How to write a business plan: A step-by-step guide for entrepreneurs
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.
A SWOT analysis identifies the strengths, weaknesses, opportunities, and threats of the business.
It is important to focus on these factors when writing a business plan, as it can be a useful tool when preparing to pitch your business idea to potential investors or partners. Again, it demonstrates your knowledge of the market.
The strengths could include anything from the business name, quality of your products or service to management skills. On the other hand, weaknesses might be the lack of finance or customer reach.