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Can You Use ChatGPT to Write a Business Plan? Yes, Here’s How

Posted april 17, 2023 by noah parsons.

The new generation of generative artificial intelligence(AI) tools, like OpenAI’s ChatGPT and Google’s Bard, are fundamentally changing how we create. They can competently write, generate ideas, develop recipes, and even help plan vacations. 

I’ve been looking into how these tools can help with business tasks, specifically business planning. Can generative AI take an idea for a business and transform it into a comprehensive business plan ? Can it be used as a business plan generator?

The answer is “yes”, but it’s not as simple as pushing a single button and getting everything you need. You have to follow a process. Even then, ChatGPT can’t do everything necessary to create a complete business plan. Even more importantly, these tools can’t help you implement the plan and manage your business (yet!).  

In this article, I’ll guide you through using ChatGPT to help you write each section of your business plan. You’ll learn how to quickly create a business plan using AI, understand its limitations, and forever banish writer’s block. 

For more on using ChatGPT to grow your business, check out our guides for creating a financial forecast and advanced ChatGPT prompts for better forecasting .

What is ChatGPT?

ChatGPT is an advanced AI language model developed by OpenAI. It’s designed to simulate human-like conversations by processing text inputs, understanding the context, and generating appropriate responses. While not perfect, recent advancements have significantly improved its ability to provide accurate, relevant, and context-aware information—making it more effective in various personal and professional applications.

How to create a business plan with ChatGPT

1. create a simple business plan outline.

Don’t go straight to ChatGPT and ask it to write you a complete business plan. This task is a bit too big for it—at least right now—and you’ll end up with a simple, shallow, and generic overview of your business. 

Instead, divide the business plan into bite-sized sections and use ChatGPT to help you write one section at a time. This approach generates far more detail and the combined results are much more impressive. To divide your business plan into sections, or chapters, you need a business plan outline.

Not sure what sections you need? Ask ChatGPT to create a business plan outline.

Overall, the plan outline ChatGPT provides is decent. It includes most of the sections you should include in a business plan. However, it isn’t organized very well and places topics like “legal structure” and “ownership and management” in positions that are too prominent. If you’re trying to raise money, or just exploring your business strategy—your plan should highlight your idea and the market opportunity instead.

To see better results from your ChatGPT business plan, try using this business plan outline instead:

• Executive Summary
• Products & Services
• Target Market
• Competition
• Marketing & Sales
• Milestones & Metrics
• Company Overview & Team
• Financial Plan

Need even more detail? Check out the complete, expanded business plan outline .

Using this outline will help you focus on defining what your business opportunity is and why your idea deserves funding. 

I’ll be using this structure for the remainder of this guide to help influence my prompts in ChatGPT and better organize my plan.

A quick note: You should write your executive summary last, so I’m skipping that section for now and will tackle it at the end.

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2. Write about your product or service

In this section of your plan, you describe your product or service and the problems that it solves for your customers. You’ll also describe any initial traction, intellectual property, and future products or services that you plan to offer. 

To use ChatGPT effectively, start your prompt by describing what your business does. The more detail you can provide, the better. Then ask it to help write the products & services section of your business plan. You can see my prompt and part of the initial response here:

The initial output is honestly impressive, but also a bit generic (there’s a link to the full output at the end of this article). In this example, that’s caused by my generic prompt. I didn’t describe my business in much detail or explain what makes the business unique. 

If I had added those details to my prompt, I may have received a more specific output. Regardless, the text from ChatGPT will almost never be a straight cut-and-paste for your business plan. You’ll have to review it carefully and customize it for your business and your product offering. 

To get better results, I would add information to the product description in my prompt that includes the types of waterproofing technology my business is using and what makes my products stylish. I would also include some information about initial customer feedback that I’ve received on my prototypes.

As with all ChatGPT prompts, describing the output that you want is also important. I asked ChatGPT only to cover the problem that my business solves and future product offerings. I could have also asked it to describe our initial traction and intellectual property, assuming I’d provided that information in the product description.

Weakness: ChatGPT might not fully understand unique, niche, or complex products/services, leading to incomplete or inaccurate descriptions. As long as you’re aware of this, the text it generates is a good starting point.

3. Develop a market analysis

A market analysis provides an overview of your target market, total market size and segments, market trends, and an industry analysis.

To make the most of ChatGPT, provide a brief overview of your target market and any additional information you may have. If you’re unsure who your target market is, you can also ask ChatGPT for ideas. 

This is a great starting point but lacks a lot of detail. It doesn’t provide any real market size numbers or specifics on the growth of the ski industry. If you were starting this business, you’d want to know what your potential market size is in order to make some educated guesses about the potential revenue you might generate.

Investors will also want to know these details and a generic plan without facts and numbers is not all that useful. ChatGPT will politely decline to answer if you ask for more details, citing its lack of capabilities in this area. These current limitations are likely to change soon thanks to additional plug-ins that grant up-to-date web access to gather information.

For now, what ChatGPT is good for is generating some decent writing and structure for the market analysis section of the plan. At this stage, you’ll have to do a little bit of work on your own and go find some facts to plug into the paragraphs that ChatGPT has written. Our market research guide can help you learn where you can find these numbers and plug them into your business plan .

Weakness: ChatGPT’s knowledge is limited to information available up to September 2021 (as of March 2023), so it may not recognize recent market changes or emerging trends. You’ll need to fill in the details with your own research.

4. Provide an overview of your competition

A good competitive analysis reviews the current alternatives on the market and describes your advantages. You should also review any barriers that your company can create to prevent competitors from seizing your opportunity.

If you know who your competition is , provide ChatGPT with that information as well as a summary of why your business is superior. If you don’t know who your competitors are, you can ask ChatGPT for ideas. 

But, be careful to double-check the output that ChatGPT provides. It sometimes will invent information and confidently present that information as facts. Be sure to double-check everything and don’t assume that it’s true.

ChatGPT does an admirable job of comparing our product to the competition as well as summarizing the competitive advantages. Of course, it’s a bit generic and should be edited to add more specifics, but it’s a solid place to start. 

Weakness: ChatGPT isn’t a full-blown competitive research tool at this point. You’ll need to do some of your own research to understand who your competitors are and what their value proposition is in the market.

5. Develop a marketing and sales plan

A good marketing and sales plan will explain your market positioning, and unique value proposition, as well as outline your marketing, sales, and pricing strategies.

Again, providing ChatGPT with as much detail as you can yields the best results. The more you can describe the business you’re building and the type of marketing and sales strategy you plan on using, the better writing it will do for you.

If you’re short of marketing ideas, you can ask ChatGPT to list marketing and sales ideas tailored to your business. Provide your target market, product/service offering, and desired marketing channels, then ask the AI for suggestions. If you like the ideas, you can incorporate them into your prompt when you ask the AI to help write the marketing and sales strategy section of your business plan.

In your prompt for ChatGPT, be sure to ask that your marketing and sales strategy section includes:

• Market positioning
• Unique value proposition
• Pricing strategy
• Marketing plan

As a useful follow-up, you can ask the AI to generate some advertising copy, social media posts, or promotional materials based on the marketing plan that it generated.

Weakness: The AI-generated strategies may lack creativity or industry-specific insights, potentially limiting their effectiveness.

6. Operations

The operations section of your business plan describes how your business functions. If you have physical stores or manufacturing facilities, you’ll describe them here. If your products are manufactured in a different country, you’ll describe that process. 

Once again, to get the most out of ChatGPT, describe as much as you know about your operational plan and then ask the AI to flesh it out. Describe your location, manufacturing process, customer service, sales channels, fulfillment, and any other aspects of how your business runs on a day-to-day basis. From there, ChatGPT can craft the operations section of your business plan.

If you’re not sure about what your operations should look like, you can ask ChatGPT for ideas. Ask it, “How should I operate my [ski clothing] business?” and it will give you ideas based on your specific business. It might have suggestions around supply chain, customer service, sales, and more.

That said, every business is unique. Your location will be unique and how you choose to do your manufacturing and customer service will likely be different from your competitors. Use ChatGPT for ideas, but then fill in the details that you know specifically.

Weakness: You’ll get out what you put into this section. There’s not a lot of creativity that ChatGPT can add, so you’re really just using it as a writing assistant. Make sure to include as much detail in your prompts as possible.

7. Company overview & team

This section offers a detailed description of your company , including its history and ownership. To use ChatGPT for this section, summarize your company’s background and ask the AI to expand on it, focusing on aspects such as the business structure and core values.

You’ll also want to define your company’s organizational structure and management team. To use ChatGPT, briefly describe your management team’s roles and responsibilities, and ask the AI to create an organizational chart and expand on each role’s duties. You can even ask it to list out any role gaps that you should be aware of.

Weakness: The AI may generate generic content or fail to portray your company’s unique characteristics accurately. The AI may also not grasp the specific intricacies of your company’s hierarchy or be able to recommend the ideal structure for your business. Again, you know your company better than ChatGPT does, so make sure your prompt is detailed and you follow up with additional editing.

8. Financial plan

Using ChatGPT for this section was the real test. Investors and lenders need to understand your company’s potential for growth and profitability, so a detailed financial plan is important. 

Even if you’re not raising money, working on the financial projections is crucial. You need to understand how your business works from a financial perspective and what it’s going to take to be successful. While ChatGPT did a fairly good job at writing the strategy sections of the business plan, producing a viable financial model turned out to be a challenge. 

To test it out, I provided a brief overview of what I thought my revenue forecast might look like and asked the AI to generate financial statement projections for the next five years.

It turns out that ChatGPT just isn’t capable of helping very much with this section of the business plan, and it says as much in its response. 

I was hoping for a detailed financial forecast, with at least 12 months of detailed statements, followed by 4 years of annual detail. I was also hoping for a detailed expense budget and calculations on profit and cash flow over time, all formatted as standard financial statements.

Unfortunately, ChatGPT just is not ready to do that quite yet. In part, this is because the tool is a generative text tool and is not designed to create financial models in Excel or any other spreadsheet format.

That’s likely to change in the future as AI gets integrated into Excel, Google Sheets, and other spreadsheets. But, for now, it’s just not ready. 

That said, ChatGPT can help you come up with ideas to help you flesh out your financial plan. I asked it to suggest some ideas for revenue streams and it provided ideas I hadn’t thought of. I would do the same—ask for suggestions—for the expense forecast to make sure I didn’t miss anything when building my financial model.

Your business plan needs a full financial plan. It helps you determine how much money you need to start the business and keep the business afloat as you grow. You’ll also want to be able to easily change the numbers and see how that impacts your profitability and cash flow.

A good Excel spreadsheet or a business planning tool like LivePlan is likely a better option than ChatGPT for your financial plan. However, ChatGPT can help you think about how you’ll make money and what your key expenses will be.

Check out this article for a more detailed step-by-step guide for using ChatGPT to create useful financial forecasts .

Weakness: ChatGPT does not have the expertise to produce accurate financial projections or offer nuanced financial advice. The AI can also not currently produce a financial model that can be easily adjusted to help determine the key information you need to start and run your business successfully.

9. Simplify your plan into an executive summary

Wait until you’ve completed your business plan to have ChatGPT help you with your executive summary . You’ll get a much better result by asking the AI to summarize your plan rather than going the other way around and asking it to write the summary first before you’ve fleshed out the details.

Once you’ve completed your plan, you can cut & paste it into ChatGPT and ask it to create the summary. Or, if you’ve been getting help with your plan in a single chat session, you can just ask ChatGPT to summarize what you’ve created so far. You can even ask it to limit the summary to a certain number of words. 

Another tip is to tell ChatGPT to write in a certain style. For example, if your business plan is for a complex medical device, you might want your executive summary to be simple and jargon-free. In that case, you can ask ChatGPT to write in a simple, non-scientific style.

Be aware of ChatGPT’s weaknesses

ChatGPT can be a valuable tool for drafting a business plan but it’s essential to be aware of its limitations and weaknesses before you delegate your business planning task to AI.

