Dreaming alone is only wishing, if you won’t make a plan. Thus, have ChatGPT plan it for you. Tell the world your dreams, and let them turn into a workable plan. However, with ChatGPT’s aid, you will be able to persuade people to invest in your concept and obtain a loan. You ‘ll also be able to back up your business plan with more substance. This plan will answer any questions you might have.
You’ve probably thought about writing it yourself, taking a business class or teaching yourself from someone on YouTube. However, business plans can be quickly and easily provided using ChatGPT’s prompts. Just like everything that ChatGPT can help with, you can ask more questions and make adjustments until it’s just right. These steps will help you get most of your plan done; then add the finishing touches.
How to use ChatGPT Prompts to Write Your Business Plan
Here are examples and tips on how to write a business plan with ChatGPT prompts. Here’s how you do it, step by step.
An outline of your business plan in simple terms
For this you don’t need a swanky prompt. To see what we did, ask ChatGPT for a business plan outline too.
We got a good, clear outline that has everything a business plan needs. But we changed it a bit to match the business planning style we use at Upmetrics.
Here’s the final outline we’ll use to instruct ChatGPT and write a business plan:
- Executive Summary
- Company Description
- Market Analysis
- Products and Services
- Marketing and Sales Strategies
- Operations Plan
- Management Team
- Financial Plan
The outline starts with an Executive Summary, but we’ll put it last because the entire plan is written after the plan is ready. First, let’s look at the business review.
In fact, the name of this section itself determines what it is-a business overview of the entire business.
In this prompt, you will need to input data ChatGPT might need about your business such as its detailed description, location, corporate structure and ownership.
Here’s a ChatGPT prompt to help you write the business overview section of your business plan:
Prompt: Playing the role of an expert business plan writer, please write for me the business overview section of my [business type] business plan. My business is called [business name], which is a (located in) [location] ［specific business type］ registered with the authority as a［Legal Structure］. Our mission is to: Mission statement. The company was founded by [Founder 1] and [Founder 2]. [Founder 1] manages [Founder 1’s responsibilities], whereas that section is looked after by [Founder 2]. Our future goals? [Future Goals]. But make sure it presents everything needed in a business summary. When necessary, you may indicate suggestions or add value-added information.
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:
Prompt: Act as an expert business plan writer and write the market analysis section of a [business type] business plan. It is a [specific type of business] business based in [location], with [Mention your Target audience] as its target audience. Conduct market research and provide information about [Industry] market size, growth potential, competition, and competitive analysis. Mention a few market trends and how my [business] will cope with them. Ensure it covers all the information required in a market analysis section. You may suggest or add any value-adding information when required.
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.
3. Products and Services
This section is the whole of your business plan. In fact, your business success depends entirely on the value you generate for the final consumer.
Before prompting ChatGPT to write, you must ask yourself these questions. This exercise will enable you to clearly understand your products and write a descriptive sentence about them using ChatGPT.
- Who can use your product?
- What are the basic elements of your product or service?
- When can your product be used?
- Why would somebody choose to use it?
- How can it help them?
- Where can someone use it?
Answer these questions, and you’ll find it much easier to understand and describe your products or services.
Let’s have a look at the ChatGPT prompt for writing the product and services section of your business plan:
Prompt: So, please consider yourself to be a professional business plan writer and help me write the product and services section of my [business type] business plan. I run a business called [business name] & my company specializes in [USP or specialization]. The types [Business Services] we offer, as well as our quality assurance procedures and why potential customers should opt for us. I would like to include all relevant information. Make sure it covers all the information you need in a product and service section. Suggest or add value-added content as often required.
4. Marketing and Sales Strategies
You must also map out your marketing and sales plan. In fact, these are precisely the tactics by which your business will be brought into view and come before potential customers.
In general, this part of your business plan sets for you the direction in which you will market your product. Business USPs and other relevant information are also included.
Here’s a ChatGPT prompt to help you write a marketing and sales strategies section of your business plan:
Prompt: Please be an expert writer of business plans, and help me write a marketing and sales strategies section in my plan for a [business type]. My business is in the [industry name] industry and serves [target audience]. We’re [describe your brand identity in brief]. You must detail advertising and promotional strategy and assess the success of my sales and marketing efforts. Can you write this section? Watch this example of a “products and services” section from the business plan for a clothing business, written with this ChatGPT prompt.
5. Operations Plan
In this section of your business plan, the operations plan sets out how you aim to achieve the goals and objectives explained earlier. You can say that this section is a kind of action plan.
A thorough operations plan should specify the activities of daily business, who’ll be in charge, what tools and equipment are needed; quantities of goods on hand or production requirements; cost; whether there are any other special needs.
Here’s a ChatGPT prompt to help you write the operations plan section of your business plan:
Prompt: Play the professional business plan writer and write an operations section in a business plan for [business name], an [business type] company that delivers [describe products and services]. Include information about facilities etc., depending on the nature of business operations. Deliver products/services to customers in an efficient and effective manner. Can you write this section?
