A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals and a strategic planning, an organization’s process of defining its strategy, or direction, and making decisions on allocating resources to pursue this aim. Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that time frame.
Every applicant for a Hong Kong investment visa needs to have a ‘planned business’. But if somebody tell you need a fully fledged business plan, don’t believe them because it’s not true. Have your plans, intentions and money flows written down and make sure your business is planned, but don’t be intimidated into drawing up a formally prepared plan. Most entrepreneurs starting out for the first time wouldn’t know where to begin in supply such a documentations.
Those are important points because so many investment visa applicants that are ready to start their business must have written up at least a basic document which sets out how they plan their projects growing over the first couple of years. This documented material does provide the essential elements of the argument underpinning the investment visa application and is an absolute gold mine of information for an immigration consultant who is skilled at articulating an investment proposition in the context of current Hong Kong immigration policy.
It could be helping to follow those little schemes:
Typical structure for a business plan for a startup venture
– cover page and table of contents
– executive summary
– mission statement
– business description
– business environment analysis
– SWOT analysis (strengths, weaknesses, opportunities and threats involved in a project or in a business venture )
– industry background
– competitor and market analysis
– operations and marketing plan
– management summary
– financial plans and future milestones
– project plans ( describe the goals of a particular project )
Typical questions addressed by a business plan for a startup venture
– What problem does the company’s product or service solve? What niche will it fill?
– What is the company’s solution to the problem?
– Who are the company’s customers, and how will the company market and sell its products to them?
– What is the business model for the business (how will it make money)?
– Who are the competitors and how will the company maintain a competitive advantage?
– How does the company plan to manage its operations as it grows?
– What are the risks and threats confronting the business, and what can be done to mitigate them?
– What are the company’s capital and resource requirements?
– What are the company’s historical and projected financial statements?
Don’t loose your time! Write a good business plan, and be ready to get started!
You’ve just greatly increased the chances that your business venture will succeed !!