Creating a business plan is often one of the most complex parts of starting a business. As one of the more frustrating parts of starting a business, this task can quickly be passed over to AI.
However, there is a catch; there is always a catch – you need to put in some work yourself.
So, below, we look at how you can get the AI to do it.
Have a simple business plan outline.
The first course of action is to ensure that you have a simple outline for how you want your business plan to be.
Your outline for a business plan will need to include the following:
- Executive summary
- Products & services
- Company description
- Target market
- Marketing and sales
- Milestones & Metrics
- Contingency plan
- Financial plan
A business outline ensures that ChatGPT knows how to organize the information it gives you.
Write about your product or service.
Once you have your business plan outline, the next step is to ensure that you write about your product or service.
Describe what you are selling and what it does, how you plan to go about the business, and what plans you have for the business. Go into as much detail as possible for a more detailed and less generic response.
Write About Your Target Demographic
In your write-up, also remember to include a detailed description of your target demographic (targets people between what ages?), their income level, and why you think your product would suit this demographic.
Then ask it to provide a market analysis of this, and ask it to include extra details it thinks are necessary, including information about the size of the market, additional segments to consider, and an industry summary.
Ensure you break down each part of the outline individually to get as much information as possible. So, don’t just ask ChatGPT to write the business plan based on the outline.
Instead, go through each section and ask it to give you a detailed write-up of the section. Try to get more information than you need. It is better to cut out excesses than to have less information.