The United States continues to be an attractive destination for those who want to participate in its many business immigration programs.
If you’ve decided that a franchise-based visa application to the United States is your best path forward, you know that you have a lot of work and planning ahead of you.
One of the most important things on your to-do list is creating a business plan to accompany your visa application to the United States. This is a required element in your application package and essential to your success in obtaining a visa.
It’s important to recognize that your goal of owning and operating a franchise business in the U.S. may depend on the strength of your business plan.
This is because the business plan can satisfy three key areas of concern that U.S. immigration officials will have regarding your proposed franchise business:
- That you do, in fact, have a franchise-related business idea that is likely to succeed
- That you have addressed the relevant business issues and challenges for a franchise owner
- That your activities as a franchisee align with the requirements of the visa
In this article, put together by Joorney Business Plans, we’ll look at how the business plan answers these concerns by taking each point in turn.
How your business plan shows that you are likely to succeed
Among other things, a strong business plan shows that you have carefully considered the most important aspects of the franchise you want to start in the United States. It also shows immigration authorities that the business has genuine potential for success and growth, and that your projections and estimates are based on solid data and reasonable assumptions.
Professional business plans do more than just satisfy the requirements of certain visa programs. They serve as a valuable resource as you move forward and encounter the issues that everyone has to face in the business world. Putting together a business plan makes you take the time to consider all the variables that can impact your business’ performance, bringing issues to light that may not have attracted your attention before.
The foundation of your business plan consists of industry and market research, statistical analyses, and informed financial projections that show the franchise’s projected path to profitability. Business plans typically include the first five years of operations, including income statements, balance sheets, cash flow statements, and capital expenditure budgets. The inclusion of other elements like a break-even analysis, revenue projections, and profit & loss statements add to the ability of US immigration officers to clearly evaluate the profitability of the business and recognize that it satisfies the requirements of the visa program.
How your business plan addresses the business issues and challenges you will face
A business plan is more than a necessary document for a visa application — it’s a roadmap for your business, a reference manual for how to proceed, and a guide to dealing with adversity.
That last point is important because U.S. immigration officials want to be convinced that you, as the franchise owner, are equipped with the skills and mindset that will guide the business to success. A detailed business plan shows that you are prepared to manage your franchise business through potential challenges in a number of ways:
- It shows you have the resources and skills to make the business successful. A comprehensive business plan shows that the applicant has the financial resources and knowledge to start and run the business.
- It demonstrates your commitment to the business. A well-prepared business plan shows that you have done your homework, understand the market, and are aware of the potential threats your business can encounter. By detailing every aspect of the business and the market, you show immigration authorities that you have a clear plan for success.
- It clarifies that your skills, experience, and qualifications are suitable for the challenges ahead. Even if the business idea is a good one, that doesn’t mean you are the person who should lead it. A good business plan shows how your background and professional history provide the necessary skills to guide the business to success.
A professional business plan shows that you are not only aware of potential threats and challenges — one section of the business plan is usually dedicated to this very subject — but that you are prepared to deal with them should they arise. Demonstrating this awareness and preparation is what American officials are looking for when they are trying to confirm that your visa application meets the relevant requirements.
How your business plan shows you meet the requirements of the visa
There are other standards you have to meet in order to qualify for a franchisee visa, in addition to showing that you are ready to deal with the challenges that any business faces.
Every type of business immigration visa to the United States has certain criteria that must be met by the applicant. These can satisfied if your business plan sufficiently addresses these points:
- Your business will be an asset to the U.S. economy. Immigration authorities need to be convinced that your business will contribute to the U.S. economy and will not fail shortly after opening. Remember that the whole idea behind the visa program is to promote the general economic development of the United States. Everything in your business plan should be oriented towards showing this.
- Your franchise will create jobs and generate tax revenue. Your business plan should emphasize the fact that your franchise will employ a certain number of workers, pay various taxes, and contribute to the overall development of the community.
Remember that the primary purpose of all franchise visa programs is to generate benefits for the American economy, and that is the guiding principle for measuring compliance with the required standards. When your business plan is specifically oriented towards this requirement, it makes it easier for U.S. immigration officials to agree that your application is in alignment with the goals of the program.
Don’t overlook the role of your business plan in a franchise visa application!
Understand that your business plan is a detailed summary of the most essential information regarding the franchise business that you want to own in the United States. This is the document that American immigration officials will use to evaluate the potential of the idea itself, your ability to guide it to success, and how well it supports the goal of the visa program to which you are applying.
Your business plan showcases all of these things, so preparing the best possible plan should be your highest priority. This means dedicating more time and resources to it than maybe you thought until now.
The time, effort, and research skills that a good business plan needs are reasons why many turn to third-party specialists. These experts focus on keeping up with the latest analyses, reports, and studies that supply the information that market research and business plans require.
You may want to consider the benefits of working with a third-party specialist like Joorney for your business plan. Among other things, you’ll get:
- Specialist knowledge. We’ve written more than 25,000 business plans for entrepreneurs working in over 180 fields and industries.
- A customized plan tailored to your goals. Joorney will create a business plan oriented towards demonstrating compliance with the goals of the visa program you have selected.
- Time and resources to use for other things. As we mentioned earlier, you have a lot of things to take care of as an entrepreneur, and creating a good immigration business plan will take more time than you probably think. Our team can create a detailed, comprehensive business plan in about 7–10 days.
- Support for the most difficult component of a business plan – financial statements. This is perhaps the most difficult element of all to do on your own. Financials are of the utmost importance in your immigration business plan. A successful visa application requires a thorough understanding of the company’s financials, and you must include up to five years’ worth of profit and loss statements, balance sheets, and cash flow statements.
Visit us at Joorney.com for more information and resources to help you with your franchise business plan.
