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I know that many people put a lot more value on a business plan than I do, I think that writing it down formally before you start business does help to ‘gel’ everything and often brings up a few new things you have to think about, even if you never update it again.
I strongly suggest you do write one, and if you put it away for a year or two and bring it out you may be amazed at how you will have strayed from your original ideas and expectations. I am not sure how to explain it but having your plans solely in you head can sometimes make things complicated as you are always fiddling with your thoughts.
You don’t have to have your business plan looked at by a professional but it can help to have another persons view of your expectations.

As far as regulations go, you haven’t given any hints of your product but there are regulations that cover anything that may harm a person – such as childrens toys, medicines, foods and labelling on clothing etc. Some items may need to conform to standards such as electrical or electronic items, or have specific insurance. Do you need council approval for your business etc.