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Do You Really Need a Business Plan?

Even if you aren't planning to borrow money or seek investors right away, there are good reasons to sit down and write a plan

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.