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How ChatGPT Can Help You Write A Business Plan

image of busness plan

While ChatGPT cannot produce documents, compatible templates, or visuals, it can still be a valuable tool to help you build your business plan. Suppose you’ve ever tried to write a business plan. In that case, you know the main pain points that come with it: gathering a lot of information, summarizing it, creating visuals, making what you do understandable for investors, and compiling everything in a document.

It involves many steps and can be discouraging. Thankfully, ChatGPT can help you build and write your business plan by providing guidance, suggestions, and information. Here’s a step-by-step breakdown of how ChatGPT can assist you:

1. Gather and provide information

Gather and provide information

You can start by explaining your business idea or concept to ChatGPT and providing any relevant data that comes with that. To write a good business plan, you need to provide clear information in your document.

You need to explain to ChatGPT what your end goal is. Are you just practicing for fun? Are you trying to convince a company or individual investors to bet their money on you? Do you want a clearer idea of where your business is going? Let ChatGPT know to make sure it will provide relevant output.

Define your goals and describe your short-term and long-term business goals to ChatGPT. For instance,

  • “My short-term goal is to break even within the first year, and my long-term goal is to expand internationally.”

ChatGPT can assist in conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) for your business. Ask for input on each aspect, like: 

  • “What are the strengths of (insert your business type/product/service/etc)”

Define your target audience and create customer personas. You can ask for help in identifying key demographics and psychographics of your potential customers.

2. Simply ask for a template

If you can’t create a template or find one that you like, ChatGPT can point you in the right direction and suggest key points to include in your plan, and in which order. You can use a prompt like:

  • “What key points should I include in my business plan? I’m (describe your job, daily tasks, expertise) and my service/product is (explain your service or product)”

Once you have that structure, simply ask

  • “Can you describe in detail how I should write each point of my business plan? Please write a complete checklist of everything I need to do to have the right information to write my business plan”

The main key points that should always be in your business plan are:

  • The summary
  • Business description
  • Market analysis
  • Target audience or buyer persona
  • Product or service description
  • Marketing and sales strategy
  • Company structure
  • Funding requirements
  • Projection of your milestones, timelines, and potential profits
  • Risk assessment

You can use ChatGPT to clarify any of those points and ask for angles to present the subjects. For example, you can ask,

  • “What is my unique selling point in this context?” “How can I extend my brand and get partnerships with other brands?” 

Afterwards, ask

  • “What else can I include in this plan that is relevant to my niche?” and finally, ask “how can I convince investors to invest in me?”

3. Generate the core content

Generate the core content

This will be the longest part of the work. Either you can work on the side and produce the text yourself, then get help from ChatGPT to optimize it and proofread, or you can work hand in hand with ChatGPT to generate the core content of your business plan. Either way, you should always provide the relevant information to ChatGPT and allow it to ask questions by adding

  • “let me know if you have questions before you provide a final response” at the end of your prompt.

If you ask ChatGPT to generate the core content of your business in template form, it might generate very generic content that does not suit your business, so make sure you give it all the relevant information. 

Generate one page or item at a time, and make sure you adapt it to your industry. You can do it with prompts like:

  • “I’m working on (name of the chapter of your business plan). I need some help to create an introduction for this chapter. I will give you the relevant information and I need you to write the text for that part of the business plan. I want you to ask questions if you need to. Are you ready?”

Repeat the cycle until you have what you need for your business plan. Remember, not all business plans have to be long or boring or use complex words; simply write what seems relevant to your industry and what your investors need to know.

4. Additional tips for Business Plan

If some parts of the business plan are unclear to you, you can always ask ChatGPT to demystify it. For example:

  • “I’m not sure what “financial projections” mean for a business plan in the customer service industry. Could you explain it?”
  • “What am I supposed to write in “Buyer persona”? How do I figure out my buyer persona in my industry, which is (…)”.
  • Keep the same voice: Keep your company’s writing style consistent. You can ask ChatGPT to keep the same writing style as you, so the whole document makes sense.
  • ChatGPT can do more than write your business plan: You can use ChatGPT to create a checklist of things to research before making your business plan. It can also make your marketing plan better, organize a working schedule, suggest fonts, illustration ideas, and more. Sometimes you gotta ask ChatGPT what it’s able to help you with, and you’ll be positively surprised. 

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In summary, while ChatGPT can’t create your entire business plan, it’s a helpful tool to guide you through the process. It can help you gather information, know the next step, define your goals, demystify business concepts, and proofread your content.

Remember, ChatGPT isn’t limited to business plans; it can aid with research, marketing plans, scheduling, and design ideas. Of course, you can use other online resources to ensure you are prepared to create your business plan and use ChatGPT best.

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