While a business plan is in general useful from the standpoint of being organized and efficient its most useful purpose is as a vehicle for obtaining investment dollars. An outstanding executive summary is an absolutely essential element in winning investment dollars from venture capital: venture catalyst, and/or individual investor angels. The executive summary is a description of your brilliant plan and you want to do justice to it. You can either write the executive summary first or last in building the plan, but consider writing it roughly first and then giving it polishing touches afterward. Areas that need to be covered include: Mission statement & company description, management, completion, target customers, product / service, marketing plans, and financial considerations. The mission statement and company description are often combined in the writing of a business plan because on the one hand the mission statement discussed the general philosophy, goals, and purpose of the business while the description lays out the current specific strategies and objectives. The mission statement can be fairly lengthy and is an excellent opportunity to display the writer’s dreams and vision of a targeted niche business.

Writing a business plan requires considerable time and effort. It is not for someone who want to jump-start a business. Very small business can be started without the formal written plan, but any business will benefit by at least mentally completing the above steps.