Just about every new business owner and entrepreneur has been told at one point in their journey that they need a business plan. Put your idea on paper. "You need to create a detailed plan that projects 5 years into the future that outlines your expectation of your resources: where they're coming from, amount needed and the exit plan if the resources aren't available." Now, if you're looking to get a loan from the bank or funding from Angel Investors and Venture Capitalists, by all means, start that business plan.
But if you're starting your own business from your own funds (and many of us do, because why in the world would be want to give up even an ounce of control to someone else just yet), a formal business is not necessary. But you still need a plan.
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