• It can lack creativity
• Industry-specific insights may be hard to get
• You’ll need to do your own market research
• Only you have an understanding of your business’s unique position in the market.
• It may produce inaccurate information about people, places, or facts.
• As of March 20, 2023, it only knows about the world up until 2021.

But, these weaknesses don’t mean that it’s not a useful tool. ChatGPT is a great writing assistant and it can help brainstorm ideas, even giving you new perspectives on your business that you may not have thought of. And, if you’re in need of a business name, it can do that too:

Should you use ChatGPT to help you with your business plan?

A business plan helps entrepreneurs in three core areas: 

• Figure out your strategy
• Understand the numbers behind your business
• Run a better business

ChatGPT can really only help with your strategy. 

It can take your ideas and expand on them, even providing new ideas that you might want to incorporate into your strategy. However, it cannot develop a full financial plan or assist you with ongoing analysis. A dedicated tool, like LivePlan, is really the better choice for these tasks.

Understanding the numbers that drive your business is crucial

A business can only be a business if it eventually makes money. The planning process helps you figure out the sales that you’ll need to make to cover expenses and what kind of cash you’ll need to get your business off the ground and keep it running. 

Without this knowledge, failure is a real possibility. ChatGPT can’t develop a full financial plan, but it can help you think through your revenue streams and key expenses. It can’t really do the numbers for you, but it can certainly help you get started.

Planning helps you run a better business

As you get up and running, tracking your results compared to your financial plan is an important part of running a responsible business. Using your accounting data, you can compare your actual spending to your budget and see where you’re on track and where you need to make adjustments. You’ll also see which sales channels are working well and which you’ll need to grow further. 

The process of using your plan to track your progress and refine your strategy is called growth planning . Turning your plan from a static document into a tool to run your business is one of the most important things you can do to improve your chances of success. In fact, businesses that track their growth against their plan grow 30% faster than those that don’t.

Unfortunately, ChatGPT isn’t really set up to help with this kind of detailed, ongoing analysis. A dedicated tool, like LivePlan , is really the better choice here.

The bottom line, ChatGPT can be a valuable helper in the business planning process. It’s like having a smart assistant at your side that can take your ideas and flesh out the details. But, it does have limitations, especially with the financial plan, and can’t help with the entire planning and business management processes just yet.

So, it’s not quite an AI business plan generator. But, when used correctly and with the right prompting it can help you break past writer’s block, think through each section, and ultimately write a solid plan.

Here’s the complete Ski and Snowboard Clothing Company business plan that ChatGPT helped write.

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Noah Parsons

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How to Write a Business Plan with ChatGPT: Step-by-Step Guide

Read to learn how to write a business plan with ChatGPT to craft a comprehensive business plan efficiently.

by Mortuza Hossain • 17 May 2024

A well-structured business plan is the foundation of any successful venture. It helps to run an organisation smoothly guiding their business goals, marketing, and financial strategies. 

And, ChatGPT can help you to make a successful business plan. It can create a detailed business strategy to align with your company's vision and values.

Well, then how to write a business plan with ChatGPT? 

In this write-up, we’ll show the step-by-step guide to  using ChatGPT  as a business planning tool and craft a comprehensive business plan efficiently. 

Let’s get started! 

Understanding the Components of a Business Plan  

A business plan is a well-defined and structured framework of goals, strategies, and financial projections for a company. So, making a proper business plan is crucial to setting a company’s vision, and effective direction, securing funding, and guiding successful operations. It has several key components and each component serves a specific purpose.

The key components of a business plan should include the following factors: 

1. Executive Summary: Overview of the entire plan, highlighting key points

2. Company Description: Details about the company's history, mission, and structure

3. Market Analysis: Assessment of target market and competition

4. Products/Services: Description of offerings and unique value

5. Marketing & Sales Strategy: Plan to promote and sell products

6. Operational Plan: Day-to-day business operations

7. Organizational Structure: Company's hierarchy and roles

8. Financial Projections: Forecast of revenues and expenses

9. Funding Request (if applicable): Amount and use of funding

10. Appendix: Supporting documents and data

How to Write a Business Plan with ChatGPT: Step-by-Step Guide  

ChatGPT can assist you in writing a compiling a business plan, but it needs prompts to understand the context and the intent. You need to guide it with relevant queries to generate clear and coherent responses effectively. 

To illustrate the business planning process, we’ll use "Green World Solutions” - an imaginary startup specializing in eco-friendly tech products.

We'll demonstrate how to create a business plan using ChatGPT that paves the way for Green World Solutions' growth and opportunities in the online platform. 

1. Preparing to Use ChatGPT   

Before you start, make sure, you’ve gathered all essential information about your business. You should organize all the information about the mission, target audience, market research data, financial projections and  marketing strategies  to ensure a smooth conversation with ChatGPT.

You need to create an account to use ChatGPT. ChatGPT 3.5 is free to use. But you have to pay if you want to use ChatGPT premium plans, powered by  GPT 4 .

As we know, ChatGPT will generate the answers based on your prompt, you should be good at  prompt engineering . 

Remember while using ChatGPT: 

• Be specific in your requests
• Use clear and concise language
• Be patient as ChatGPT is still under development

 👉 Related Read:  How to Write ChatGPT Prompts Properly

2. Crafting the Executive Summary

The executive summary is an overview of your whole business plan and your prompt must reflect it. You can write the prompt including:

• A concise description of your business
• The problem your business solves and its target market
• Unique selling proposition (USP) and business strategy
• Future growth projections and goals

ChatGPT Prompt Example: 

Write an impactful Executive Summary for Green World Solutions. It’s an eco-friendly tech e-commerce startup, providing sustainable products to environmentally-conscious consumers. Our future goals include market expansion, product innovation, and global outreach.

Based on our prompt, ChatGPT has created an executive summary highlighting the purpose of your startup business, target market, product Innovation, global opportunities, company's growth objectives, and other key financial properties.

3. Developing the Business Description   

Next, develop an extensive and clear business description with ChatGPT. To do so, define the purpose, core values, and business model in the prompt.

You can expand on the business overview by providing more details like the following:

• Mission and vision of the company
• History (if any) and the founders' background
• Legal structure (e.g., LLC, Limited company, Corporation) and location of the business
• Any patents, trademarks, or intellectual property

Help me develop a compelling Business Description for Green World Solutions, established in 2024, a sister concern of Green World LLC, showcasing its commitment to sustainability and innovative product offerings.

ChatGPT generates a well-descriptive business description including the company history, type, vision, mission, sustainability, and product offerings.

4. Conducting Market & Competitor Analysis  

Market research and competitor analysis in a business plan are vital for informed decision-making. At the same time, it’s important to identify opportunities and gain a competitive edge. 

To conduct market research and competitor analysis, your ChatGPT prompts may include: 

• Brief of your target market and its size
• Market trends and growth potential
• Detailed analysis of your competitors and their strengths/weaknesses.
• Your market entry strategy and competitive advantage

ChatGPT Prompt Example:  

Assist me in analyzing Green World Solutions' target market, growth opportunity, industry trends, and potential competitors as an eCommerce platform for eco-friendly tech products.

The generated output contains market research, and future opportunities, mentions the names of potential competitors, and their strategies to get competitive advantages in order to differentiate Green World Solutions effectively.

5. Defining Products and Services   

Using ChatGPT, you can outline the products or services your business offers. You can mention the names of the products and take different insights about their possibilities to the tagged audiences. 

Or, you can ask ChatGPT to suggest the product or service line for your business with their unique features, and market opportunities. Then you can choose your targeted product that can meet customer needs. 

ChatGPT Prompt Example

Define and suggest Green World Solutions’ product line, highlighting their eco-friendliness and innovative capabilities.

ChatGPT categorizes the product suggestions for Green World Solutions as well as describes their unique features. It also defines how these products address consumer needs and contributes to a greener future.

After selecting your preferred product or service, you can write a clear description of each product or service. For example, you choose solar-powered chargers as your primary product. You can analyze the following factors using ChatGPT to define your business goal more accurately. 

• Features and benefits of the products or services
• Manufacturing or sourcing process for physical products
• Quality assurance and customer support measures
• Target market and customer demographics
• Market demand and potential growth opportunities
• Potential scalability and expansion strategies
• Future product/service extensions or diversification plans

6. Developing Pricing Strategy    

You can utilize ChatGPT's insights to develop a competitive pricing strategy for your business. With ChatGPT, determine an appropriate pricing strategy considering the following factors:

• Factors influencing your pricing decisions like lifecycle, quality assurance, etc.
• Comparison with competitors' pricing
• Target market preferences
• Profit margins and sales volume expectations

Assist me to establish a pricing strategy that balances Green World Solutions' affordability with its commitment to sustainability for solar-powered chargers, considering the USA market and potential competitors.

You will get a clear idea of pricing strategy by considering the necessary factors. ChatGPT suggests pricing models maintaining a balance between profitability and customer appeal.

7. Creating the Marketing and Sales Strategy   

You should have a proper marketing and sales strategy to promote your products and services. To do so, you need to explore digital marketing channels, partnerships, and sales tactics to reach a wider audience.

However, ChatGPT makes this process easier. You can utilize the AI power of  ChatGPT in outlining an effective marketing and sales plan. 

Include the following factors in the prompt to get a better marketing and sales strategy. 

• Marketing channels and strategies to reach your target audience
• Sales tactics and approaches to convert leads into customers
• Marketing budget and ROI projections

Provide ideas for an effective marketing and sales strategy to propel Green World Solutions' products into the market. My target is to promote solar-powered chargers among teenage and old people in New York City at first and my plan is to sell around $500,000 in year 1.

For marketing and sales strategies, ChatGPT suggests implementing search engine optimization (SEO) techniques to increase organic traffic. Also, For establishing, you can utilise social media platforms, run campaigns to engage with the target audience and run targeted ads.

8. Establishing Management and Organizational Structure   

Your business must have an established management and organisational structure. Clear roles, responsibilities, and hierarchy are important for effective decision-making, efficient operations, and running a cohesive and productive work environment. 

You can use ChatGPT to define the key roles and responsibilities within your organization:

• The management team's background and qualifications
• Organizational hierarchy and reporting structure
• Any strategic partnerships or key external stakeholders

Green World is an online platform to sell eco-friendly tech products. Please help me outline the structure and the roles and responsibilities of the management team.

ChatGPT provides an overview describing the roles and responsibilities of key management personnel in the eCommerce platform, such as the CEO, COO, CTO, head of marketing, project managers, etc. It also explains their expertise and how they contribute to the company's success.

9. Requesting Funding (if applicable)  

A funding request is needed in an online e-commerce business to support initial setup costs, market analysis, and ongoing operations. Funding is also beneficial for successful market entry and growth.

So, if you need funding, ChatGPT can help you create a compelling case:

• How much funding do you need and how do you plan to use it
• Potential funding sources (e.g., investors, loans)
• Projected financial documents, including cash flow statements and ROI for investors

I'm looking for investors for my sustainable eco-friendly eCommerce platform. Can you help me create a compelling funding request for Green World Solutions showing the growth prospects and long-term sustainability?

ChatGPT creates a persuasive funding request that includes the growth prospects, the purpose of the funds (e.g., production, marketing strategy), projected financial plans, and the potential return on investment for investors.

10. Adding Supplementary Information   

Apart from these components, you can enhance the business plan with specific details, additional data, analysis, and visuals to highlight the key points. At the same time,  it’s important to provide a complete outlook for potential stakeholders.

You can generate any relevant additional details for your business plan using flexible prompts in ChatGPT such as:

• SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
• Table and statistical data representation
• Risk assessment and mitigation strategies
• Legal and regulatory considerations, etc.

Conduct a SWOT analysis for my sustainable eco-friendly eCommerce platform - Green World Solutions. Can you assist?

You’ll find the SWOT analysis by identifying the company's strengths (e.g., unique selling proposition, user-friendly interface), weaknesses (e.g., limited product range), opportunities (e.g., international expansion), and threats (e.g., supply chain challenges).

