Writing a Business Plan for Provincial Nominee Program Applications (BCPNP)Posted by Jessica Oman
Since the Canadian Federal Government capped its investor program, provincial business immigration programs have expanded. We’ve written many successful plans for the BC Provincial Nominee Program and compiled some tips for writing a strong PNP business plan.
Re-Invest the Cash
A business that hoards cash doesn’t continue to provide economic value to the province. Cash should be reinvested into the business in some form, whether through expansion, renovation, or the creation of new revenue streams.
Businesses that innovate with unique products or services, or introduce new technology, may be seen as having a positive economic impact. Businesses without an innovative product can add value through efficient operations or a non-traditional, yet effective, business model.
Describe the Applicant’s Qualifications
It isn’t enough to say that the entrepreneur has business management experience. If the experience is directly related to the new business, great; if not, a clear explanation of how the applicant’s skills are transferable to the new venture is very important.
Explain Partnerships and Alliances
If the entrepreneur has supplier connections in his or her home country, name them. Demonstrate that potential vendors or partners have been contacted – prove it with quotes or letters of intent, wherever possible.
Budget estimates are fine, but they need to be based on real numbers. If $50,000 is budgeted for leasehold improvements, what is that money being spent on? The more specific the breakdown of costs, the better.
Perhaps most importantly, the applicant needs to demonstrate that the business is real and sustainable. British Columbia is a great place to start a new business, and it all starts with a clear and reliable business plan.