Where should my business plan say my funds are going?
“The first answer is that the investment must go into the business. It cannot go back to you via a salary. Each cost/expense has to be justified. Not only do you need to show evidence that the product or service you are spending the money on (salaries, rent, hardware, marketing etc) is required by the business. You must also show that the amount of money you are planning to invest in them is reasonable.
When we write your business plan, we’ll make sure that it’s tier 1 compliant. Meaning every single cost will be justified through market research. We’ll also list reasons for those specific investment choices over others.
Specifically, It’s important that you show that you have thought about the business’s location and premises. Why that area, how much it costs, what your budget is and why you think this is reasonable for that area.
Businesses starting from a tier 1 investment, or those who have been invested in by yourself through your innovator scheme are required to create the equivalent of at least two new full-time jobs. You yourself cannot be one of the employees and you cannot simply take over the salary of an existing employee.
The business plan must, therefore, address how these positions will be created, paid for and maintained for the required length of time. As above, they need to be justified. Your business plan will need to answer:
1 - Why your business needs to hire these roles. 2 - Why the salary you’ve proposed is the correct one.
Writing a business plan for your visa is different to writing for a roadmap or for lenders because you need to make sure you meet the home office guidelines. The best way to guarantee that is to hire a professional writer to write it for you. ”