FAQs  

How does chatgpt work.

• Trained on a large dataset of diverse text
• Adapted to specific tasks with fine-tuning
• Uses the Transformer architecture for natural language processing
• Learns to predict the next word in a sentence using pre-training
• Converts prompt into tokens and generates responses based on learned patterns

Is ChatGPT Suitable for all Types of Business Plans?   

Yes , you can use ChatGPT for making various types of business plans, including startups, established businesses, non-profits, and more. Its advanced language model and versatility allow it to create more specialized plans for different industries and sectors.

If you need help with business plans, check out our blog on the latest and best  online business ideas  for more insights and inspiration.

Can ChatGPT Help with Financial Projections for the Business Plan?   

Yes , ChatGPT can assist you to make financial projections for a business plan. It analyzes historical financial data, market trends, and relevant industry information. Plus, it can provide insights, expenses, revenue projections, and cash flows to make informed financial projections for the business plan.

Does Using ChatGPT for Business Plans Require Technical Expertise?   

You don't need technical expertise to use ChatGPT for your business plan. However, having a sound understanding of your business and the ability to review/customize the AI-generated content is helpful for making a successful business plan.

What are the advantages of using ChatGPT over traditional business plan writing methods?   

Using ChatGPT offers several advantages over traditional methods such as: 

• Speeds up the writing process
• Offers creative ideas and perspectives
• Provides a wealth of information
• Saves cost and effort

Are there any limitations to using ChatGPT for making a business plan?   

Though ChatGPT is a powerful tool, it has some limitations while making a business plan including

• Lack of domain expertise
• Limited validation
• Bias in data
• Risk of over-reliance
• Security and privacy concerns
• Difficulty handling ambiguity, etc.

What are the ChatGPT Alternatives to writing a business plan?   

Some of the  alternatives to ChatGPT  to write a business plan include 

• Perplexity AI

Final Words  

A business plan is more than just a document; it's a roadmap to success, guiding you through challenges and opportunities on your entrepreneurial journey. ChatGPT has offered valuable insights and creative assistance in making business plans. 

Here, we’ve depicted a step-by-step guide to using the AI capabilities of ChatGPT to outline every business plan component. Hopefully, now you can create a business plan with this comprehensive discussion on “How to write a business plan with ChatGPT”. 

So, why are you waiting? 

Go forth, be bold, use AI power to build successful business plans and turn your dreams into reality. 

Mortuza Hossain

Mortuza Hossain is a content writer and editor at Dorik with expertise in SaaS, SEO, WordPress, eCommerce, and Technology. He writes to deliver reliable and valuable information that solves people’s problems worldwide. Apart from work, he loves to travel, read, watch movies, and spend time with his family and friends.  

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How ChatGPT Can Write your Business Plan?

A Free Business Plan Template

Ajay Jagtap

• January 31, 2024

14 Min Read

There was a time when writing a business plan was frustrating and overwhelming. Thanks to ChatGPT, you can draft a comprehensive business plan in no time.

But there is a catch. You must properly instruct the chatbot to provide accurate, relevant, and factual information.

Want to learn how? Buckle up and get ready to draft a solid business plan in no time flat!

What is ChatGPT?

ChatGPT needs no introduction; it is a large language model trained by OpenAI, using deep learning algorithms to generate human-like responses to text-based prompts.

It’s a powerful tool for research and content creation. In fact, it crossed a whopping 100 million users just two months after its launch.

Let’s discuss how you can use this Chatbot to write a business plan:

How to use ChatGPT Prompts to Write Your Business Plan

We’ve curated a list of ChatGPT prompts and examples to make it easier for you to instruct the chatbot. Here is the step-by-step process to write a business plan using ChatGPT.

Let’s start by generating a basic business plan outline:

Create a basic business plan outline

You don’t need an extraordinary prompt to create a business plan outline. Simply prompt ChatGPT to provide a business plan outline, like we did here.

As you can see, the response we got was well-structured and included everything that a business plan must include. Still, we tweaked it a little, considering the industry-wide business planning format we follow at Upmetrics .

Here’s the final outline we’ll use to instruct ChatGPT and write a business plan:

• Executive Summary
• Business Overview
• Market Analysis
• Products and Services
• Marketing and Sales Strategies
• Operations Plan
• Management Team
• Financial Plan

Though the outline starts with an Executive summary, we’ll keep it last as It summarizes the entire plan and is written after the plan is ready. Let’s start with the business overview.

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1. Business Overview

The name defines the section itself—business overview, which provides the overview of the entire business.

We have provided the prompt to write a business overview section.

In this prompt, you will need to provide ChatGPT with some critical information about your business, including a detailed business description, location, legal structure, owners, vision, mission, and history.

Here’s a ChatGPT prompt to help you write the business overview section of your business plan:

Check out this example of a business overview section of a dental business plan written using this ChatGPT prompt.

2. Market Analysis

Market analysis is the study of your external business environment that gives your readers a better understanding of your industry and its dynamics.

Unlike other sections of your business plan, market analysis requires deep research and analytical work.

But as we are using ChatGPT, it won’t bother us much.

ChatGPT will require information about your target market , market size, growth potential, competitors, market trends, and regulatory environment to provide a relevant and accurate response.

You can collect this information through industry publications, news articles, and market research reports—using ChatGPT to organize and analyze data will make things easier.

Here’s a ChatGPT prompt to help you write a Market Analysis section of your business plan:

You may not get the perfect response for your market analysis section on the first try. So, repeat the process, proofread, edit, and modify it until you perfect it.

Here is an example of a market analysis section of a carpet cleaning business plan written using this ChatGPT prompt.

3. Products and Services

Your entire business plan revolves around this one particular section. After all, your business success solely depends on the value you provide to the end consumer.

You should ask yourself these questions before prompting ChatGPT to write. This exercise will help you clearly understand your products and help generate an informed description using ChatGPT.

• Who can use your product?
• What are the fundamental aspects of your product or services?
• When can one use your product?
• Why should someone consider using it?
• How can it help them?
• Where can someone use it?

Understanding and describing your products and services will be much easier once you answer these questions.

Let’s have a look at the ChatGPT prompt for writing the product and services section of your business plan:

Check out this example of a “product and services” section of a notary business plan written using this ChatGPT prompt.

4. Marketing and Sales Strategies

It’s crucial to outline your marketing and sales strategies. After all, these strategies determine how your business will get exposure and reach your target audience.

Generally, this section of your business plan includes your marketing, sales, pricing, and customer retention strategies. It also includes business USPs and other relevant information.

Here’s a ChatGPT prompt to help you write a marketing and sales strategies section of your business plan:

Check out this example of a marketing and sales strategies section of a clothing business plan written using this ChatGPT prompt.

5. Operations Plan

The operations plan section of your business plan describes how your business will achieve the goals and objectives outlined in the previous sections. You can say that this section is outlined to turn your plans into action.

A well-developed operations plan should outline daily business activities, individuals responsible, tools and equipment required, inventory, cost, and if there are any other special requirements.

Here’s a ChatGPT prompt to help you write the operations plan section of your business plan:

Check out this example of an “operations plan” section of an Airbnb business plan written using this ChatGPT prompt.

You may include specific details such as location, facilities, equipment, and technology in the prompt or modify the response later depending on your specifications.

6. Management Team

Your business is as good as your team and management. That’s what makes this section a crucial component of a business plan.

A strong management team section not only brings authority to your business plan but also helps investors and lenders be confident about your business idea and vision.

Generally, this section should include founders, key executives, senior management, their educational and professional background, compensation plan, business hierarchy, and business advisors/consultants.

Here is a ChatGPT prompt to help you write a “Management Team” section of your business plan:

This prompt will provide a comprehensive template for your management team section. Just update the necessary details in the content, and your management team section will be ready.

Here’s what it looks like:

Depending on your requirements, you may update the prompt or ask the chatbot to modify a few sections of the response.

Let’s say you may ask ChatGPT to add the CMO to the management team.

This is just an example; you may need to change certain parts of content based on the response you get.

7. Financial Plan

It is arguably the most crucial section of a business plan when it comes to convincing investors and banks to invest or lend money.

So, it’s critical to justify your business with attractive figures. Unlike some other sections, drafting a financial plan takes a thorough understanding of operational costs, net profit, and financing to estimate revenue projections.

You may provide a ChatGPT prompt to write the section, but it’s up to you to provide accurate numbers.

Here is the ChatGPT prompt to help you write a financial plan section of your business plan:

Here’s an example of a financial plan section of an IT consulting business plan written using this ChatGPT prompt.

Remember, this prompt will create a basic structure of a financial plan for you. Then you can update the sample data with real numbers.

8. Executive Summary

As mentioned earlier, an executive summary provides an overview of the entire business plan and is usually written after the entire plan is ready. It must be clear, concise, and compelling to provide the reader with a quick understanding of your business.

Make sure to use the same chat you used to create other business plan sections while generating an executive summary.

You don’t necessarily need a structured prompt to prepare an executive summary; simply ask ChatGPT to prepare one for your business based on your previous conversations, as we did here.

9. Appendix

The Appendix section of a business plan should provide additional information supporting your business plan’s main content.

In addition, it helps readers navigate through the entire business plan and easily find specific information or documents.

Generally, an appendix section in a business plan includes a table of contents, financial statements, market research data, legal documents, and other relevant information.

Here’s a ChatGPT prompt to help you write an appendix section of your business plan:

Furthermore, you may also prompt ChatGPT to provide this information in tabular form.

Check out this example of an appendix section of a medical practice business plan generated using this ChatGPT prompt:

Again, verify if there’s anything you would like to add or remove and start putting in the right details.

Remember, ChatGPT is still in a learning phase; keep experimenting with different prompts until you get the anticipated response, and be as specific as possible.

That’s it. We’re done using ChatGPT here.

We have generated all the sections required in a business plan—all using ChatGPT.

Now it’s time for some manual work. Human editing.

Human Editing For AI-Generated Content

Now that you’ve finished writing the business plan, it’s time to do some human editing and put it on investors’ desks.

This may take 30 minutes, but you’ll ensure every piece of information you’ve put in is accurate and factual.

Here’s what your editing checklist should look like:

• Fact checks everything: ChatGPT may sometimes generate incorrect information, so consider doing a fact check.
• Make sure it’s up-to-date: Ensure all the information, documents, or financial statements you include are up-to-date.
• Proofreading: Make sure there are no typos, grammatical errors, or readability issues in the entire business plan.
• Editing & Rewriting: Edit and rewrite content where necessary. Make sure it doesn’t sound too robotic.

Once you check these elements off your editing checklist, your business plan is ready to seek investment.

In a nutshell, ChatGPT could be a valuable asset when it comes to helping you with business planning. However, even if it promptly generates high-quality content, it’s wise not to rely solely on AI outputs.

Incorporate, your personal insights and research where necessary and use ChatGPT to streamline the process.

That’s it for today; now over to you. Start creating your first draft using ChatGPT. Happy business planning!

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Frequently Asked Questions

How can i use chatgpt to develop a competitive analysis and understand my industry landscape.

ChatGPT can be a handy tool to assist you in developing a competitive analysis and understanding your industry landscape. Follow this brief guide to get started with your competitive analysis.

• Research: Gather information about your competitors and industry landscape, such as key competitors, market share, and market trends. You may collect this information through industry publications, news articles, and market research reports.
• Feed this information to ChatGPT: Provide this information to ChatGPT; you may use phrases like “learn this”, “remember this”, etc. Remember, the output solely depends on this information, so be as specific as possible.
• Summarize the information: Ask ChatGPT to summarize this information for you. For instance, you may ask it to provide an overview of the market trends or do a SWOT analysis of a competitor.
• Use ChatGPT for competitive analysis: You may now ask ChatGPT to compare your business with your competitors and generate insights about emerging trends, opportunities, and threats for your business.

ChatGPT is always learning, so make sure you provide detailed information to generate an informed response. Do not forget to oversee and fact-check the response.

