Sohrab Vazir
Consultant | Founder | Global Citizen | Writer
Tag Archives: Entrepreneurship
The general costs of running a limited company in the UK
If you want to start a business in the UK, one of the most common ways is through incorporating a limited company. There are various business structures in the UK that one may start a business through. The most common ways are: It is ultimately up to you to decide which structure fits you best. Each has its own tax implications and regulatory requirements. However, assuming that you wish to start a limited company in the UK, below are some of the costs that you will incur. Accounting Limited companies require the director(s) to submit annual accounts. Preparing and filing a limited company’s accounts, in most cases, will require an accountant’s assistance. The costs of an accountant can vary based on: Generally, you can expect to pay your accountant anywhere between £500-£2000 per year. These are broad estimates, and you may even have to pay more in certain circumstances. Registered address UK limited companies require a registered address. If you have an office, then that address will suffice. However, if you do not have an office, there are two options: Confirmation statement Limited companies are required to file a Confirmation Statement every year, which costs £13. On many occasions, this fee will be covered by your accountant as part of their services. Company incorporation Depending on how you incorporate your company, there is an incorporation fee. The cost can range from £10 to £40. Corporation tax This will depend on whether your UK limited company makes a profit. Currently, the UK’s corporation tax rate is per below: 19% : for limited companies with profits between 0-£50,000 25%: for limited companies with profits above £250,000 For full information, please refer to the UK Government’s website. These are some of the general costs of running a UK limited company. If you are planning to start a business in the UK and need help, get in touch with me to start your journey today. 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 which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
6 useful AI tools for founders & businesses
AI tools are revolutionising the world of work for founders and businesses. From customer service to content creation, AI-powered tools have simplified many of the old processes. In this article, I will highlight 6 AI tools that are super useful for founders and businesses. As a founder or a business, you must use your time and resources efficiently. AI-powered tools help you do so. The world of AI has advanced rapidly, and new ways of using it evolve every day. Now let’s talk about some of those awesome AI tools that will help founders and businesses maximise their offer. Canva Canva has added various AI functionalities to enhance its content creation features. For those who don’t know Canva: it is one of the entrepreneurship world’s biggest gifts to humanity. Canva is useful for both founders and other members of businesses for content creation. Recently it has added several useful AI functionalities, making it even more awesome. The YouTube video below highlights some of these really well, so make sure to check it out! Grammarly In this day and age, grammar and spelling mistakes are becoming a thing of the past. We may partially thank the education system for that. However, a big chunk of this progress is thanks to the power of technology. Grammarly is a reflection of this. It is powered by AI and improves your text and writing. Personally, I’m the type to write typos all the time, personally because I have 50 tabs open on my browser, so Grammarly has been a real treat for me! Tidio Chatbots have become increasingly popular in the last few years. Moreover, many chatbots are powered by AI, including Tidio. Tidio offers a range of benefits, including: -Easy-to-use & simple interface -Integration with various platforms such as WordPress, Shopify & Wix -Customizable AI-powered chatbots & lead generators Personally, as a founder and business owner, I am a big fan of Tidio as an AI-powered tool, and it also comes with a free version. ChatGPT I was not sure if I should mention ChatGPT, given all the hype surrounding it and its parent company, OpenAI. However, a list of AI tools for founders and businesses would be incomplete without ChatGPT. There are so many things that founders and businesses can do with ChatGPT, including (but not limited to): -Content creation -Editing written content -Provision of information -Code: generation, debugging and more Synthesia Another one of my favourite AI tools for founders and businesses is Synthesia. Synthesia is a video creation and media generation platform powered by AI. It helps you create professional videos and use AI-based characters as narrators, who look (too) similar to real humans! Notion AI Using your time and resources efficiently is crucial as a founder and/or a business. Therefore, the last few years have witnessed the emergence of many task management and teamwork tools such as Notion or Trello. Notion reserves a unique spot, as it has gone a step further by harnessing the power of AI. This functionality helps founders and businesses to use Notion AI for tasks such as: -Information management and categorisation -Translation -Content generation -Simplification of information -and much more…….. These are 6 useful AI tools for founders and businesses. As a founder, it’s important to keep yourself updated with the latest tech innovations and leverage them to your benefit. 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 which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
What you should NOT do when writing an Innovator Founder visa business plan
