*Disclaimer: None of the content in this article, or this website, constitutes any form of immigration advice whatsoever. The material in relation to immigration on this website is solely “signposting”. Readers are encouraged to seek advice from a qualified advisor using the OISC’s website. Any opinions expressed on this website are those of the author and of a business nature, nor do they constitute any form of advice.*

So you’re considering entrepreneurship in the UK, you may be wondering just how important the Innovator Founder visa business plan is. Now, before we go into the visa part, I have to state that common sense indicates that most viable businesses have a business plan. 

Going abroad is normally an experience that most people wouldn’t consider “easy”. Likewise, starting your own business, whether as an immigrant or native, is hardly an easy task. When you combine the two and seek to be an immigrant entrepreneur, you have many challenges ahead of you. 

Therefore, it’s really important to ensure you take adequate measures to get the first step right: your visa. 

In this article, I will be specifically talking about the Innovator Founder visa business plan, and why it’s key to get it right. So let’s go into why the business plan is vital for your Innovator Founder visa. I will also highlight some other reasons why you should have a solid business plan. 

Icon image for the the importance of business plans in obtaining endorsements for the UK Innovator Visa

The Innovator Founder visa business plan is necessary for endorsement

According to UKVI, (the UK Home Office department responsible for visa applications), obtaining an Innovator Founder visa requires you to have the support of an “endorsing body”. 

As my consultancy has a key focus on Innovator Founder visa business plans, I have thoroughly researched these bodies. To save you the effort, I can inform you that basically, all these bodies will require a business plan (at a minimum).

Therefore, you need an Innovator Founder visa business plan to be able to obtain an endorsement.

Icon image for the the importance of business plans due to showing business viability and scalability in obtaining endorsements for the UK Innovator Visa

Business viability and scalability 

As discussed above, your business plan is a key requirement for obtaining an Innovator Founder visa endorsement. 

Before starting a business, you need to ensure that your product or service will have viability and that there will be demand for your offering. 

Ket factors

The process of writing a business plan involves researching various elements. These include (but are not limited to) the following:

  • Product and/or service description
  • Your target market 
  • Marketing strategy and milestones
  • Competitor landscape 
  • Financial forecast 

Without any validating research, your business idea is just the latter: an idea, based on assumptions. 

Conducting the research and drafting a business plan helps you validate those assumptions. 

Of course, any business is a risk. However, pursuing a business that is backed by research and market need makes it a calculated risk. 

Icon image for the the importance of business plans in obtaining funding in article about the importance of business plans for the UK Innovator Visa

Business plans are essential for funding

And lastly, if you intend to raise funding from any type of investor, you will need a business plan. Plus, it’s noteworthy that you need a solid (and defensible) one. 

This article highlighted a number of key points with regard to the importance of an innovator founder visa business plan. If you wish to learn more, or need help with getting started on the business plan, contact me for more information.

Find out more about my services for Innovator Founder visa business applicants HERE.

Sohrab Vazir at NatWest Great British Entrepreneur Awards

About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats.I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme (similar to the current Start-Up Visa). Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (which was replaced by the Innovator Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.