When Should You Write A Business Plan

However, not everyone does better with a business plan.Some business concepts take time to develop and evolve into things that are different and far better than anyone would have imagined at the beginning.For example, an import export business might try bringing in three or four different varieties of goods ranging from fabrics to auto parts to plastic baby toys before they find a receptive market.

The third and final part of the mission statement should be the 'who' you want as customers and how you are going to treat them," said Tina Bacon-De Frece, president of Big Frog Franchise Group.

The technicalities and standard information that go into a business plan are easy enough to figure out, but there are other, more abstract things to consider before you put pen to paper.

Make sure you take the following five steps prior to drafting your business plan.

Banks, investors and financiers like business plans.

Before they put their money on the line, they want to know as much as possible about what you'll do with it and the likelihood of success.