None of the content in this article, website, or my services constitute immigration advice or services. This content is presented as general information and on the basis of personal opinion. For immigration assistance, please refer to a regulated solicitor or immigration advisor. Writing an Innovator Founder visa business plan can be challenging. That’s one of the reasons why many international founders opt to work with me on their Innovator Founder visa business plan. If you plan to apply for the Innovator Founder visa, you must prepare a business plan. I have previously written an article about how to create an Innovator Founder visa business plan. In this article, I want to share some tips on writing an Innovator Founder visa business plan. Specifically, I will be highlighting things that you should NOT do when you are planning your venture. Remember: the perfect business plan does not boil down to being well-written or well-designed (although these are also essential). Writing the ideal Innovator Founder visa business plan requires a well-thought, viable and clear business proposition. These tips will help you in formulating both your business plan, as well as some of the fundamental aspects of your business planning. Overpromise This is one of the biggest mistakes made by founders. Sadly, international entrepreneurs are not exempt either. And it’s easy to understand why: you want to present the “ideal” image for your concept, whether it’s to the Innovator Founder Endorsing Bodies, the Home Office or even investors. However, this is a dangerous mistake, especially if you are held accountable for making progress against your initial Innovator Founder visa business plan. Underestimate your competition & market dynamics In line with the last point, some founders also underestimate their market and competition. This may be done either intentionally, to present an inaccurate/idealistic image of the market, or unintentionally as a result of personal neglect. Overestimate your offer This is an advice that you may not get from many consultants. Remember: simplicity is key. Keep everything as simple and straightforward as possible. Don’t write pages and pages about why your product is ideal and what it does. Instead, dedicate your content to presenting evidence of your venture and the market’s viability. Neglect the financials Cash flow and financial management are integral to every business. You must plan for and state all instances of incoming and outgoing cash flow. Have a plan B for every scenario and determine the financial implications of all scenarios. Need help with writing your Innovator Founder visa business plan? Read about my full services here to find out more. 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. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder 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.
Why SEO is more than just a marketing strategy?
The consensus around SEO is viewing it as another marketing tool and strategy. However, this view is thoroughly incorrect; SEO’s function and impact go far beyond mere marketing. Okay so before I explain the vast functions of SEO, let’s go over what is and entails. What is SEO? Search Engine Optimization (SEO) is the process and practices that aim to increase a specific webpage and/or website’s presence and exposure within internet search engines. As you may be aware, the most popular search engine in the world is Google. Therefore a considerable number of services and literature around SEO revolve specifically around Google. SEO as a marketing strategy In the modern age, our first source of information online is Google/search engines. Hence, it is not a surprise that plenty of marketing campaigns are based on search marketing. First of all, It is important to distinguish between SEO and SMO (social media optimization). Secondly, for the sake of clarity, this article will primarily focus on SEO and the role of search engines. SEO enables businesses to gain exposure to local and international audiences, using a range of metrics in doing so. SEO | brand identity and reputational factor What others say about a business is important, unless you are dealing with an organized smear campaign. Note that in the heading I used the word “identity”. SEO is closely aligned with the “identity” factor both in an individual and corporate context. As I stated before, the main method through which we obtain information about a person or company is by Google/search engines. What appears about you and your business online is the first “picture” that portrays your individual and/or corporate identity. SEO demonstrates competence In line with the previous point about brand identity, SEO reveals more than elementary information about an entity. For instance, say you are looking for a specific service and/or product. Most individuals do not look beyond page 1 of Google’s search results. Why? You can partly blame it on laziness. However, I argue that it’s the principle of ‘trust” involved in this scenario. When an individual or company has a strong SEO presence, it (correctly) creates an indirect reflection of its competence. SEO is integral to inbound marketing I recently wrote an article highlighting the importance of inbound marketing. To keep it brief, I argued that today’s world is hyper-competitive, and therefore you require innovative approaches to marketing. As such, inbound marketing and specifically industry/subject knowledge is an efficient activity within the inbound marketing domain. SEO is the bridge between thought leadership and prospects becoming aware of the thought leader. If you need help with SEO, content writing, or online reputation management, get in touch with me today. 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. As a solo founder, I grew my business to 30+ UK cities, with a global client base across 100+ countries. Following the Pandemic killing my precious work/business, I now transfer my knowledge to other entrepreneurs.
