Do I need a business plan? If so, why?

A good business plan will increase your chances for success. A high percentage of start-up businesses fail and a plan could help prevent failure. A business plan is the resume for your business. It provides information about your company and its industry, describes a marketing plan, details the operations plan and projects the financial needs of the business. It helps you allocate resources properly and make informed decisions. It provides specific and organized information about your company and how you will repay borrowed money. A thorough, well-written business plan is crucial to obtaining financing. Additionally, it can be used to tell your sales personnel, suppliers and others about your operations and goals.