Can I trust the accuracy of the information provided by ChatGPT for my business plan?

ChatGPT is an extremely useful tool, but it’s an AI language model that may sometimes confidently provide the utter opposite response, so it’s always suggested to proofread and do a fact check on your business plan before sending it to your readers.

What are the limitations of using ChatGPT for writing a business plan?

ChatGPT can indeed speed up your business plan writing process, but here are a few of its limitations to consider:

• Lack of personalization: AI-generated text lacks lack personalization and may sound robotic, as it doesn’t take your vision, mission, and values while generating the text. You may need to edit the content depending on your preferences.
• Lack of domain expertise: ChatGPT lacks market or industry-specific expertise. So, you must feed ChatGPT market research documents and industry publications to get an informed response.
• Limited reliability: As mentioned before, ChatGPT may sometimes confidently provide the utter opposite response, so you cannot solely rely on the responses provided by the AI language model.

How can I train ChatGPT to write a business plan?

Training ChatGPT to write a business plan requires thorough research and feeding detailed business descriptions.

Ensure you’re starting a new chat while preparing ChatGPT to write a business plan. And you will use the same chat until you finish writing your business plan.

You should provide the key details to train ChatGPT to write a business plan.

• Introduce your business: Describe your business in detail, including your business name, when it was founded, who founded it and why, the industry you serve, the location of your business, the revenue that you generate, the number of employees, and any other relevant information about your business.
• Industry materials & research reports: Feed ChatGPT with industry materials, news articles about market trends, market research reports, your competitors, and more.
• SWOT Analysis: provide ChatGPT with the SWOT (strengths, weaknesses, opportunities, and threats) analysis of your business.
• Preferred writing style: You may specify your writing style or tone of voice for your business plan, depending on your business type—E.g., Professional, friendly, etc.
• Business plan structure: Provide an outline for your business plan or ask ChatGPT to create one and modify it depending on your needs. Don’t forget to prompt GPT to consider the modified version.

Preparing ChatGPT before writing a business plan will make the process easier, quick, and more accurate.

About the Author

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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How to Use ChatGPT for Business in 2024: Top 40 Applications

Cem is the principal analyst at AIMultiple since 2017. AIMultiple informs hundreds of thousands of businesses (as per Similarweb) including 60% of Fortune 500 every month.

Cem's work has been cited by leading global publications including Business Insider, Forbes, Washington Post, global firms like Deloitte, HPE, NGOs like World Economic Forum and supranational organizations like European Commission. You can see more reputable companies and media that referenced AIMultiple.

As businesses continue to leverage artificial intelligence technologies to optimize their operations. ChatGPT has emerged as a powerful tool for its various use cases such as content creation , translation, web scraping , etc. 

With so many potential use cases for ChatGPT , businesses may struggle to identify the most valuable applications of the technology and may face challenges to meet their unique requirements. Plus, to truly maximize the benefits of ChatGPT, businesses need the tool to be fine-tuned to meet their specific needs and objectives. For this, you can check our large language models fine-tuning article .

In this article, we explain the top 40 use cases of ChatGPT for business purposes.

General Use Cases of ChatGPT for Business

1- content creation.

Businesses can leverage ChatGPT for content creation to streamline and enhance their marketing efforts , enabling them to generate engaging, high-quality content more efficiently. By incorporating ChatGPT into their content strategy, companies can automate the production of:

• Social media posts
• Promotional marketing materials tailored to their target audience 

Additionally, ChatGPT can assist in optimizing content for search engines through keyword research or content structuring, ensuring increased visibility and improved search rankings that can be especially useful for small businesses to create brand awareness .

Figure 1. ChatGPT SEO-friendly title suggestions for content in B2B marketing

2- Language translation

Businesses can harness ChatGPT for translation services, enabling seamless communication across linguistic barriers in today’s increasingly globalized market. By integrating ChatGPT into their operations, companies can gain access to real-time, accurate translations for various content types, such as emails, reports, marketing materials, and product documentation.

3- Email and communication

Businesses can employ ChatGPT to enhance email and communication processes personalized to customers, leading to more effective and efficient internal and external correspondence. By using ChatGPT, employees can quickly draft, edit, and proofread emails, ensuring they are polished and professional.

Figure 2. ChatGPT providing an email template for a certain customer problem

Furthermore, ChatGPT can be utilized to generate templates for recurring emails, such as: 

• Sales pitches
• Meeting requests 

This allows employees to maintain consistent messaging while saving time.

4- Idea generation and brainstorming

Businesses can use ChatGPT to generate ideas and facilitate brainstorming sessions, providing a creative and innovative approach to problem-solving. By integrating ChatGPT into brainstorming sessions, employees can input their initial ideas or problems, and the model can generate related concepts or potential solutions based on the given context.

Furthermore, ChatGPT can assist in refining ideas and proposals, offering feedback and suggestions to enhance the quality and feasibility of those ideas.

5- Creating presentations

By leveraging ChatGPT’s natural language understanding capabilities, employees can obtain suggestions for presentation topics, key points, and arguments based on their initial input or a specific subject area. 

Figure 3. ChatGPT offers a presentation structure and key points to mention

Furthermore, the AI tool can assist in generating concise and engaging text for slide content, ensuring that the core messages are conveyed clearly and effectively. ChatGPT can also help in crafting compelling headlines, bullet points, and speaker notes, allowing presenters to focus on the delivery and visual aspects of their presentations.

6- Employee training

Businesses can leverage ChatGPT to elevate employee training programs, providing customized and engaging learning experiences tailored to individual needs. By integrating ChatGPT into training platforms, companies can generate contextually relevant instructional content based on employees’ roles, skill levels, and learning goals, such as: 

• Case studies

The AI model can also be utilized to answer trainees’ questions, offering instant support and clarification on complex topics or tasks. It can also assist in identifying knowledge gaps and suggesting targeted learning resources to bridge those gaps, ensuring continuous skill development and growth.

For more, check our article on ChatGPT education use cases .

7- Human resources

ChatGPT can assist in employee onboarding , providing essential information and guidance to new hires, and facilitating the orientation process. It can also help in forming interview questions for job positions.

Figure 4. ChatGPT creates a set of interview questions for a job position

Furthermore, ChatGPT can be utilized to generate performance evaluations, feedback, and development plans, providing a more objective and data-driven approach to performance management.

Additionally, ChatGPT can be used to automate routine HR inquiries and tasks , such as updating employee information or answering frequently asked questions, freeing up HR personnel to focus on more complex tasks.

9- Web scraping

Web scraping helps extract structured data from websites. Businesses use web scraping as a powerful tool to gather information from the internet and gain insights for various purposes, such as:

• Gaining competitive intelligence for growth
• Lead generation via contact informations
• Sentiment analysis via customer opinions and reviews

Businesses can use ChatGPT in web scraping, for various applications like generating code for scraping websites (Figure 6) or cleaning extracted data.

Figure 5. Scraping from an Amazon product page

For more use cases, check our detailed article on ChatGPT web scraping .

10- Sentiment Analysis

In 2023, it is projected that 80% of businesses will embrace solutions incorporating sentiment analysis . This natural language processing ( NLP ) technique categorizes text, images, or videos according to their emotional content as positive, negative, or neutral. By doing so, it offers insights into consumer sentiments, enabling companies to create strategies for enhancing their products or services.

As generative AI models like ChatGPT progress, companies are able to automate natural language processing tasks and carry out sentiment analysis without the need for manual text data analysis.

For more on this, check our article on the use of ChatGPT for sentiment analysis .

Fine-Tuned & Customized Use Cases of ChatGPT for Business

Enterprises can customize and fine-tune large language models like ChatGPT, using their own data to create more efficient and domain-specific business tools. Fine-tuning allows the models to adapt to the unique requirements, terminology, and context of the organization, making them more effective for their specific use cases.

To achieve large language model fine tuning and customization, enterprises can follow these general steps:

• Data collection: Gathering relevant, high-quality, and diverse data that represents the specific domain or use case the organization wants to address
• Data preprocessing : Cleaning and preprocessing the collected data to ensure consistency and remove any sensitive or personally identifiable information
• Model fine-tuning: Using the preprocessed data to train the model in a supervised or unsupervised manner
• Evaluation: Assessing the performance of the fine-tuned model by using various metrics like accuracy, precision, or recall, depending on the application
• Deployment: Integrating the fine-tuned model into the desired business application
• Monitoring and maintenance: Continuously monitoring the model’s performance, collecting user feedback, and updating the model as needed

For detailed information on LMM fine tuning, check our article .

CUSTOMER SUPPORT

ChatGPT can be trained to understand and adapt to a business’s unique products, services, and brand voice, ensuring a consistent and tailored customer experience.

With customization, businesses can utilize ChatGPT to transform their customer support efforts, delivering timely, accurate, and personalized assistance through AI chatbot or support systems. By integrating ChatGPT into customer service platforms, companies can enable many applications:

11- Multilingual customer support

ChatGPT can be trained on a range of languages and can be integrated into the business chatbots. It has the potential to translate messages from one language to another, enabling effective communication between customers and businesses in different languages.

Figure 6. An exemplary multilingual customer response generated by ChatGPT

12- Answering FAQs

ChatGPT can be trained on a company’s FAQ page or knowledge base to identify and respond to frequent customer inquiries. When a customer submits a question, ChatGPT can examine the message and offer a response that addresses the customer’s inquiry or guide them to additional resources that may be useful.

13- Quick responses to customer inquiries & complaints

ChatGPT can be trained to detect and reply to typical customer complaints, such as problems with product quality, shipping delays, or billing errors. When a customer submits a complaint, ChatGPT can evaluate the message and offer a response that acknowledges the customer’s concerns and presents possible solutions to address the issue.

For more detail, check out our article on the use of ChatGPT for customer service .

SALES & MARKETING

Businesses can leverage ChatGPT to enhance their sales and marketing efforts, enabling them to reach their target audiences more effectively and efficiently. By incorporating ChatGPT into their sales and marketing strategies, companies can create many marketing opportunities:

14- Personalization of customer experience

ChatGPT can generate personalized content for customers that takes into account their preferences, past behavior, and demographics. This enables businesses to create targeted content that connects with their audience on a more personalized level, resulting in higher levels of engagement and conversion rates.

Einstein GPT utilizes a network of models originating from the CRM market leader Salesforce’s AI research and generative AI providers like OpenAI. This enables users to leverage generative AI solutions within Salesforce.

Learn more about how Salesforce’s Einstein GPT contributes to a superior and personalized customer service .

15- Audience research

Audience research involves collecting information and insights about the target audience to gain a better understanding of their interests, preferences, behaviors, and requirements.

ChatGPT can be used to analyze customer data such as: 

• Search queries
• Social media interactions
• Past purchases to identify patterns and trends in customer behavior

16- Writing product descriptions

Product descriptions are a fundamental aspect of marketing that furnish potential customers with information about a product’s features, benefits, and value. ChatGPT can assist in crafting engaging and informative product descriptions that align with the interests and preferences of the target audience.

17- Creating customer surveys

ChatGPT can help with  creating customer surveys :

• Question generation
• Organizing survey structure
• Making surveys multilingual with its translation ability
• Survey analysis

18- SEO maximization for business websites

ChatGPT can be used in many elements of  SEO content writing by utilizing its language processing capabilities. It can achieve functions like:

• Generating topic ideas for blog articles
• Finding the right titles
• Grouping search intents

For detailed information, check our article on ChatGPT use cases for marketing . For more on the SEO maximization, take a look at our article on t he use of ChatGPT for SEO maximizing purposes .

LEGAL ASSISTANCE

ChatGPT can be trained on relevant legal texts, such as contracts, regulations, or legal opinions, to identify and extract key information, providing a better understanding of legal terms and clauses. Fine tuned versions of ChatGPT for legal assistance can help businesses in many ways:

19- Document review and analysis

ChatGPT can help legal teams analyze contracts, leases, and other legal documents to identify key clauses, potential risks, and areas for negotiation.