3 UK legislations that business owners should be aware of
There are various UK legislations that business owners must comply with. The UK can be a fantastic place to start a business. However, it is imperative that you are aware of your legal obligations under applicable legislations as a business owner. I have navigated the path of business ownership in one of its worst versions. I was an immigrant subjected to strict business visa terms, 22 years of age and a solo tech founder. So, I know how difficult the whole entrepreneurship can be for each individual. And in this journey, it’s easy to miss some important things. So, in this article, I will highlight three UK legislations that every business owner must be aware of. Data Protection & GDPR (Almost) every business retains and handles personal data. This may seem like one of those “complex corporate” things, it’s crucial to understand. This is a legal area which is subject to misunderstanding, primarily in individual and small business owners. The issue with this part is that many business owners are unaware of. Let me clarify this part with a small case study/example. If you use a website, whether through CMS platforms such as WordPress or Wix, or even code it from scratch, you are collecting user data. In the UK, the key legislations that business owners must be aware of are: Data Protection Act 2018 General Data Protection Regulation (GDPR) Also, ensure that you follow the ICO’s guidelines for your obligations under GDPR. Equality Act 2010 The Equality Act 2010 governs the implementation of non-discrimination and equality in the UK. This UK legislation is applicable to individuals in various contexts, including work. As a business owner, it is important to firstly be aware of your own rights as an individual. It also governs your stakeholder management and how you conduct matters with each, such as customers and staff. Intellectual Property (IP) Intellectual property will primarily concern trade marks and patents. While each of the aforementioned may be applicable to a business, the majority of businesses are concerned with trade marks. Trade marks are applicable to every business as every business requires an identity, where name is the core element. Thus, it is key to understand your branding rights and limitations. This will be attained via sufficient understanding of how trade marks work in the UK. The relevant UK legislations on trade marks for business owners is the Trade Marks Act 1994. Additionally, business owners may access resources provided by the Intellectual Property Office. Patents, on the other hand, are concerned with respect to rights over an “invention” in the form of products and/or processes. In the UK, the legislation concerning business owners is the Patents Act 1977. Are you a business owner and need consultancy on your operations? Book an initial consultation with me for a thorough evaluation……… 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. As a solo founder, I grew my business to 30+ UK cities, with a global client base across 100+ countries. Following the Pandemic killing my precious work/business, I now transfer my knowledge to other entrepreneurs.
The amazing power of inbound marketing
Inbound marketing is extremely underrated, especially when it comes to larger organizations. The reasoning behind this is clear: we live in an impatient business world, and inbound marketing is a long-term strategy. In this article, I wish to briefly highlight what inbound marketing is. I will then proceed to explain why it is not optional but essential to implement an appropriate inbound marketing strategy. What is inbound marketing? So, to provide a full overview, I will define inbound marketing in two ways: Definition 1 | Formal & academic Inbound marketing refers to strategies and practices that discuss, evaluate and correlate with the audience needs, wants and psychological profile (yes, I came up with this myself and did not steal it from somewhere else). Definition 2 | Informal Inbound marketing is about creating content for your audience and reaching out to them without talking about what you sell. The key factor is content creation. This can be in various forms such as SEO, email marketing, video creation, guest posts, research, webinars and so on. The purpose of content creation