One of the most important steps in starting a business is creating a business plan. A business plan provides a clear overview of what a business is, where it is heading, and how the business owner plans to get it there. Do not overlook the importance of a business plan. Not only will it help you guide your company and promote growth, but also most banks require it to get a loan. When you put together your business plan, you will need to decide on (1) the legal structure of your business and (2) its name.