While it’s not essential to have a business plan, you may find it easier to get funding if you have one that is well thought out and contains all of the necessary detail about your prospective business.
Potential business partners need to know how their investment will be used, and ultimately, what it will achieve for the business. In this sense, your business plan is like your ambassador - showing how the various elements of your company are integrated into a vibrant whole
We often ask business owners to include a business plan when they apply for bank finance. Consider that, in the same way as you would test-drive a vehicle before purchasing it, we need information about your company before we partner with you.
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?