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You’ve got an idea. You’ve told a few people. Maybe you’ve even started working on it. And then you hear it: “You need a business plan.” But do you really? The short answer: not always, and not right away. Let’s bust the myth and get to the truth about business plans for small businesses.

“Starting a business” sounds bold and exciting, but what does it actually mean? For someone at the beginning of the journey, the phrase can feel vague. Are you a ‘real’ business only if you register a company? Do you need a business bank account? What if it’s just something you do on the side?

Starting a business can feel full of potential, but also risk. It’s easy to get carried away by excitement and invest in logos, websites or equipment before answering the most important question: is the idea actually good? Here’s how to find out, without spending a penny.