Basic Restaurant (Such As Fish And Chip Shop) As Business Idea Becoming Outdated. Options?
Ah the traditional fish and chip shop. What could be more quintessentially British than a bag of chips and a bit of fish? Well, it is certainly true that the Brits love fish and chips. But with approximately 10,500 fish and chip shops in the UK, restaurants of this type are certainly not a rarity. While setting up a restaurant in the UK might well be a worthwhile pursuit, for those applying for a Tier 1 Entrepreneur Visa, there may be better options. In this article, we're going to look at why a basic restaurant such as a fish and chip shop may not be the ideal business for those looking to come to the UK on a Tier 1 Entrepreneur Visa. We will look at the reasons for this and offer some potential alternatives that will hopefully give you some food for thought.
Why Is A Fish And Chip Shop (Or Other Basic Restaurant) Such A Bad Idea for a Tier 1 Entrepreneur Visa application?
It isn't necessarily that a fish and chip shop itself is such a bad idea. With the amount of fish and chips and other fast foods that are consumed in the UK, a restaurant is likely to do well. The main issue you are going to have is proving that there is a genuine need for more of them. As previously stated there are around 10,500 fish and chip shops in the UK making them extremely common. The point of the Tier 1 Entrepreneur Visa is to introduce businesses that add something new to the UK and help to create a strong and diverse economy.
From a market need standpoint, there are better and more underserved options than restaurants (or at least certainly fast food restaurants). If you are gastronomically inclined, then a speciality style restaurant may still be suitable. Perhaps you come from an underrepresented area of the world that has fantastic food, this is an option. But in general, we would suggest that unless your restaurant business idea has a clear difference, it may be better to find something different for your business idea for the UK. As we have said, it is not that food businesses do not do well, quite the opposite, it is that their prevalence can mean that proving a market need exists for your business may be difficult.
What Are Some Alternatives?
Finding an alternative business idea can be extremely tricky; first, there is likely to be the need for some personal mastery to be involved in the process. You also need to know significant detail about how your intended business could fit into the UK and if there is a market for it. For these reasons, research is important when it comes to applying for a Tier 1 Entrepreneur Visa. Many applicants have spent considerable time in the country previously and have a strong feeling for what works and what doesn't in the UK. The one major benefit in moving to the UK and starting a business is its diverse economy - all types of businesses can do well in the UK as long as there is a specific need for them. From an immigration standpoint, this prior planning is vital to ensure that any official looking into your business plan can be certain that you have done your prior research and that you are likely to be successful.
So how do you find this silver bullet idea? Well for many entrepreneurs this is the biggest issue! Clearly, we can't tell you what you're already good at. Good business ideas can come from almost anywhere; many of the world's great entrepreneurs came across the ideas in a number of ways. Though, the path to success for many entrepreneurs is to find a mixture of what they are good at and what is required in a certain area. For instance, Steve Jobs, the late co-founder of Apple, was clearly a visionary. He was clearly good at turning an idea into reality, and he found a place in the market for great products that had beautiful design. While clearly not everyone is likely to find this level of success, the combination of what you are good at and locating a market niche are vital to creating an entrepreneurial pursuit that is likely to success.
What Are Officials Looking For When They Assess My Tier 1 Entrepreneur Visa Application?
Many people wrongly see the application process as almost adversarial. It is not a case of you versus the official. You must appreciate that annually, the number of applications that are sent for processing that are unsuitable is huge. Not only have you got those who are applying with unsuitable businesses, you also have many applicants who will be purposefully trying to defraud the system. For this reason, applications are thoroughly assessed.
When you create your application, you need to appreciate what it is that officials are looking for. Clearly they will be trying to detect fraud, but they are also trying to ensure that those who are legitimate have a business idea that is likely to work in the UK. It is for this reason that many argue that Tier 1 Entrepreneur Visa applications should be assessed by business leaders and not Home Office officials. While this may be a valid thought, the system is as it is. With this in mind, you need to ensure that your application is perfectly clear as to how your business will be set up and how it will make money. This is where a strong business plan and market research will pay dividends. While we can't help you come up with your business idea, we can help you to curate your business plan and application. So for more information on optimising your Tier 1 Entrepreneur Visa application, get in touch today and talk to our immigration lawyers in London about your situation. They can offer extensive help and advice to ensure that you get the best result possible from your application.