A business plan? You start looking like a dotcom kid with no idea what he is talking about. Scratch that. A solid track record is far superior to any kind of business plan, and that is what you should shoot for.
If you have no money, do everything yourself. No office? Do it in your basement. No employees? See if your friends is interested in doing it for a share of the profits.
A book I highly recommend to you is Robert Townsend’s Further Up the Organization. This classic book beats the hell out of a ton of books written by so called “management consultants.”
Interesting point of view, Urban Ranger.
I believe that if he seeks funding, Smiling Bandit will certainly require a business plan.
What do you mean by solid track record?
Many profitable small businesses die because of a lack of positive cash flow. You might want to factor that into your equations, unless it’s a 100% cash business.
There’d be no credit. All payments would be cash or check. Probably check.
What do you mean, Urban Ranger? I don’t yet have a business plan, but I’m going to make one. I see its a good idea for two reasons: one, to have so I can think about what will be needed. two, so other people can see I’ve thought about what is needed.
True, if potentially not applicable. Sure a proven track record is better than anything else, but some ventures just need capital.
Equipment is a need that springs immediately to mind. If it’s a tech related service, things can get costly, I’d imagine.
Also, everybody needs to market. A marketing class I took recently suggested that your advertising budget be something like 10% of your projected/desired gross, and as much as twice that for a new business.
Anyway, back to the OP, bandit, you should know that a lot of startups are not considered “bankable” loan candidates since, as Urban Ranger mentioned, there is no proven track record.
That said, your business plan is probably the single most important part of your loan application package. (That and a shitload of collateral.) Assuming you’re going into an area where you, and/or your business partners, have a lot of experience, make it very, very clear that you know what you’re talking about.
Among other things, talk about any companies that may even be considered competition (you may feel like you are weakening your position by admitting to competition, but saying that there is no competition will likely make you sound very naive unless you back this up with at least a couple comparable businesses), then say what their strengths are, what their weaknesses are, and why your company is different and/or “niche” enough to exploit the opening(s) the other companies have left.
Pour your heart and soul into this document.
And then acknowledge the fact that you probably still won’t get the loan.
Then go to the SBA and ask them if:
Keep in mind that interest rates on microloans will not be as good as what you would get from the banks. (Better then “funding by credit card” however.) As soon as you feel you’re bankable - probably at least a year, plan for three - try re-applying at the banks.
And, seriously, check out SCORE. They’ve been there, seen that, and they’re there to help you. For free even.
A bit of what I’ve learned in the past 5 years –
Try to look upon it as something of a learning experience. You will not know everything there is to know about running your own business until you’ve been doing it awhile, and maybe not even then.
You will make mistakes – hire the wrong people, pick up the wrong clients, etc. Accept this, fix it as best you can, and move on.
Try not to work yourself too hard. Getting burned out on someone else’s payroll is one thing, but getting burned out when you’re the driving force of a small organization is another.
Regularly scheduled vacations are a Good Thing.
Move the business out of your home ASAP. Yes, it will raise overhead, but it will allow for some needed separation between “home” and “work.” You do not need to go to the basement/den/dining room at 2 AM to email clients.
What Triss said re: accountants.
Make an effort not to short change your family/SO/friends. You need the decompression time and do not need the added stress of strained relationships.
Just my $.02
That reminds me: Someone once told me (with a straight face) that, as a business owner/exec/manager, all my worst problems would have hair.
So far, I have found this to be pretty much true. ::shrug:: Hey, what can you do, that’s life.
By the same token, however, when you find a “gooder”…be flexible, treat them well, give them any perk you can afford, pay them the best you can, be honest with them, give them a shoulder to cry on, a little extra time off here and there, etc. Do what you can for them. Say “thanks” for a job well done and when you have to criticize them, don’t. Just explain patiently what went wrong. Don’t talk down whatever you do. They’ll know and appreciate what you’re doing.
If you can find someone to “take ownership” of their job in the psychological sense as I mentioned above, congratulate yourself on finding the elusive “one out-of-a-hundred” that you could potentially hire. Don’t nitpick or be a nazi with people like this, this person could turn out to be your right arm, leg, and eyeball.
Not to mention, he/she might be the only reason you get a week off yourself here and there when things get busy. 
Miss Xanax gave some excellent advice. A business plan is important. Also, get a good CPA.
Good Luck!