The prompt could be precise, such as location, facilities, equipment and technology. You can modify the reply based on your specification later.
6. Management Team
Business is as good as its team and management. That is what makes this section an important part of a business plan.
The strong management team section not only lends credibility to your business plan, but also makes investors and lenders feel confident that you know what you are doing.
Mostly, this part should contain founders, titled executives and senior managers; their educational and professional backgrounds as well as compensation plans; the organizational structure (management) of business operations; and business advisors/consultants.
Here is a ChatGPT prompt to help you write a “Management Team” section of your business plan:
Prompt: A. Management plan Write a management section for your business plan, detailing the [organizational structure], key [executives or department managers and their roles and responsibilities; compensation] plan for the management team; any [advisors or consultants] you may have, etc. Describe in detail the qualifications, educational background, professional experience and related industry experience of each manger. Outline how the team’s skill and expertise will help your business.
This will be a full model for your management team section. All you have to do is put in the appropriate details in the content, and your management team section will be done.
At your discretion, you may change the prompt or order the chatbot to rewrite a few parts of the reply.
For example, you could ask ChatGPT to include the CMO in the management team.
This is just an example, you will probably have to change some parts of the content according to your response.
7. Financial Plan
From the investor’s and banker’s point of view, this is almost certainly the most important part of a business plan.
Consequently, you have to justify your business with attractive figures. Unlike some other parts, preparing the budget requires familiarity with production costs, net profit and capital raising to make revenue projections.
You can use a ChatGPT prompt to write this section, but it’s up to you to make sure that the numbers are accurate here.
Here is the ChatGPT prompt to help you write a financial plan section of your business plan:
Prompt: Assume the role of an experienced business plan writer, and draft a very detailed section on financial plan for a specific [type of business] business plan. This should include projections for projected revenue, operating costs and net profit or loss. A profit and loss statement, cash flow statement, balance sheet, break-even analysis, and financing needs. Be clear about your short-term and long-term external financing requirements, as well as other financial information relevant to forecasting the future of your business. Make sure your estimates are supported by sufficient evidence, and base your financial projections on reasonable assumptions.
Remember, this prompter will build the framework of a financial plan for you. So you can replace the sample data with real numbers.
8. Executive Summary
As explained above, an executive summary is a comprehensive overview of the entire business plan and usually comes after the whole plan has been written. It needs to be clear, concise and compelling, so giving the reader a rough idea of what your business is about.
When writing an executive summary, be sure to use the same chat you used while creating other sections of your business plan.
Preparing an executive summary doesn’t require anybody to feed you a prompt in advance; simply ask ChatGPT to prepare one for your business according to what has been discussed here.
The Appendix of a business plan should be included to supplement the main part of your business plan.
Moreover, it helps readers browse through the whole business plan and quickly locate information or documents.
A typical appendix to a business plan consists of a table of contents, financial statements, market research data, legal documents and other miscellaneous information.
Here’s a ChatGPT prompt to help you write an appendix section of your business plan:
Prompt: Work as a professional business plan writer: Write an appendix section for a business plan for a [specific type of commercial enterprise]. Include financial statements, market research data, legal documents and other relevant information. Clarify headings and labels for each section of the appendix so that readers can easily find whatever they need. Only include relevant, core information to the main body of your business plan.
Also, you can ask ChatGPT to provide this information in table form. Once again, check whether there are any extra items to add and delete unnecessary things. Remember, ChatGPT is still taking its first steps. Keep trying until you get the answer you’re looking for, and get as specific as possible.
That’s it. We’re done using ChatGPT here. We’ve created all of the parts needed in a business plan-all by ChatGPT. It’s time to do some work with our own hands. Human editing.
AI-Generated Content Human Editing
Once the business plan is finished being written, it’s time to get a little human and put it on investors ‘desks.
This takes 30 minutes, but you’ll be sure that everything you have entered is correct and accurate.
Here’s what your editing checklist should look like:
- Fact checks everything: It can’t hurt to do a fact check because at times ChatGPT will produce incorrect information.
- Make sure it’s up-to-date: Include all recent information, documents and financial statements.
- Proofreading: The entire business plan should have no typos, grammatical errors or problems with readability.
- Editing & Rewriting: Where necessary, edit and rewrite the content: But don’t let it sound too robotic.
After you have gone through these items in the editing checklist, your business plan is ready to go after investment.
In these pointers there’s a business plan you can shake up today. Getting the information and editing the inputs might require a bit of thought, but it is very short when compared to how long this document would take to write from scratch. Even if what ChatGPT creates isn’t perfect, you have a huge jump start because now you have something to edit.
You don’t have to kill yourself with documentation, you had a business to start. Let your favorite big language model do the wordy admin, and get to good meat faster.