20- Compliance assistance

ChatGPT can provide guidance on regulatory requirements, helping businesses ensure that their operations, products, and services are compliant with applicable laws.

21- Legal chatbot

ChatGPT can be integrated into a company’s website or customer service platform to provide basic legal information to users, such as explaining terms and conditions, privacy policies, or answering frequently asked legal questions.

DATA ANALYSIS

Businesses can leverage ChatGPT to assist in data analysis, providing a more efficient and accurate approach to data processing and insights generation. ChatGPT can be utilized to analyze large volumes of unstructured data, such as social media posts, customer feedback, and support tickets, to identify patterns and trends.

Some data analysis related use cases for businesses can be:

22- Data exploration

ChatGPT can provide a more in-depth exploration of datasets by generating insightful summaries, identifying key trends, patterns, and relationships between variables. By asking questions or requesting specific analyses, analysts can leverage ChatGPT to dive deeper into their data and uncover previously hidden insights.

23- Data cleaning

ChatGPT can support data cleaning efforts by identifying inconsistencies, duplicates, or missing values, as well as suggesting the most suitable imputation methods, data transformations, or standardization techniques.

FINANCE & ACCOUNTING

By assisting in data analysis, ChatGPT can provide insights into financial trends and patterns, allowing for improved forecasting and budgeting. It can also assist in data entry, automating the input of data into financial spreadsheets or databases, reducing the risk of manual errors.

Some common financial use cases for businesses can be:

24- Financial document generation

ChatGPT can streamline the generation of financial documents by automatically creating accurate and well-structured reports, statements, and other documents essential for business operations. This can include:

• Financial statements
• Management reports
• Board and investor materials

25- Financial planning & advising

ChatGPT can serve as a valuable resource in financial planning and advising by offering guidance and support for businesses. For corporate financial planning, ChatGPT can help businesses create plans, budgets, identify investment opportunities, and manage financial risks. Furthermore, it can provide insights into various investment vehicles, assist with retirement planning, and help develop strategies to manage and reduce debt.

26- Reporting automation

Manual tasks like reporting can be both lengthy and prone to mistakes. ChatGPT can assist auditors in streamlining recurring duties, including documentation and reporting. In particular, it can generate uniform reports (see Figure 8) that ensure consistent presentation of results.

Figure 7: ChatGPT generated sample audit report

27- Audit data analysis

Audit initiatives often require regular examination of extensive financial and operational information. ChatGPT can facilitate some of these data analysis tasks, including:

• Carrying out calculations
• Compiling data
• Comparing datasets

28- Real-time risk monitoring

ChatGPT can also help in continuous risk monitoring. Auditors can engage with the model to delve into the organization’s operations, control mechanisms, and business context. ChatGPT can help auditors determine risk levels (Figure 9), pinpoint areas of heightened concern for further examination, and gain perspectives on possible threats.

Figure 8: Four uses of ChatGPT in real-time risk monitoring according to the model itself

For more on the use of ChatGPT in audit, check our article .

However, it is important to note that ChatGPT is not a substitute for financial, accounting or auditing expertise and should be used as a supplementary tool to support financial and accounting operations.

SUPPLY CHAIN

29- Supply chain optimization

Businesses can utilize ChatGPT for supply chain optimization by streamlining and automating various processes across the supply chain, from procurement to distribution. 

When fine-tuned, ChatGPT can analyze large volumes of data to identify trends, inefficiencies, and bottlenecks, allowing organizations to make informed, data-driven decisions to optimize operations. Additionally, ChatGPT can support communication between suppliers, manufacturers, and customers, enabling real-time collaboration and reducing lead times.

30- Supplier selection & evaluation

ChatGPT can help businesses evaluate potential suppliers by analyzing various parameters such as cost, quality, reliability, and lead time. It can also monitor supplier performance and provide recommendations for improvement or potential replacements.

MARKET RESEARCH & COMPETITIVE ANALYSIS

Businesses can employ ChatGPT in market research and competitive analysis to gain valuable insights and make informed decisions. ChatGPT can analyze vast amounts of unstructured data from various sources, such as social media, news articles, and customer reviews, to help with:

31- Intelligent customer segmentation

ChatGPT can help businesses understand their customer base in greater detail, using data to identify distinct customer groups based on demographic, behavioral, or transactional characteristics. By leveraging the AI’s natural language processing capabilities, businesses can also uncover patterns in customer feedback, preferences, and concerns that enables them to tailor marketing strategies.

32- Predicting customer behavior

ChatGPT can analyze customer data to predict their behavior, such as their likelihood to make a purchase or their propensity to churn. This can help businesses create personalized offers and experiences that are tailored to individual customers.

33- Product development & pricing comparisons

ChatGPT can analyze competitor product offerings to identify gaps in the market that a business could fill. This can help businesses develop new products that are more competitive and meet customer needs better.

Also, it can help businesses analyze their competitors’ pricing strategies, including their discounts and promotions, to help them develop their own pricing strategy and stay competitive.

IT OPERATIONS

AIOps in conjunction with the power of ChatGPT can streamline IT automation efforts as these technologies can provide user-friendly interaction and simplified data analysis.

34- Automated troubleshooting

When an IT problem emerges, AIOps can promptly assess the scenario and determine the primary source of the concern using real-time data combined with past trends. After identifying the issue, AIOps can initiate remedial measures by activating ChatGPT.

35- Incident management

ChatGPT can be incorporated into an ITSM (IT Service Management) platform, acting as an efficient virtual assistant for managing user inquiries and automating the solutions to frequent issues. Users can communicate with the chatbot powered by ChatGPT whenever they face a problem. Based on the AIOps insights, ChatGPT can see potential issues and provide the user with an accurate and timely response.

36- Proactive alerts and notifications

AIOps and ChatGPT form a powerful combination for active anomaly detection and problem remediation. AIOps persistently monitor the IT infrastructure, rapidly spotting irregularities or potential concerns. When an anomaly arises, ChatGPT can convey the details to the appropriate IT units, hastening the incident management procedure. This collaborative strategy facilitates prompt detection and intervention of irregularities before they intensify.

37- Automated ticketing

IT support teams frequently deal with high ticket volumes, causing resolution delays and unhappy customers. With Generative AI, processes can be streamlined and major issues can be prioritized. ChatGPT AIOps can automate ticketing by identifying issues. Chatbots classify tickets, collect key details, and solve basic problems autonomously. This speeds up responses, boosts efficiency, and enhances customer satisfaction by providing prompt updates and expected resolution timelines.

38- Create and maintain knowledge base

Given that ChatGPT can produce text similar to human writing, including detailed articles, manuals, and IT-related documentation, it’s feasible to build and uphold a vibrant knowledge repository using insights from AIOps tools. ChatGPT AIOps aids companies in sustaining a current and informed knowledge base, ensuring that IT personnel remain educated and empowered.

39-  IT resource optimization

AIOps technology continuously analyzes resource use and performance across an organization’s IT infrastructure, monitoring components like servers, databases, and applications. For instance, if during peak hours AIOps detects a key application nearing capacity and underperforming, it can alert ChatGPT with relevant data. ChatGPT can then suggest solutions, such as reallocating resources or expanding infrastructure to handle the extra demand.

40- Coding for IT DevOps

AIOps tools can utilize ChatGPT for easing coding activities. By tapping into ChatGPT’s natural language understanding and generation features, developers can communicate with the system in straightforward English and get immediate Python code samples and support. This optimizes coding chores, lessens the dependency on profound coding knowledge, and quickens the prototype creation phase.

For more on the use of ChatGPT in AIOps, check our article .

If you have any questions or need help in finding vendors, we can help:

Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised enterprises on their technology decisions at McKinsey & Company and Altman Solon for more than a decade. He also published a McKinsey report on digitalization.

He led technology strategy and procurement of a telco while reporting to the CEO. He has also led commercial growth of deep tech company Hypatos that reached a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2 years. Cem's work in Hypatos was covered by leading technology publications like TechCrunch and Business Insider.

Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.

AIMultiple.com Traffic Analytics, Ranking & Audience , Similarweb. Why Microsoft, IBM, and Google Are Ramping up Efforts on AI Ethics , Business Insider. Microsoft invests $1 billion in OpenAI to pursue artificial intelligence that’s smarter than we are , Washington Post. Data management barriers to AI success , Deloitte. Empowering AI Leadership: AI C-Suite Toolkit , World Economic Forum. Science, Research and Innovation Performance of the EU , European Commission. Public-sector digitization: The trillion-dollar challenge , McKinsey & Company. Hypatos gets $11.8M for a deep learning approach to document processing , TechCrunch. We got an exclusive look at the pitch deck AI startup Hypatos used to raise $11 million , Business Insider.

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9 Essential ChatGPT Business Plan Prompts (2023)

Planning a business can be overwhelming. From figuring out your target market to launching your first marketing campaigns; there are seemingly new business plans to be created at every step.

In this article, I'll share 9 incredibly simple (but powerful) ChatGPT prompts you can use to outsource some business planning brainpower to AI.

Why? Well, planning happens to be one area where ChatGPT excels. It already has a deep understanding of all the best practices and frameworks for business planning--and with a little bit of tweaking, prompting and context, it can tailor these frameworks to help you map out your specific projects.

Note: The more context you provide ChatGPT, the more accurate and useful the outputs will be. If you don't want to keep repeating yourself (e.g. "My business sells consulting services, my target market is law firms in the US, my product offerings and prices are X, Y, Z... etc.) then I would recommend either:

• Adjusting your custom instructions in ChatGPT to include some basics about your business; or
• Doing your business planning in Bizway, so that all your details are stored and referenced in any business planning docs you create.

So, with that out of the way, let's dive into the prompts.

1. Market Research Prompt

Understanding your market is crucial to the success of your business. This prompt helps you analyze the key aspects of your market.

• The Prompt: "Generate a market analysis for a [your industry] business."
• Example output: "The global market for AI-powered business planning tools is growing steadily with the increase in solopreneurs and small businesses. The target market size includes approximately 160,000 consulting firms and 3,000,000 solopreneurs worldwide."
• When to use it: When starting your business plan and during periodic reviews.
• Variations: "Generate a market analysis for a [specific location] [your industry] business."

2. Competitor Analysis Prompt

Knowing your competition allows you to understand their strategies and identify gaps that your business can fill. This prompt helps you analyze your competitors.

• The Prompt: "Identify and analyze key competitors in the [your industry] industry."
• Example output: "In the AI-powered business planning app market, notable competitors include Notion, Airtable, and ClickUp."
• When to use it: When defining your business strategy and during market analysis.
• Variations: "Identify and analyze key competitors in the [specific location] [your industry] industry."

3. Marketing Campaign Prompt

Effective marketing campaigns can drive traffic, increase brand awareness, and generate leads. This prompt helps you plan your marketing campaigns.

• The Prompt: "Create a marketing campaign for [your product/service]."
• Example output: "For Bizway, an Instagram campaign could reach an estimated 500,000 potential customers with inspiring stories of entrepreneurship."
• When to use it: When planning your marketing strategy.
• Variations: "Create a social media marketing campaign for [your product/service]."

4. Pricing Strategy Prompt

Pricing your products or services effectively can maximize profits and market share. This prompt helps you plan your pricing strategy.

• The Prompt: "Develop a pricing strategy for [your product/service]."
• Example output: "For Bizway, a tiered subscription model could be used, with prices ranging from $29/mo for the Starter plan to $79/mo for the Portfolio plan."
• When to use it: When defining your revenue model.
• Variations: "Develop a discount pricing strategy for [your product/service]."

5. Product Overview Prompt

A clear and concise product overview can help potential customers understand your offerings. This prompt helps you create a product overview.

• The Prompt: "Provide an overview of [your product/service]."
• Example output: "Bizway is an AI-powered business planning and research app that helps users generate business planning docs with just one click."
• When to use it: When introducing your product/service to potential customers or investors.
• Variations: "Provide a detailed overview of [your product/service]."

