Having a business plan and sufficient capital are some of the first steps in being a fruitful entrepreneur; however, these things alone do not justify nor solidify success. Many aspiring immigrant investors first think that a significant investment in conjunction with properly completed forms should alone equal a stamp of approval. Unfortunately, that is not the case. This way of thinking can stall and even impede entrepreneurial goals. While being a successful entrepreneur does, in fact, require both capital and diligence, what’s even more important, and often overlooked, is feasibility in a strong business plan.
Feasibility, especially in a visa application, is the single most idea that you will need to convey in your business endeavors. Proving that you have thought out the risks and assessed the opportunities needed to boost your venture to lasting success, is perhaps the most crucial aspect of most business documents, especially an investor visa application. What does this mean, exactly? Let’s take a look at a few factors that affect the feasibility of a project to better understand its impact.
Location, Location, Location
Where does the applicant wish to grow his/her business? This is something that should be taken into consideration. Business are culturally divergent, and while some countries thrive on certain businesses, others do not or cannot. Showing that you have done research to understand how to promote your company’s success in the area you intend to operate is a good way to demonstrate that your project will be feasible. Cultural norms, often overlooked, could prevent specific types of business from being prosperous in certain areas, so gearing your business to your location, and vice versa, is important in the eyes of USCIS.
While some businesses start-off running then mellow out their operations, others might start slow and gradually build up speed; but the primary focus must always be longevity. Will this business last, or is it a short-term fad, filling in a cultural trend? Not only does the applicant need to understand his business, he needs to be aware of industry trends that could affect his business, and demonstrate adaptability to these changes. Using other successful business models as examples is a good way to help fortify aspects related to the entrepreneur’s design. Remember, the goal is durability, which means the possibility to extend a company’s life, and ensure that the jobs your investment has created are retained. Do not go for short-term gimmicks. Find something that really sticks, something is tried and true; be discerning.
Of course, without clients there is no exchange of money. Clients are the most important element in the business plan writing. They are looking for customer satisfaction, searching for the right tool or service—they are the wheels that move a business. Know who the client is. What do they want? How quickly do they want it? What are their short or long-term needs? Know the clientele in your region and zone, who your competitors are and how they target these clients. Once the client has been identified, it will become much easier to foresee and plan a proper business model.
Once a few items have been addressed, the applicant can then consider the process. This always entails a business plan which may involve more time and energy than the applicant is willing to give. The road is arduous and tedious, be prepared for hiccups and stress—it’s part of the journey. With the customer in mind, illustrate the how your business will operate, from top to bottom. USCIS, much like investors and banks, are looking to see if your business plan will provide them with a return, whether that be in the form of jobs for US workers, or gains on an investment, or repayment of a loan. Showing that you have a well thought out process, including how you will deal with the hiccups that come up along the way, is another excellent way to show that your project is feasible.
The Feat of Feasibility
Feasibility predicates the entire project. If the applicant can prove his/her plan is highly probable to flourish in a particular location with a precise customer in mind, then this project will, more than likely, appeal to evaluators and investors. Feasibility should not be ignored or forgotten, it truly is an important element—an element that can make or break a future endeavor.