Any would be business operator is usually exhorted on the various discussion lists to “do a business plan.”
I have sometimes joined that exhortation but when I was called on to write a book on retailing I told my co-author “I’ve never had a business plan.”
He then took me through how I had started a couple of businesses, and managed to justify his own “always have a business plan” position. He claimed I had had quite a detailed plan in each instance — it was just that I had not written it down! So, as a writer, the one thing I have never written down, is my plan for success. Fortunately, more of those businesses have gone according to plan than those which have not.
You will need a formal plan if you are going to borrow money. However, even then a business plan can be drawn up on …