Yes! Once you have an idea for starting a business that you want to pursue, writing a business plan should be one of the first things you do.
People think of writing a business plan as something thats only necessary if youre trying to get a business loan or persuade investors that your business is worth their money, but actually, writing a business plan is necessary no matter how you intend to finance your new business.
The main purpose of writing a business plan when youre starting a business is to test the viability of your business idea. Writing a business plan will tell you if the business youre thinking of starting has a chance of becoming a successful business.
Writing a business plan when you start a business forces you to do the research and get the information that youll need to turn your idea into a successful venture. And if writing your business plan shows you that that particular business idea wont work? Abandon it and try another idea.
If you dont write a business plan when youre thinking of starting a business, in the best case scenario, youll be floundering around squandering time and resources. In the worst case scenario, your new business will fail because of things you didnt but should have known.
The bottom line is that if you invest some time and energy into writing a business plan, youve got a much better chance of avoiding business failure.
For how to write a business plan, see my Writing a Business Plan series, which starts with The Business Plan Outline.