within an inbound marketing strategy is to resonate with your audience’s wants and needs. The business world, sadly, is guilty of a key marketing flaw. Inbound marketing is often compromised for outbound marketing and direct sales Arguably, the majority of companies often focus on direct marketing methods and generating full life-cycle leads themselves. This article is not to devalue outbound marketing and direct contact methods. However, one goal of this piece is highlighting the current dynamics of the business/marketing world. In doing so, I wish to reflect on how inbound marketing can be leveraged as a primary strategy for each business. We live in a hyper-competitive world Have a new business idea? Somebody has already come up with it. Have a cool new brand name in mind? Somebody else has thought of it already. Launched a new business? There’s a good chance there is a comparative competitor. Already scaling? So is your competitor…… The above serves as a brief verbal demonstration of the global environment in which business is conducted. We are living in the age of “innovation”. From a small business perspective. Everyone has access to the enhanced commercial technologies today, such as Shopify. Therefore, everyone is now somehow self-legitimised to be known as a “businessperson” or a “CEO”. And sometimes, there’s no issue with that, everybody has to start somewhere. The point of this is to show that it’s now somehow about “what” you sell, but “how” you sell it. Likewise, larger corporations also ought to be innovative in their marketing agendas. The issue with outbound marketing is that it is easily replicable and overly used by all stakeholders, from companies to other marketing stakeholders such as agencies. Innovation cannot be applied to “cold calling” per se. Unless you wish to sing people a song on the phone, which I would strongly advise against. Inbound marketing is innovative In contrast, inbound marketing leaves a great amount of room for creativity. One basic, and advanced, example is a website’s blog / SEO. You can use your blog for so much. However, you would be impressed to see how far subject knowledge combined with SEO proficiency can get you. Plus, this approach to marketing allows you to target your specific audience by using subject awareness and thought leadership. Generate loyal prospects Building on the last point and the early definition provided, inbound resonates with a consumer’s needs and mindset. In the context of written content/SEO in an inbound campaign, it is the consumer who is seeking content on a particular subject. This particular subject also somehow pertains to the work of the company. Let’s consider an example: my work as a business consultant working with skilled migrants. I write blogs on issues such as business visa policies. I’m not an immigration lawyer, nor a government representative. However, these are subjects that my prospects / future clients are interested in, and frankly so am I in my own case. This practice has not only attained clients, but also warm qualified leads, as well as prospects on social media such as LinkedIn followers. Cost-efficient (but not time-efficient) Outbound marketing has the advantage of generating results in the short-term. However, those results come at a cost, such as time, staff, planning and more. Outsourcing is accordingly a costly option too. However, inbound marketing, mainly requires “subject knowledge”. Therefore, there is this added element of “skill” within this strategy. However, it can generally be done at a more cost-efficient arrangement. And this principle applies to a range of stakeholders, from solo founders to large organizations. Nonetheless, developing successful inbound marketing campaigns and achieving results take time. It is important that entrepreneurs and companies adopt inbound marketing strategies with a thorough awareness of its long-term nature. Inbound marketing can be a game changer for your business. Need an expert’s opinion? Get in touch with me to discuss your inbound marketing plans! 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. As a solo founder, I grew my business to 30+ UK cities, with a global client base across 100+ countries. Following the Pandemic killing my precious work/business, I now transfer my knowledge to other entrepreneurs.