6. Pitch Writing Prompt

A compelling pitch can attract investors and customers. This prompt helps you write a pitch for your business.

• The Prompt: "Write a pitch for [your business]."
• Example output: "Bizway is revolutionizing the way businesses plan and research. With our AI-powered tool, anyone can easily create a comprehensive business plan."
• When to use it: When seeking funding or presenting your business idea.
• Variations: "Write a one-minute pitch for [your business]."

7. Website Copywriting Prompt

Well-written website copy can engage visitors and convert them into customers. This prompt helps you write copy for your website.

• The Prompt: "Write website copy for [your business]."
• Example output: "Welcome to Bizway, your one-stop solution for AI-powered business planning. Plan, research, and grow your business with Bizway!"
• When to use it: When designing or updating your website.
• Variations: "Write website copy for the [specific page] of [your business]."

8. Customer Persona Prompt

Understanding your customer personas can help tailor your product, marketing efforts, and services to meet their needs. This prompt helps you create customer personas.

• The Prompt: "Create a customer persona for [your business]."
• Example output: "Sarah, a 25-year-old junior graphic designer from Phoenix, AZ, who lacks business knowledge and is unsure where to start."
• When to use it: When defining your target audience.
• Variations: "Create a detailed customer persona for [your business]."

9. Revenue Model Prompt

Choosing the right revenue model is crucial for your business's financial success. This prompt helps you plan your revenue model.

• The Prompt: "Describe a revenue model for [your business]."
• Example output: "Bizway will generate revenue through a subscription model, with monthly plans ranging from $29 to $79."
• When to use it: When planning your business model.
• Variations: "Describe a freemium revenue model for [your business]."

By the way--many of these prompts are presets inside Bizway's business plan builder , so if you'd like to save some time storing and setting up all your details in various ChatGPT threads, you can always try them out in Bizway , and keep your plans, projects and notes all organized in one place.

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Start » strategy, 10 chatgpt prompts that could help grow your small business.

Explore how these 10 ChatGPT prompts can transform your small business, from streamlining your workflow to refining your customer service.

Over 49% of companies have found ways to implement ChatGPT into their workflows, proving the value of incorporating artificial intelligence (AI) technology into the workplace. Using this tool can unlock new potential for your small businesses to drive growth from areas that you may not think that AI could help with, such as strategic analysis or pitching investors.

Here are 10 ways your business can use ChatGPT for success, along with prompts to get you started.

[Read more: Getting Started With AI: Artificial Intelligence Applications for Small Businesses ]

Improve employee training programs

Elevate your employee training program by leveraging ChatGPT as an informational resource for employees. Incorporating ChatGPT into your training tools can provide employees with immediate feedback and answers to their questions via a chatbot. Plus, it can create new training materials, including tutorials and quizzes to assist with onboarding.

Try this prompt: “Improve my onboarding program for a new employee in a [position] role. The program will last [length of time] and should focus on [specific tasks/responsibilities].”

Perform a SWOT analysis

Evaluate your business’s standing by conducting a strengths, weaknesses, opportunities, and threats analysis (SWOT) using ChatGPT. This analysis helps businesses uncover areas of opportunity and instances where money may be inefficiently used, allowing for a more strategic allocation of resources and improved operational efficiency.

Try this prompt: “Conduct a SWOT analysis for my [product/service/company], taking into consideration both external and internal factors that affect business operations in [your industry]. ”

Enhance pitch presentations

Writing an effective pitch requires understanding your audience’s needs to demonstrate how your business can be of value in solving their problems. Use ChatGPT to cater your pitch to your target audience, incorporating persuasive elements and articulating a compelling value proposition.

Try this prompt: “Identify areas where I can improve my pitch presentation to demonstrate my value proposition to [your target audience].”

Track social media engagement

Boost your brand visibility by using ChatGPT to track your social media engagement and strategize ways to improve your business’s social media. By analyzing your social media profiles, ChatGPT can offer recommendations on crafting content that resonates with your target audience thereby increasing engagement.

Try this prompt: “Strategize ways to increase my [product/service/company]’s engagement on [social platform]. I want to target [audience or demographic] over [amount of time].”

Over 49% of companies have found ways to implement ChatGPT into their workflows, proving the value of incorporating artificial intelligence (AI) technology into the workplace.

Improve communication with your team

Maintaining consistent communication with your internal team ensures that everybody is working efficiently toward a shared goal. Improve team communication by employing ChatGPT to create templates to communicate important information, such as training materials and company updates.

Try this prompt: “Draft an organized and concise template for my company in [your industry] that promotes internal communication.”

[Read more: AI Tools That Can Help You Start, Run, and Grow Your Small Business ]

Analyze your competition

By using publicly available data, ChatGPT can assess your competitors , identifying their strategies, customer demographics, market position, challenges, and successes. It can then provide insights based on these analytics to boost your business’s value and differentiate it from competitors.

Try this prompt: “List the top [number] competitors in [your industry] and provide a detailed analysis in line with that of a market research consultant.”

Plan strategic meetings

Keep your meetings on track by creating an agenda focused on company goals. Having a structured plan for meetings ensures efficient use of everyone’s time and maintains focus on the agenda, preventing deviations from the topic at hand.

Try this prompt: “Build an agenda that highlights discussion points for a meeting about [topic of meeting]. The meeting’s goal is to [explain the goal].”

Prepare for investment meetings

ChatGPT can also find talking points and strategic insights that engage potential investors. It can draft a solid business plan focused on realistic growth and progress and highlight your business’s market potential.

Try this prompt: “Help me prepare for an upcoming investor meeting about [topic of meeting]. Highlight growth strategies, evaluate the market opportunities, and integrate insights on our business model’s scalability and sustainability.”

Design customer surveys

Create engaging, straightforward, and relevant survey questions aimed at collecting valuable information to support your business’s growth. ChatGPT can even create dynamic surveys , where questions adapt based on customer responses.

Try this prompt: “Build an engaging customer survey for [product/service/company] that collects insights on our brand’s advantages, areas for improvement, and customer satisfaction.”

[Read more: What's the Difference Between Traditional and Generative AI? ]

Craft financial projections

Achieving long-term success hinges on effective financial management. ChatGPT can simplify that process for businesses by creating a comprehensive financial model with budget management systems and communication strategies for engaging stakeholders and investors.

Try this prompt: “Draft a financial projection model for a business in [your industry] that spans [length of time] and focuses on [specific goal].”

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ChatGPT for Writing a Business Plan

In the dynamic world of business, a robust and strategically created business plan can significantly contribute to triumph. Organizations are strongly encouraged to integrate ChatGPT for Writing a Business Plan in their content generation process, offering them a competitive edge, as explored in the latest publication titled, ‘ ChatGPT Business Course .’ This tool has been designed to assist in producing high-quality, relevant business plans and other crucial content.

Here are the key points addressed in this article:

Table of Contents

Introduction – ChatGPT for Writing a Business Plan

ChatGPT presents many opportunities for creating an effective business plan to aid a company during its initial stage significantly. This guide outlines five tips to harness the power of ChatGPT for writing your business plan . While some tips are straightforward and widely recognized, others are unique and less understood. Utilize this guide as a foundation for constructing a business plan using ChatGPT, and augment it with your personal strategies and techniques to perfect your plan.

Ready to unfold the seamless symphony of human and machine intelligence? Let’s delve into the world where ChatGPT becomes the cornerstone of your business planning.

1. Understand the Function of ChatGPT in Writing a Business Plan

ChatGPT is a cutting-edge language model, powered by advanced machine learning algorithms. According to a recent CNBC interview with former Google president Eric Schmidt , training a language model akin to ChatGPT roughly costs one billion USD.

However, numerous businesses fail to grasp the capabilities and potential of ChatGPT, thus neglecting to leverage its maximum potential fully. Picture ChatGPT as a highly trained executive assistant who has scrutinized all existing business plan templates and is adept at formulating each section of a meticulously crafted business plan. Creating a business plan from scratch can be intimidating, with many business owners spending innumerable hours trying to structure and present their ideas logically. ChatGPT offers a well-structured, detailed, and insightful starting point, making the process easier and more achievable.

Special Note: Instead of using brief prompts like “ write me a business plan ” on ChatGPT, provide a detailed description of your business. The more comprehensive your prompts are, the better the outcome. Further in this article, I provide my recommended prompts for crafting a flawless business plan using ChatGPT.’

2. Recognizing the Constraints of Utilizing ChatGPT

While ChatGPT possesses impressive capabilities, it is not without its shortcomings. Optimal utilization of ChatGPT requires a blend of its automated assistance, your inputs, careful adjustments, and diligent fact verification. Sole reliance on ChatGPT without any human guidance is not advisable.

Consider the following critical constraints of employing ChatGPT for crafting a business plan: 

• Customization Deficiency: The advice provided by ChatGPT is rooted in broad business tenets, which might not correspond precisely with your unique business requirements. 
• Knowledge Boundary : ChatGPT possesses a vast pool of data, but its knowledge is limited . It may struggle with inquiries about highly specialized or obscure subjects, or it may not be up-to-date with recent evolutions in specific fields. 
• Fact Verification: There’s a potential for ChatGPT to generate inaccurate data, necessitating the importance of fact-checking. 
• Inadequate Replacement for Human Expertise : While ChatGPT can be a valuable resource for idea and content generation, it still needs to replace human expertise or discernment. It’s crucial to employ ChatGPT to augment your existing knowledge and experience rather than being wholly dependent on it.

3. Put Business Plan Template to ChatGPT and Improve it

Start by conducting comprehensive research on pre-made business plan templates about your industry. Use online materials or expert platforms to identify a plan that most aptly satisfies your requirements. Some of the top resources that I suggest include:

• Bplans.com , a website hosting over 500 complimentary sample plans, encompassing everything from traditional models to pitch decks and elevator pitch guides. They also furnish a rich selection of educational blog posts and videos to guide you in establishing and financing your enterprise.
• Smartsheets  offers numerous valuable materials to aid your venture planning process. These include a one-page business plan template, a straightforward scheme tailored for startups, a succinct small-business plan template, an extensive business plan structure, etc.
• Shopify continues its trend of providing high-quality free resources. Here is their list of different business plan templates.

After selecting an apt template for your business: Transfer it to ChatGPT with the prompt: 

“read this business plan template and analyze it.

Let me know how it can be improved.

-Write a new improved version.” This action will elicit a bespoke, enhanced prompt from ChatGPT. “

You can also identify particular sections you wish to enhance, such as:

“please analyze this business plan and suggest improvements on the market analysis and financial projections sections.”

Utilizing its deep learning capacities, ChatGPT will propose amendments, considering contemporary market trends and financial modeling methods. Here, you gain from AI’s core competencies: data scrutiny and predictive abilities.

Upon receipt of the modified business plan template, it’s time to personalize it. Utilize your understanding of the company, its products, and unique selling points to tailor the business plan. Insert specific details and plans of your company, ensuring the set goals are realistic and achievable.

Every plan segment, including the executive summary, company description, market analysis, organizational and management structure, service or product line, marketing and sales strategies, and funding request (if needed) should be exhaustive and detailed.

Once you’ve made your revisions, send the business plan back to ChatGPT one final time before circulating it amongst your team. Seek feedback by asking: “ChatGPT, please review this business plan for logical consistency, clarity of presentation, and comprehensiveness.” The AI will assess your plan for cohesiveness, ensuring a logical flow of information and the presence of all crucial details.

Lastly, disseminate the refined business plan amongst your team. Remember that the plan should remain flexible, welcoming feedback and necessary modifications. This approach yields a rigorously reviewed, high-quality business plan that fuses AI-driven insights with your business insight, establishing it as a powerful instrument for directing your business’s growth.

4. Use AIRPM Extension To Write Business Plan

The AIPRM for ChatGPT extension is instrumental in crafting a business strategy using ChatGPT. It’s the leading free extension for ChatGPT, boasting over a million users and a supportive community that votes for the most usable business prompts. 

