I plan to open a business this summer. I won't be applying for a bank loan to fund this company, so I don't have a business plan. Do I need one?—I.F., Los Angeles
Every business needs a business plan, whether or not it will be borrowing money or seeking investors. Writing a business plan not only helps you determine whether your business idea is feasible, it also establishes a map for your company's future. Without it, your business is likely to drift along without direction or parameters for measuring progress.
