If you require financing for your business, any lender or investor will require you to have a detailed, written business plan, because it shows him that you have come to grips with all of the factors that affect the success or failure of your business.  Even if no financing is required, having a written business plan provides the owners and managers of the business with an excellent management tool to chart where the business is headed, and how it intends to get there.  The adage is true that says, plan your work; work your plan.  The vast majority of new startup businesses fail within the first few years.  Having a good business plan will not guarantee your success, but not having one certainly increases your chances of failure.  One common problem is that the owner of a new business is often too busy running the business to take the time (which can be considerable) to plan the business.  Do not make this mistake, which can prove to be fatal.

Writing A Business Plan