How to come up with an Innovator Founder visa business idea
One of the questions that I keep getting from inquiries is “How do I come up with an Innovator Founder visa business idea?”Therefore, writing an article on this subject may be useful for many of you who are interested in this path. Disclaimer: none of the content in this article, or website, constitute immigration advice in any shape or form. For professional immigration advice, please refer to a regulated immigration advisor or solicitor. First and foremost, it is important to note that the current immigration rules on the Innovator Founder visa require the applicant to have come up with the business idea themselves. This is reflected in page 4 of the case worker guide for the Innovator Founder visa by the Home Office. Therefore, it is important to note neither I nor any other compliant individual and/or entity shall provide you with a business idea. Any party that does so will be violating the immigration rules. Thus, be wary of any person or company that offers a “business idea for sale”. However, if you do have a business idea, I am certainly able to help you with identifying the strengths and weaknesses of that idea. As the UK’s number one business consultant for corporate immigration, I possess the knowledge and experience that will enable me to swiftly identify the key flaws of your business proposal. In this article, I will provide brief guidance via several starting points that will help you come up with a business idea. Therefore, this is a short “manual” and “how to guide” for coming up with any (practical) business idea, irrespective of the objective. Start with a problem (statement) The majority (not all) of successful business ideas are based on problem-solving. Some may not necessarily solve a problem but rather improve how a problem is solved. Hence, your starting point can be the creation of a problem statement sheet. Get your pen and paper out (or open a Word document) and start brainstorming. Think of the following: Research the market Once you have identified an (unsolved) problem, your next step is to engage in market research. In the case of an Innovator Founder visa business idea, this will be the UK market. This will most likely be a time-consuming process, and you must do it correctly. Your market research should ideally consist of both primary and secondary research. Check out this guide by Hubspot, which I have found to be very comprehensive for this part. Identify your strengths and weaknesses as an individual Once you have identified a problem, and the solution based on market research and validation, you should then analyse your individual skills profile. Consider the following: These 3 steps should help you get started on developing an Innovator Founder visa business idea Once you do develop your business idea, I would then advise you to obtain my feedback on your business idea. I will evaluate your Innovator Founder visa business idea within a reasonable timeframe and at a reasonable cost. Remember, business ideas require “business expertise”. Therefore, it is important to seek the right guidance (which is where I will be able to help). Already have a business idea? Book an initial consultation with me for a thorough evaluation. 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. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder 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.
Why you should hire me as your SEO content writer
The SEO/digital marketing landscape is oversaturated with SEO content writers. Whilst lack of supply in a certain industry is problematic, oversupply is equally challenging. So, with a wide pool of SEO content writers, who can be found online, on LinkedIn or through freelancer platforms such as Fiverr, how do you choose the right one? And no, ChatGPT cannot be your SEO content writer, at least not for the next few years! I wrote a few articles on this subject over the past year. As a starting point, I’d recommend checking this one out, which explains why you should hire an SEO content writer/copywriter. So, this article is essentially a semi-sales one in light of my SEO content writing services. Well, let’s dive into why you should hire me as your SEO content writer. Solid writing skills In case you haven’t seen my CV/educational history, I’ll summarise them here; I hold the following qualifications: -(BA Dual Honours) Business Management & International Relations | Keele University -(LLM | Master of Laws) International Legal Studies | Newcastle University My educational history is within the social sciences domain and has given me a solid grasp of writing in the English language. Plus, I am multilingual. My first startup was highly reliant on SEO | The business owner perspective My first business, StudyFlats, which I scaled to over 30 UK cities was highly reliant on SEO. Before I hired and led a marketing team of four, I was my own company’s SEO content writer. Remember, education is not the only factor for someone to be a decent SEO content writer. Writing competency is integral to being a good SEO content writer, but it is not everything. My experience as an SEO content writer for my previous company allows me to strategically approach your SEO needs from a business owner’s perspective. Better than an agency Now, this is not to write off agencies or bad-mouth them (although I am quite sceptical about most). The problem with writing services provided by agencies, in contrast to a freelance SEO writer such as myself, are: -Agencies manage many clients and therefore have a less tailored solution -Agencies hire either employees or freelance SEO content writers to do the writing. And they also need to make a profit, which means? More costly Although, please note, that my services are not “cheap”. No quality work is cheap, and you get what you pay for. However, due to the aforementioned points, it works out at a lower cost when you deal with an individual SEO content writer instead of a business entity such as a digital marketing agency. ChatGPT is terrible for inbound/organic content ChatGPT has and will continue to revolutionise the marketing/writing domains. It is great for smaller SEO needs such as product descriptions in an e-commerce website. However, organic content as part of your inbound marketing strategy is based on thought leadership. This requires an actual human to apply critical analysis and tailor a content strategy that is unique to your business. Want to hire me as your SEO content writer? Get in touch with me to discuss your SEO needs. 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 which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size with the digital marketing strategy around SEO, copywriting and content.
