How to write a business plan: A step-by-step guide for entrepreneurs

Hannah Williams
Hannah Williams

Hannah Williams

Hannah is Staff Writer. After graduating from the University of Coventry with an English and Journalism degree in 2016, Hannah has since developed an interest in the technology. She has a keen interest in digital transformation, innovative and emerging tech, IoT and women in tech.

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Every startup should have a well-written business plan that outlines the vital areas of progress it's setting out to achieve.

It should identify what the business objectives are, what the business does, how the business' products or services work, and above all, what makes it different to competitors.

Research from TechBullion found that entrepreneurs who have a business plan are 16 percent more likely to succeed than those who don't.

A business plan will help to gather interest from investors and will also provide a detailed strategy for what you hope to achieve in the next few years.

Are you considering starting a business? We share some of the top tips for writing a business plan.

Read next: How to start a business from scratch

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