While you aren’t legally required to have a business plan if you start an LLC, it’s a good idea to draft one to keep you on track. This is particularly important if you plan to apply for business financing down the road, because financial institutions often want to see a sound business strategy alongside promising financials to determine your ability to pay back a loan. A business plan can help you outline your business goals, strategy, and requirements so that you have something to refer to as you operate and grow.