You’ve probably seen those pitches on Dragons’ Den. The inventor unveils a product that might genuinely be the best thing since sliced bread, and you’re left ruing the fact that such a clever idea passed you by. Then the first “dragon” opens their mouth: “How much do you think this is worth?” The inventor confidently turns to them and explains they expect to be making £200m profit within 12 months of going to market. Cue rolled eyes across the dragons. Yes, those pitches.

A good idea is a good start, but unfortunately, it’s just that. The best pitches I’ve seen are those that are backed up with a well thought out, well researched and thorough business plan.

Okay, your business idea might not necessarily have to stand up to quite the same level of intense scrutiny that the celebrity investors dish out on the show, but it’s still vitally important to have a solid plan behind it.

According to the Wall Street Journal, there’s a number of benefits you’ll gain from formally writing a business plan. Putting pen to paper will help you to evaluate the market for your product or service, figure out how much money you’ll need and set goals for your business. You’ll also gain a realistic snapshot of your odds of success, and have all the information you’ll need to approach potential lenders or investors.

So, where do you start? What’s essential, how long is too long and how do you go about the planning, research and analysis required? If you’re in need of a helping hand, we’ve assembled a panel of experts who’ll be offering practical advice on writing and sticking to a business plan in a live Q&A from 1pm until 3pm on Tuesday 3 July.

So, whether you are struggling to come up with a killer executive summary, want to know how a business plan can help you in-house, or you’re wondering how often should you be updating, reviewing and changing your plans once you are up and running, join us to chat live to experts or post your question in advance in the comments section below.

Our panel:

Emma Jones is founder of small business community Enterprise Nation

Emma is also an author and can be found on Twitter @emmaljones

Bart is also an author and adviser to the Belgian government and European Commission

David Barker is founder and technical director at 4D Data Centres

David started his business in 1999 at the age of 14 and has grown 4D every year since. You can find him on Twitter @Nox120

Daniel Callaghan is the founder of MBAandCo.com

Daniel has won multiple business plan awards and is an internationally published author. Find him on Twitter @MBAandCompany

Colin is the author of Business Plans for Dummies, and Starting a Business for Dummies

Emma Warren is the managing director at Portfolio Directors

Emma is an experienced business adviser who works with directors and business owners. Find her on Twitter @EmmaWarren1

Monique Borst is an expert in food business development

Monique runs the food business startup bootcamp, which helps startup food businesses. Find her on Twitter @Monique_Borst

Jane Hopkins MBE is the founder of MumsClub

Jane was awarded an MBE for services to entrepreneurship in 2012

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