Business Immigration | Working With Me
Just over a year ago, I began helping founders with the commercial aspects of business immigration. It simply began as a side hustle and has now turned into my main business. The philosophy behind a business immigration consultancy was simple: I went through this journey myself. As is the case with many businesses, at some point there is the need to adapt to expansion accordingly. My consultancy business was initially focused on business plan writing and consultations as a secondary service. However, with growing demand and client base, my consultancy now covers every stage of the business planning process, from the idea stage to producing a viable business plan. Additionally, I now also offer services in relation to SEO, digital marketing and PR. In this article, I will briefly outline the various stages of my business immigration assistance, and what clients may expect. Stage 1: Initial Consultation | The first stage of my business immigration assistance is an initial consultation, which can be booked here. The purpose of this consultation is: Once we determine the aforestated, you can then decide which one of my business immigration services would be the most suitable for you. Stage 2: Service Discussion | Ongoing Calls Once you purchase any additional business immigration services, we will arrange a second call to explore how we can begin working together and set up a timeframe. Currently, my business immigration services cover the following areas: Stage 3: Delivery Once we set the timeframes and your project needs in stages 1 and 2, the final stage will be the project delivery. The timeframe for this stage is subjective and depends on the services purchased. For instance, a business plan will take longer than a review of your business idea. Need business immigration services? Then please get in touch with me today to find out how I can help you with your business immigration needs. 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 grew my business to over 30 UK cities, and a team of four. I now help other migrant entrepreneurs and all founders with their businesses, including their business plans.
5 elements of a good business plan
Writing a good business plan can be a challenging task. In essence, business planning is the first major challenge an entrepreneur faces as it is a blueprint of their venture. In this article, I will outline 5 elements that make a good business plan. This is based on my own experience as a tech founder, consultant and writer. Writing a good business plan goes beyond proposing a viable business proposition. It entails clear articulation, milestones, well-written content and a thorough blueprint of how your business will succeed. There are plenty of articles that will refer to the basic and compulsory parts of a business plan such as SWOT analysis and regard them as factors contributing to a good business plan. However, my aim in this article is to provide you with the correct mindset and approach to: With the aforementioned in mind, let’s highlight the 5 key elements of a good business plan. Inclusion of the key standard sections Okay, so let’s briefly highlight an obvious part, which many entrepreneurs surprisingly fall short of. Regardless of the purpose of your business plan and where you are, several key sections must be included in every business plan. These key sections are: Clear & realistic business vision Entrepreneurship and starting a business require vision. And it is fantastic to set high goals. Nevertheless, this is where many entrepreneurs make a mistake. And the mistake is that they “fly too high” and set goals and visions that are essentially unrealistic. Your vision and anticipated goals should be realistic and based on market trends supported by research. Clear business milestones The ideal business plan is not a fancy document to impress your investors or other parties. It is the blueprint of your business as a commercial entity. And what does a blueprint entail? Clear procedural steps with timelines and outcomes. Moreover, this is not just related to one part of the business plan, for example, product development. Each aspect of the business (plan) should be subjected to prior anticipation with clear input/output estimations, whether it is product, marketing, sales or anything else. Objective market research and avoiding the “founder bias” As stated earlier, I will not highlight standard business plan sections. However, this part is crucial and you notice that I have used the word “objective”. You may have a business proposal that does respond to a genuine market need. However, this is where what I call the “founder bias” kicks in. The “founder bias” is when a founder only states market research that supports the notion that there is a need for their product and/or service. This eliminates the “objectivity” aspect. Your plan must be supported by objective market research, and this is why a business consultant like me is useful. By highlighting all the facets of the market, you demonstrate enhanced commercial awareness. Plus, it enables you to anticipate and prepare for unexpected market shifts and how to respond accordingly. Money, money, money (the financials) Regardless of the type of project, the primary goal of a venture is making money. Even if you are starting a non-profit/charity, your finances matter the most. This is one of the most neglected aspects of many business plans. You must anticipate and account for cash inflows and outflows of your business. And I get it: this is perhaps among the most difficult aspects, and hence why it is often neglected. However, without a financial analysis that is subject to scrutiny, you are almost always doomed for failure. 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 grew my business to over 30 UK cities, and a team of four. I now help other migrant entrepreneurs and all founders with their businesses, including their business plans.