Shark Tank Tips

5. How do you create a business plan that works?

Barbara Corcoran: For most people a lengthy business plan is virtually useless because you need to change it constantly in response to things outside your control. The simplest form of a business plan is just a list of what's most important to attend to and what's not. I do much better imagining exactly what I want my business to look like once I'm successful. It's a daydream in living color. Then I make a simple "to do" list of what's most important to make my dream a reality.

Daymond John: Allocate all the time and money that you can invest into the business. And write down your strengths and weaknesses, then cost out how much it will take to partner or hire somebody to cover the weaknesses.

Kevin Harrington: To create a good business plan, you need a good format. You need to be sure that you cover all the basics. It's important to be sure that your business plan is comprehensive enough for your business. Get someone with financial experience in your business category to give you advice and help you vet the plan.

Robert Herjavec: People spend way too much on a business plan. When you start – it is important to have vision but a business plan is theory and when you are starting there is very little room for theory. At the beginning, any plan beyond the next quarter is a dream; after you get bigger the next quarter becomes the next 2 and so on. As you grow, size gives you some predictability.