Start-Up Visa Canada: How To Prepare An Effective Business Plan
Our Tips To Help You Plan And Write Your Business Plan.
Entrepreneurs from around the world are encouraged to establish innovative businesses in Canada through the Start-Up Visa program. In order to be successful in this program, candidates must demonstrate due diligence and how their business will positively impact the Canadian economy. The Start-Up Visa program requires you to present a business plan that outlines, in great detail, how you plan to break into the Canadian market and support the growth of your business in Canada. Throughout this post, Jade discusses the most important components of a successful business plan.
The importance of a business plan for the start-up visa program
Before you can commence with your Start-Up Visa application, you need to present your idea to a designated entity that will determine if your business has the potential to be successful. Your business plan should be a viable summary of your vision for your business in Canada and ultimately compel these organizations to invest in your business. Your plans for bringing your business to Canada depend on this step.
how long should a business plan be?
A successful business plan should be detailed yet concise. In general, a well-planned business plan can range from 15 to 20 pages, with concise bullet points, informative illustrations, and projection charts.
Key elements to include in your business plan:
Although there are many opinions on what the format of a business plan should be, we're outlining 6 components you should consider including in your Start-Up Visa business plan.
1. Executive summary
An executive summary should concisely introduce your business and describe the purpose of your business plan. You know the goal is to woo investors and ultimately attract capital.
You should write your executive summary keeping their interests in mind, telling them how you plan to grow your business successfully in Canada, your financial wealth, and your biggest successes to date. You should highlight here your intent to operate the business, and have your headquarters here in Canada, you want to show that you will be a Canadian-based business.
2. Business Description
A good plan should include vital information about the business including its name, origin story, objectives, and structure and describe the wider industry. This is your chance to introduce the business and showcase its innovative nature. The start-up visa was established to attract innovative businesses to Canada and therefore this needs to be reflected in this section.
Here are some prompts to help you write this section:
Based on your research, what do you know about your competitors?
Does your company's success depend on market trends?
How is the you idea unique?
3. market & competitor Analysis
A business plan should describe how your business will distinguish itself from its competitors. Additionally, you should include your research about your target market and how you plan to differentiate your business in order to capture them.
We recommend that you do a SWOT analysis that indicates your awareness of key factors that will influence your business.
4. Sales & Marketing
Before moving your Start-Up business to Canada, you should put a lot of thought into how you plan to sell and market your products. How will you keep existing customers interested, attract new ones, and promote your business? This is a key element in gaining the interest of the designated organizations as it supports your financial growth and profitability in the long term. If you and your co-founders have never lived or worked in Canada, maybe you need to engage a company in Canada to work on this for you, if so, who will you hire? What are the key factors to sell your business and its offerings in Canada?
It is crucial to be descriptive in discussing the projected activity of your business. This element of your Start-Up business plan includes the timeline of operations and how you plan to execute and fulfill everything stated in your business plan. It consists of not only the plan of action but also the strategy for growing your team and tapping into various markets. Remember, the Immigration Officer considered the date that your start-up visa Letter of Support is issued to be the date that your business starts, so they will want to see a projection from that date of how the Canadian business operation will progress.
6. Finances: History and forecasting
Here you need to break down the financial goals of the business and planned spending. Itemize the source of funding for operations, and disclose any investors, shareholders and loans. The Canadian government will want to see that you not only have the required available settlement funds, but that you and/ or your co-founders have enough money to get the Canadian venture off the ground.
Here are some additional points to include:
Short, medium, and long-term goals.
After you pitch your business, you will receive a Letter of Support from a designated organization to be eligible for the Start-Up Visa. This letter proves that certain business groups are willing to invest in your business idea.
The Start-up visa business plan is an important piece of your Start-up visa application, this is a key piece of your application that will determine if you have a qualifying business under the Start-up visa program.
If you want to know more about the Letter of Support and other requirements for the Start-Up Visa program, read Jade’s Start-Up Visa Requirements blog.
How we can help
Calver Immigration Consulting Inc. can outline the costs and help you prepare and apply for the Startup Visa Program. Jade is an experienced Regulated Canadian Immigration Consultant who acts as an Expert in Residence and Partners for many Designated Entities across the country. She specializes in Canadian Business Immigration law, and will be happy to help you with your application.
Calver Immigration Consulting Inc. is rated Canada's number one boutique immigration consultancy. We serve clients across Canada and internationally. Our Registered Canadian Immigration Consultant has over 10 years of experience in Canadian Immigration law and over four years of experience serving those in Canada and abroad.
We can assist with applications for both temporary and permanent residency in Canada. We handle applications for study permits, permanent residency, family class sponsorship, visitor visas, work permits, and Canadian citizenship. We also handle criminal inadmissibility cases by developing remedies for refusal.
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