Why? No need to have a business plan. You can go ahead and fly by the seat of your pants and maybe you will be successful. I’ve done it a few times with several businesses and it worked out just fine. ( by the grace of the Lord and blind stupid luck)
On the other hand…. your odds of success increase exponentially when you have done your research, done the planning, figured out the business model, have the USP ( unique selling proposition) well defined, and have a keen understanding of what your competition is doing now and planning to do. Your chance for success increases as you can enumerate a carefully thought-out plan of execution, identify the issues you will face, and have a Plan B and Plan C for the “unk-unks” that you will encounter.
Gee, do all that and you have a business plan!
Need more convincing? Check out our videos on business plans and starting a business at CEAnow.org.