libranisb wrote: ↑Mon Jul 16, 2018 2:43 pm
That's a great discussion. I agree that every application is independent and I also agree that every refusal will make the applicant weak.
I am applying with a business plan for a bookkeeping business, so I am not sure if methods like survey monkey will be possible because accountants are needed always.
I applied with a business plan which was 60 pages, prepared by myself, and consisting chapters such as;
- Exec. Summary
Services Offered
Market Research
Competitors
Projected Financial Statements
Contingent Plan etc.
Now, the refusal letter says (apart from other two points) that my business plan does not explain well enough the competition. Logically, its easy to know who the competitors are in accounting industry, so "If i strengthen this chapter in a month and have one visit to UK to meet few businesses and accountants" will that make it good enough or shall I wait for six months before second application so that they feel comfortable that I have done enough to overcome the weaknesses?
Thanks all and the moderators.
No one can give specific advice on your business plan. Your UK trip and waiting time for another six months will not surely help. But if your approach is strong enough to defend the refusal points will surely make a difference. I think what they mean about the competition research is list out your 10 competitors pros and cons and their little business summary with how your business/solution will have an edge over your competitors. UK is one of the top most country which got all kinds of exposure and you should project something what you got is unique and win over the competition.
one of my competition research as below and you can make it in your business style. After all these list we should mention out our edge points/Unique Advantages & Other advantages what we have to compete them. Please refer some good standard business plan.
Company Name
Address.
website
•Established in 1998
•Export wholesale body piercing jewelry jewellery, sterling nose jewellery, fake body jewellery, flesh tunnels, surgical steel jewellery and earrings.
Weaknesses
•Do not offer all sizes for items
•Manufacture to order and do not hold large ready stock
•No manufacturing factory for gold items