To begin with, AIRPM, follow these steps:

• Add the AIPRM for ChatGPT extension for ChatGPT to your browser.
• Set up an AIRPM account and synchronize it with your OpenAI account.
• Explore the AIRPM extension’s library, where you’ll find an array of prompts and templates targeting marketing, sales, operations, productivity, and customer support.
• Search for “business plan” in the search bar.
• Among the most favored business plan prompts in AIRPM are “your business development manager” and “Y Combinator Business Plan Outline.” You can just experiment with both to find out which one best suits your needs.

Leverage the additional prompts and templates within AIRPM to expedite your use of ChatGPT since it absolves you from formulating prompts yourself. The AIRPM extension is an invaluable resource for business plan development via ChatGPT, facilitating idea generation, offering a fundamental business plan structure, and pinpointing areas requiring enhancement. Despite this, it’s crucial to remain aware of ChatGPT’s limitations and to use it as a writing supplement rather than a standalone solution. When properly implemented, the AIRPM extension can significantly formulate a comprehensive and efficient business plan.

Special note:  Be sure to customize the business plan AIRPM generates for you. You can also ask ChatGPT to make the business plan section more complete and detailed.

5. Use This Advance Business Plan Prompt

For an ideal business plan, engage ChatGPT with a clear and precise advanced prompt. I’ve formulated an optimal prompt for you, which you may copy and use. It’s compatible with the freely available ChatGPT (GPT 3.5) and the paid version (GPT-4). 

Here is the prompt: 

As an experienced professional specializing in business plan development, we invite you to construct a thorough, well-structured business plan that demonstrates the viability and potential of the proposed business concept. The business plan should be written in English, encompassing all essential sections, and embody an original and innovative approach that distinguishes it from generic templates and online resources.

• Executive Summary: This section should briefly introduce the business and elucidate its core purpose. Illuminate your unique selling proposition (USP) that sets your business apart from others in the marketplace. Summarize your financial forecasts, clearly showing expected returns and profitability.
• Company Description: Give a comprehensive overview of your business, explaining its nature, operations, and sector of operation. Clarify your mission statement and core values, specifying how they align with your business objectives. Enumerate your products or services, detailing their unique features and benefits.
• Market Analysis: This section should include robust market research identifying your target audience, needs, preferences, and behaviors. Assess your competitors meticulously, delineating their strengths and weaknesses and what sets your business apart. Highlight prevalent market trends and uncover opportunities that your business can capitalize on.
• Sales and Marketing Strategy: Craft a comprehensive marketing plan demonstrating how you intend to reach and engage your target audience. Explain your sales strategy, including how you’ll convert leads into customers and generate revenue. Disclose your pricing strategy, compare it with competitors, and justify any disparities based on value proposition or market positioning.
• Operational and Company Details: This segment should describe your organizational structure, detailing roles and responsibilities within your management team. Explain your daily operations and critical processes that ensure smooth functioning. Identify any legal or regulatory considerations that might impact your business, showcasing how you intend to comply with them.
• Financial Projections: Prepare a thorough financial plan incorporating income statements, balance sheets, and cash flow statements to display the business’s financial health and growth projections. Identify your funding needs, outlining how these funds will be allocated to various aspects of the company. Furnish a break-even analysis, and estimate the return on investment (ROI), proving the business’s financial feasibility.
• Appendix: This section can include any additional supportive documents such as market research data, patent certificates, resumes of key team members, etc.

Remember, the business plan should be persuasive yet realistic, reflecting your comprehension of the business environment, competition, and strategies for success. It should be original, detailed, and sufficiently compelling to attract potential investors and stakeholders.

Write this business plan for a company :

The product is:

You can always ask ChatGPT to explain some sections in more specific and explicit language. I hope you enjoy this prompt, and let me know how it worked for you in the comments. 

Leveraging AI technology like ChatGPT in business plan development proves to be a compelling and streamlined method. You can craft a comprehensive, detailed, and persuasive business plan by comprehending its operations, acknowledging its limitations, and capitalizing on its abilities with targeted prompts and tools such as the AIRPM extension. This approach amalgamates human understanding with artificial intelligence, generating a carefully crafted plan that caters to bespoke business needs and prevalent market trends and anticipates financial futures.

Nonetheless, it’s crucial to remember that despite AI’s considerable assistance, the ultimate responsibility of customization and fact-checking lies with you. This ensures the creation of a robust, precise, and resonant business plan aligned with your company’s vision and objectives. Leverage the power of AI as a pivotal partner in your planning process, and witness the transformation in your business approach through the seamless integration of human and machine intelligence.

Frequently Asked Questions About using ChatGPT for Writing a Business Plan

Question 1: How does ChatGPT assist in business planning?

Answer 1:  ChatGPT serves as an efficient executive assistant in business planning, crafting each section of a well-thought-out business plan. It offers a well-organized, comprehensive starting point that simplifies generating a business plan from the ground up. It also provides suggestions to enhance a business plan template, creates a refined version, and reviews the final plan for logical coherence, presentation clarity, and thoroughness.

Question 2: What are the challenges of using ChatGPT for business planning, and what are the solutions?

Answer 2:  Despite its capabilities, ChatGPT could be more flawless. It might need help handling queries about highly specialized or niche subjects or may need updates on the latest advancements in specific sectors. There’s also a risk of it producing inaccurate data, emphasizing the need for careful fact-checking. Utilizing ChatGPT as a supplement to human expertise rather than a replacement is crucial. Aligning AI-generated content with your business needs and rigorous fact-checking are essential for data accuracy.

Question 3: What is the AIRPM extension, and how is it beneficial for business planning using ChatGPT?

Answer 3:  The AIRPM extension is a helpful tool in strategizing business plans using ChatGPT. It’s a free extension used by over a million users that provides a multitude of prompts and templates for various business aspects, including business planning. Once the AIRPM extension is installed and an account is set up, users can browse its extensive library for different business plan prompts. These prompts streamline the business planning process with ChatGPT and enhance the precision and effectiveness of the output.

Question 4: Could you offer an example of an advanced business plan prompt that can be used with ChatGPT?

Answer 4:  The article offers an instance of an advanced prompt designed for a thorough business plan. It commences with an instruction to build a complete, well-organized business plan, showcasing the feasibility and potential of the proposed business idea. The prompt further defines seven vital sections of the business plan: Executive Summary, Company Description, Market Analysis, Sales and Marketing Strategy, Operational and Company Details, Financial Projections, and Appendix. Each section contains particular instructions and details to be included. One can craft a detailed and persuasive business plan with ChatGPT by adhering to this prompt.

Now it is your turn to test these business plan writing technics with ChatGPT. Let me know in the comments which one you like the best.

If you are interested in my ChatGPT Business course , contact me here.

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ChatGPT Freelancing Guide: How to Use AI To Boost Business and Grow Income

F reelancers are always looking for new tools that will help simplify their jobs and lives. Since the revolutionary AI-powered chatbot ChatGPT was released to the public, users have found unique ways to benefit from it .

Learn How: I Make $5,000 a Month in Passive Income Doing Just 10 Hours of Work a Year

Find Out: 7 Unusual Ways To Make Extra Money (That Actually Work)

Many self-employed people, including freelancers, have discovered strategies to capitalize on this chatbot. Despite the AI platform initially being a concern, many freelancers have figured out how to use it as a free business tool.

Here are 10 ways freelancers can use ChatGPT to grow their business and client base .

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Treat the Chatbot Like a Personal Assistant

As a freelancer, you may need to have an assistant to help you out with tasks. You can use a chatbot like a personal assistant to work more efficiently. Here are ways that you can use ChatGPT to improve your workflow as a freelancer so that you can land more clients:

• Ask questions.
• Summarize longer content for clarity. 
• Look for clarification on something.
• Find quotes or notes from books. 
• Perform quick research so that you don’t have to browse through search engines.

If you’re ever stuck on something or need assistance, you can rely on ChatGPT for help. 

Use It To Complete Small Tasks

“If you have clients who allow or encourage the use of ChatGPT, it can be helpful with secondary tasks like outlines, crafting headlines and subtitles, and brainstorming ideas,” shared Kevin Payne, a freelance writer and owner of Family Money Adventure . You can use ChatGPT to complete minor tasks to get more work done and focus on landing new clients. There are only so many hours a day, so any help goes a long way.

Read Next: 26 Ways To Make $1,000 Fast — In a Week or Less

Create a Freelancer Bio for Yourself

A common struggle for freelancers is trying to market themselves to potential clients. ChatGPT can be used to create different bios based on what and where you want to promote. Here are a few ways you can do this: 

• Prompt the chatbot to make a LinkedIn profile for you.
• Have ChatGPT optimize your business profile page on your website.
• Ask the AI to review your current freelance bios. 

The goal is to have the chatbot assist you with creating the best possible bio so that you can market yourself to new clients.

Draft and Send Out Cold Emails 

As a freelancer, you often have to look for new clients. You can have ChatGPT assist with drafting emails. These cold emails can be used for client outreach or getting in touch with old clients. Either way, you can have ChatGPT help with drafting emails to save time.

Help Overcome Writer’s Block

If you do freelance writing, you can be expected to get stuck in the process. It doesn’t matter if you’re working on advertising copy or trying to write an opinion piece, you can experience writer’s block. If this happens, you can prompt ChatGPT at any time for a variety of research, ideas, or even examples of pieces that you could create. 

Summarize Your Content

If you’re a freelance writer, you can use ChatGPT or any other tools to summarize some of your work so that you can share it on social media platforms. For example, you likely wouldn’t post the same summary on LinkedIn that you would in an Instagram story, so you can prompt AI to create different options for you so that you have native content for each platform.

Summarizing your work on various social media channels will allow you to share your skills with potential clients. As a freelancer, it’s essential that you continuously display your work for potential clients to see. 

Write Copy for Your Freelance Services

Part of being a freelancer involves advertising your services to try to land new clients, which ChatGPT can help you with. You likely have enough on your plate with your current projects, so learning how to write effective copy may be too time-consuming at this stage. You can rely on ChatGPT to assist you with your advertising copy to work on landing new clients. 

Write Scripts for Your Other Content

If you want to create video content for other platforms like TikTok, YouTube or Instagram Reels, you’re going to have to use a script so that you know what you’re saying. ChatGPT can help you with drafting scripts for social media so that you can focus on creating content.

Develop Business Growth Strategy

If you’re ever feeling stuck in your freelancing business, you can prompt ChatGPT for assistance on business growth. While business consulting can often get fairly expensive, you can save money by treating ChatGPT like a personal coach. Here’s how you can use ChatGPT for business development tips:

• Have the chatbot create marketing ideas for you.
• Get suggestions for promotional tactics.
• Have ChatGPT analyze your client demands to find room for new service offerings.
• Ask for suggestions for other niches you can explore. 

Put Together Client Proposals

Depending on the project’s scope, you may have to create a client proposal. As a freelancer, it can be challenging to use the correct wording and to display the value that you bring clearly. This is why it helps to utilize ChatGPT for assistance so that you can put together the best possible proposal to land new clients.

Closing Thoughts

“Many publishers prohibit the use of AI tools, so always ask your client for guidelines before using AI for client work,” stressed Payne. If you’re a freelancer, there’s no reason not to embrace ChatGPT to focus on landing new clients. However, we urge you to ensure that your current freelancing clients are supportive of the use of AI for the finished product that you submit.

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This article originally appeared on GOBankingRates.com : ChatGPT Freelancing Guide: How to Use AI To Boost Business and Grow Income

Copilot Pro vs. ChatGPT Plus: Which is AI chatbot is worth your $20 a month?

Microsoft's Copilot and OpenAI's ChatGPT are both available in free and paid-for editions. For $20 per month, you can subscribe to Copilot Pro or ChatGPT Plus and enjoy a range of advanced AI-powered features not found in the free flavors.

With either subscription, you're able to tap into GPT-4 and GPT-4 Turbo, get real-time information, generate images with DALL-E 3 , and analyze specific types of documents and files. But from there, Copilot Pro and ChatGPT Plus each offer unique advantages. Here's how to decide which one is the better option for you.

