A business plan is a written explanation of your business's future. That's all there is to it--a document that describes what you plan to do and how you plan to do it.
Simply stated, a business plan conveys your business goals, the strategies you'll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even. But business plans are not all the same any more than all businesses are.
The reason that plan selection is so important is that it has a powerful effect on the general impact of your plan. You want your plan to present you and your business in the best, most perfect light.
Whether you're just starting out, need financial support or want to examine the strength of your business, creating a business plan is your first step on the path to success.