Your application for residency is attached to the business idea, because based on that idea you will receive a favorable residency resolution or not.
And that idea must be materialized and carefully explained through the business plan.
Thus, the same business idea that may be approved by the Spanish administration could also be rejected if the business plan does not meet the minimum requirements.
The business plan, a fundamental piece in the application, must provide the basic structure to understand what the idea consists of and how it will be developed.
In summary, what should you include in your business plan?
First of all, a description of the professional activity and analysis of the product or service you are going to market (what it consists of, its strengths, how it represents a disruption or innovation, etc.).
On the other hand, a market analysis in relation to the project to be developed, as well as of the main competitors (direct and indirect). Here we recommend including a SWOT analysis to complete the information.
A financial projection and an expected financing report will also be very important. That is to say, are you going to use your own financial resources or will you resort to external channels such as banks or any other type of lender? You will have to plan all the details that will allow you to keep operations running on a day-to-day basis, and the level of income you expect to generate.
Also, detail the different marketing and commercialization strategies you intend to use.
Finally, the impact your business will have on the Spanish economy (you will need to quantify this as far as possible), as well as the number of jobs you expect to generate, plus a description of these.
