When to Write a Business Plan
(Businessweek) — You don’t absolutely need to write a business plan if you’re not planning to borrow money or seek investors, and your business does not require a permit or license. In fact, if you simply want to try out your business idea, you don’t have much to lose by not writing a business plan, says Kylon Gustin, president of Leander (Tex.)-based BusinessPlanAdvice.com. “If you can acquire a few customers and determine from that limited experience if this is something that has potential and is something you enjoy, then you can assess the value of taking the business to the next level. If you do, then I would strongly suggest that you write a business plan,” he says.