and what doesn’t, and then help you make improvements to the original design, but the essence of what you’re trying to create is still yours.

Alternatively, if you’d rather get a professional touch from the beginning, we can create a brand-new business plan for you from scratch. Our writers work closely with you to help build up a profile of your planned business and what it will do, and then we translate this into an effective plan that can communicate what you have to offer and why you should be granted a visa. The plan is always customised to your specific taste and represents your business in a way that is authentic to you.

We cannot stress enough how important it is to get a business plan created for your visa application. Having an idea that works is great, but you also need to design a business plan that will be effective from day one. Think of this as the document that will tell an authority or investor anything they want to know, which will help a lot with getting the approval you need.

So, with that in mind, please do feel free to contact us. If you have any questions about what we can offer you. A team member would be happy to work with you and help you pick out the best options, as we have considerable experience in doing so.