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An immigration business plan is completely different than typical business plans. Knowing exactly what you need and how to present can be challenging!
In the following guide, we’ve given you step-by-step directions to meet all the requirements set by the United States Citizenship and Immigration Services (USCIS).
10 Steps to Writing an Effective L1 Business Plan
Step 1: Draft your business overview
A business overview is the face of your company and the first thing a reviewer will read. Make it concise, but comprehensive. Remember, its a summary of your entire immigration business plan.
Answer the following questions to prepare the most effective overview:
- When and where was your business created?
- What is the purpose of your business?
- What is the purpose of your business’s affiliate company/foreign parent?
- How many people are employed by your business?
Answer these same questions for your foreign business overview. That section gives USCIS an idea of your parent company’s activities. It is your chance to prove them as financially stable and sustainable.
Step 2: Provide your location
Often, location can be an important indicator of a business’s potential success. Therefore, showing that you’ve already obtained a lease gives your business credibility. Immigration officers factor this highly into their decisions for approval.
Be sure to include:
- Your lease, deed, or buy-sell agreement.
- A professional photo of the location.
Step 3: Establish your ownership structure
Use this section to show your company’s ownership structure. Include details about yourself (the owner) and the date of incorporation. US Immigrations require proof that you as the applicant have majority ownership of your company.
Graphics are a great way to demonstrate the investments of each of your shareholders to immigration officers. They’ll appreciate a clear layout of your company’s structure.
Step 4: Describe your business offerings
This section is simply a description of the products or services your company offers. It’s useful to include information on your suppliers as well.
Draw up a list, including descriptions, of each of your company’s services or products. Explain how each individual item meets a need for your target market.
If your suppliers are already established, mentioning them can improve your chances of approval. Just remember to provide all pertinent details.
Step 5: Provide an analysis of your industry
Your goal in this section is to demonstrate that there is room for growth within your industry. And that your company is prepared to take advantage of that.
Ideally, you should leave out any negative statistics, anecdotes and data regarding your industry. Stick to the positive highlights! Show how certain statistics reflect well on your company. You should make it clear how your company will enhance your industry.
Step 6: Discuss your market
Here’s your chance to explain that you know who your clients are and who you need to target. By doing so, you’ll display an understanding of your business that gives you a leg up with immigrations officers!
In the opening of this portion of your L1 business plan, include your specific location (neighborhood, city, state) and describe the median income. Explain why this is an ideal location for your business.
Step 7: Present your competition
Competition analysis important. It shows how your company stacks up to your competitors, as well as what you do or will do differently that sets you apart.
Create a table that summarizes each of your competitor’s businesses. Include their services and products, prices, and target audience. If you can, mention how you will specialize your business to improve efficiency. If you’re able to outperform your competition, you’ll last longer in your market.
Step 8: Explain your marketing strategy
A solid marketing strategy is vital. This is how you’ll reach and draw in your target audience. Most recently, online marketing is the main focus of most successful marketing strategies. Companies all over the globe are utilizing it.
However marketing isn’t one-size-fit-all! Outline which method you will utilize and why it works best for your company.
Finally, include a timeline for your marketing plan. It should sum up all of your strategies and show how and when you intent to deploy them.
Step 9: Introduce your management plan
Your management plan should display how you manage your business. Efficiently and effectively, right? It should also show how your team works together.
Did you know the number one reason that L1 business plan applications are denied? Lack of clarity and level of detail in the employee sections. Take care with this section especially. Consider hiring a professional writer with experience in business plans.
Include copies of all employee resumes and the following information:
- A description for all the employees already hired and plan to hire
- Year of hiring
- Roles and responsibilities
- How they will contribute to the success of your company
- How many employees the company will hire from year 1 to year 5.
Don’t forget about yourself! Provide details of your responsibilities as well. Typically, you should reinforce your importance to the functionality of the company. Break down your involvement in the company into 1 and 5 year increments. We provided a more detailed explanation below.
- Your Involvement in Year 1 – This part is extremely important. It is a specific requirement for the L1 visa application. This is another portion that may benefit from the talent of a business plan professional.
- Your Involvement in Year 5 – This section is meant to show that by the fifth year of your operations, your role will simply be to oversee and supervise.
Step 10: Discuss your financials
Perhaps the most important section. Financials are the backbone of your L1 business plan. Here is where you discuss your company’s expected growth. Use revenue, net profit, and cost of production for the next 5 years. You should have detailed sections, including:
- Sales Forecast
- Feasibility Analysis
- Profit & Loss Statements
- Break-Even Analysis
- And a Balance Sheet
Have questions about your L1 Business Plan? Contact Bargain Business Plan for a consultation.
Unlike other business plans, your L1 business plan isn’t meant for investors or bankers. You aren’t looking for funds or a line of credit. Your audience will be the immigration officer who decides whether or not your application deserves approval.
At Bargain Business, we complete a multitude of immigration business plans every year. Since 2008, we’ve been helping our customers realize their dreams of doing business in America. Contact us today for a consultation so you, too, can achieve your goals.