Also: I ranked the AI features announced at Google I/O from most useful to gimmicky

Initially, Copilot Pro required a subscription to Microsoft 365 if you wanted to use its AI skills in Word, Excel, OneNote, and other apps in the suite. Now, however, you can use Copilot Pro in both the desktop and web versions of Microsoft 365 with nothing more than a Microsoft account required.

As for ChatGPT, OpenAI has added a few perks from the Plus version to the free flavor. The free edition now offers limited access to several features, including the latest GPT‑4o model , advanced data analysis, file uploads, web browsing, and custom GPTs from the GPT store.

ChatGPT Plus includes the following benefits:

• General access to ChatGPT, even during peak times
• Full access to GPT-4, GPT‑4o, and GPT-3 
• Faster response times
• Early access to new features
• Ability to analyze a variety of file types
• AI image creation with up to 200 images per day
• Access to the GPT Store, with more than three million custom GPTs available
• Ability to create your own custom GPTs

Copilot Pro offers several key benefits:

• Faster performance and priority access to GPT-4 and GPT-4 Turbo during peak times
• Copilot availability in core Microsoft 365 desktop and web apps (Microsoft account required)
• Faster AI image creation with 100 boosts (100 images) per day using Designer (formerly Bing Image Creator)
• The ability to create your own custom and tailored Copilot GPTs via a Copilot Builder tool

You should use ChatGPT Plus if…

1. you want to analyze and ask questions about any type of file.

Copilot Pro limits its AI-powered analysis to images and Microsoft Office files. With ChatGPT Plus, you're able to upload and analyze a wider range of files, including Microsoft Office files, text files, PDFs, images, audio files, code files, and archived files.

2. You want access to custom GPTs from the GPT Store

OpenAI provides a GPT store where you can browse and search for custom GPTs created by businesses and fellow subscribers. You can even invoke a specific GPT within an existing conversation, though that feature is now available for free users as well.

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Though not all the GPTs are worth your time, you'll find many with interesting and useful skills. At this point, Microsoft has promised -- but doesn't yet offer -- a custom Copilot GPT store.

3. You want to create your own custom GPTs

Another perk with ChatGPT Plus is the ability to create your own custom GPTs . The process is relatively smooth and straightforward thanks to ChatGPT's own AI-based assistance. After creating your GPT, you can use it privately, share it with other people in a business or organization, or publish it in the GPT store for both free and Plus users to try.

4. You need to generate more than 100 images per day

Copilot Pro will generate up to 100 images per day. That certainly sounds like a lot of images. But if you need more, ChatGPT Plus lets you double your fun by creating up to 200 images each day.

Also: 6 ways OpenAI just supercharged ChatGPT for free users

You should use Copilot Pro if…

1. you use microsoft 365 and want ai-driven help.

With a subscription to Copilot Pro and nothing more than a Microsoft account, you can ask the AI to help you write and edit text and summarize documents in Word, generate formulas and analyze data in Excel, create presentations in PowerPoint, compose text in OneNote, and draft replies in Outlook. This capability extends to the paid desktop version and the free web version of Microsoft 365. Though ChatGPT Plus can analyze Office files, the integration between MS Office and Copilot Pro is more powerful, effective, and user-friendly.

2. You want easy access from Windows

Both ChatGPT Plus and Copilot Pro are accessible as dedicated websites and mobile apps. But Copilot goes one step better by integrating directly into Windows. Whether you use the free or paid-for version of Copilot, just click the Taskbar icon in Windows 10 or 11, and Copilot pops up as a sidebar ready to take your requests.

3. You want more thorough and visually appealing information

Depending on your request, ChatGPT Plus will provide text but not much more. Copilot Pro, however, is more likely to flesh out the information with a more visual look and layout.

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For example, I asked both chatbots to name 20 top attractions in London. ChatGPT Plus responded with a numbered list and brief descriptions of each attraction, but no links. Copilot Pro produced a more engaging and useful response with links, photos, maps, and sources for each attraction.

4. You want better image creation skills

Though ChatGPT Pro will let you generate more images in a typical day, Copilot Pro's image creation skills are far superior. By default, Copilot Pro's Designer tool will generate four different images from which to choose, while ChatGPT Pro will generate only one image at a time. Copilot also suggests follow-up questions to help you fine-tune the image. With Copilot, you can select a specific style to apply if you wish to regenerate an image. Plus, you can now directly edit your images within Designer without leaving the tool.

5. You want more options for managing a response

With a response from ChatGPT Pro, you can typically copy it, regenerate it, or rate it. But with Copilot Pro, you can also easily share it, export it to Word or another program, and ask that it be read aloud.

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6. You want sources for the generated content

Ask ChatGPT to generate certain content, and it will respond. But it won't necessarily display the source or sources of the information. Ask Copilot Pro to generate the same content, and it will clearly list its sources underneath the information.

Artificial Intelligence

Chatgpt vs. copilot: which ai chatbot is better for you, microsoft copilot vs. copilot pro: is the subscription fee worth it, chatgpt vs. microsoft copilot vs. gemini: which is the best ai chatbot.

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Post's billion-dollar pet food business sees shoppers flock to value brands.

Shopping for pet food has started looking more like shopping for human food lately: As prices rise, eyeballs go down — to bargain brands on the bottom shelves.

Pet food prices have jumped 23% over the past three years, causing some pet owners to "trade down" to lower-cost kibble. That's a stark reversal from the recent trend of consumers shelling out for the top-shelf products to feed Fido.

Post Consumer Brands was braced for this dynamic when it paid $1.2 billion to get into the pet food business a year ago, just as prices were peaking. The Lakeville-based company behind Honey Bunches of Oats and Malt-O-Meal bought pet brands that range from budget to high-end, so company leaders could shrug off the ongoing inflation.

Pets need to eat something, after all.

"We have a variety of price points throughout our portfolio of products, and we are well positioned to support pet owners as they strive to provide their pets with the best nutrition while staying within their budget," said Michael Greenwell, chief commercial officer for the pet business at Post Consumer Brands.

Post Holdings, the parent company of Post Consumer Brands, struck a deal with Smucker in early 2023 to acquire Rachael Ray Nutrish, 9 Lives, Nature's Recipe, Gravy Train, Kibbles 'N Bits and Pounce cat treats.

So far Nutrish and Nature's Recipe, the "premium" brands, need a little extra advertising help. Meanwhile, the main issue with the lower-cost brands is making sure enough is being made to meet surging demand.

Over its first year filling dog and cat bowls, Post's pet food sales reached $1.5 billion — and that's without nearly a month of revenue, since the deal closed in late April last year, and without changing much in how the business operated.

Now Post is ready to beef up its lineup with new packaging, products and advertising campaigns to fully own its position as the country's third-largest branded pet food manufacturer.

"We have a lot to be excited about in the coming year from a marketing standpoint," Greenwell said. "A lot of people love the 9 Lives Morris the Cat [mascot] or the Kibbles 'N Bits jingle, and we are excited to bring some of these iconic campaigns back."

Two competing trends are defining the pet food shelf at the moment: humanization — or treating pets like family and spending more for higher-quality ingredients — and inflation.

Post bought a California-based pet food manufacturer, Perfection Pet Foods, for $235 million last fall to add to its manufacturing sites in Kansas and Pennsylvania. Perfection makes store brand pet food and manufactures for other brands.

Like with cereal, Post's pet food business benefits both from top-shelf sales and value shoppers.

Nutrish and Nature's Recipe were expected to lose customers to inflation, meanwhile.

"We baked it into our assumptions that there would be a trade down, and it has been occurring, and we expect it to continue," Post Holdings CEO Robert Vitale told analysts earlier this month. "We see that as more of a marketing issue and positioning the brands to make sure the consumers are clear on the value proposition."

General Mills, which owns the high-end Blue Buffalo pet food brand, is in a similar situation of getting "back to being very clear about why we think our pet food is worth paying a bit more for," as the Golden Valley-based company's top pet executive Jon Nudi said recently .

Long-term, Greenwell says the humanization trend will continue, swinging the pendulum from budget-buying back to broader spending on ingredients and quality.

Balancing high-end and budget

Americans spent more than $64 billion on pet food last year, and this year's spending should grow about 4%, according to the American Pet Products Association. Pet food sales rose 7% between 2022 and 2023, meanwhile.

As with human food, pandemic buying snarled supply chains, and the price of everything to make pet food — ingredients, labor, packaging and transportation — jumped. While pet food prices have leveled out over the past year, consumers are still getting used to the new baseline.

"Inflation is cumulative," writes John Gibbons on his blog, Pet Business Professor, and predicted the "trading down" will continue.

Those following Post tend to like what they've seen so far from the pet food segment.

"Cereal and pet food appear well situated for current consumer behavior shifts as these brands skew toward more mainstream or value positioning," wrote Barclays analyst Andrew Lazar. "We continue to appreciate the balance of Post's portfolio across categories, price points and channels."

Brooks Johnson is a business reporter covering Minnesota’s food industry, 3M and manufacturing trends.

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That podcast ad you're listening to may soon be AI. Spotify is reportedly developing bots to mimic your favorite hosts.

• Bill Simmons, founder of The Ringer, hinted at Spotify's future AI plans.
• He said that the streaming service is working on technology for AI-generated ads.
• AI trained on voices has been a controversial topic in the music industry in the last month.

Next time you're playing a podcast on Spotify, listen really close to its ad — it may be read by AI, not your favorite host.

Bill Simmons, founder of Spotify-owned podcast network The Ringer, said the streaming platform is developing AI tools trained on its hosts' voices to create targeted ads, as first reported by Semafor.

"I don't think Spotify is going to get mad at me for this, but we're developing that stuff," Simmons said in conversation with Derek Thompson, an editor at The Atlantic, on an episode of "The Bill Simmons Podcast." "There is going to be a way to use my voice for the ads. You have to obviously give the approval for the voice, but it opens up, from an advertising standpoint, all these different great possibilities."

Simmons, who sold The Ringer to Spotify for close to $200 million in 2020, outlined the potential of AI advertising to personalize ads for, say, a ticketing company, which could geo-target listeners for events in specific cities.

He also discussed the potential of AI to make podcasts more accessible through translation.

In theory, Simmons said, an AI bot that was trained on his former podcasts and writing would even be able to create a podcast that hit all of the beats that Simmons touches on during his own recordings.

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"Would people rather interact with the bot or listen to my podcast?" he asked.

Simmons and The Ringer did not immediately respond to Insider's requests for comment. 

"We're always working to enhance the Spotify experience and test new offerings that benefit creators, advertisers and users," a Spotify spokesperson said in a statement. "Advertising represents an interesting canvas for future exploration, but we don't have anything to announce at this time."

AI, generally, is a growing conversation topic: There has been a 500% increase in the number of daily podcast episodes discussing AI over the past month, according Spotify CEO Daniel Ek. And the use of people's voices to create AI-generated content has been particularly heated.

AI-created music that leverages the vocals and production styles of mainstream acts like Drake, The Weeknd, and Travis Scott has gone viral in recent weeks. Major labels have been quick to remove these tracks from streaming services, as to prevent others from profiting off the likeness of their clients.

The relative ease of generating AI music has opened up scamming opportunities too. Some fans were duped into paying for what they believed to be unreleased Frank Ocean tracks, only for those recordings to have been AI-generated.

Artists like Ice Cube have described this AI music as "demonic," adding that he would sue anyone making or distributing AI-generated tracks in his style. 

But others, like Grimes, have welcomed the technology. She said she would be willing to split royalties evenly with anyone who could create a hit song using AI tools to imitate her sounds.

In response to the conversation, Spotify took down tens of thousands of AI-generated songs that were uploaded to its platform by the AI startup, Boomy, at the beginning of May.

Axel Springer, Business Insider's parent company, has a global deal to allow OpenAI to train its models on its media brands' reporting.

Watch: What is ChatGPT, and should we be afraid of AI chatbots?

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