How to Write a Business Plan Using ChatGPT

Executive Summary:

A business plan’s executive summary provides an overview of the entire business plan. It summarizes the entire plan but is usually written after the entire plan is ready.
Here is a ChatGPT prompt to help you write the executive summary section of your business plan:

Act as an expert business plan writer and write the executive summary section of my [business type] business plan. The name of my business is [business name]; it is located in [location], providing [products & services] to consumers. The current revenue of my business is [current revenue]; I am projecting it to make [next year’s revenue] next year and [third year’s revenue] the year after. We will break even by [when you will break even]. End section with the CTA,[Your CTA]. Ensure it covers all the information required in an executive summary. You may suggest sales and marketing strategies and add additional or value-adding information when required.

Consider this prompt as an outline; you may add or reduce information depending on your specific requirements.

For instance, it may be worth including some unique USPs for your business in this section, so you may need to modify the prompt accordingly.

Here is an example of an executive summary section of a medical spa business plan written using this ChatGPT prompt.
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Response:

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:

Act as an expert business plan writer and write the business overview section of my [business type] business plan. The name of my business is [business name], a [location] based [specific business type] registered as a [Legal Structure]. Our mission is to [Mission statement]. [Founder 1] and [Founder 2] are the founders of the company, [Founder 1] is responsible for [Founder 1’s responsibilities], whereas [Founder 2] looks after [Founder 2’s responsibilities]. Our future goals are [future goals]. Ensure it covers all the information required in a business overview. You may suggest or add any value-adding information when required.

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

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:

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. 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.

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

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:

Act as an expert business plan writer, and help me generate a product and services section of my [business type] business plan. My company is [business] called [business name] that specializes in [USP or specialization]. I would like to include all relevant details, such as the types [Business Services] we offer, our quality assurance methods, and why potential clients should choose our services. Ensure it covers all the information required in a product and services section. You may suggest or add any value-adding information when required.

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

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Response:

Tip: Sometimes ChatGPT simply stops midway through a section without finishing it; just type “continue” to finish it.

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:

Act as an expert business plan writer, and help me develop a marketing and sales strategies section of my [business type] business plan. My business is in the [industry name] industry and caters to [target audience]. Our brand identity is [describe your brand identity in brief]. You must describe advertising and promotional strategies and measure the success of my sales and marketing efforts. Can you write this section?Check out this example of a “product and services” section of a clothing business plan written using this ChatGPT prompt.

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

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Response:

Tip: If you think the sections are too long, you can define a word limit for each section. E.g., “Keep the word count under 300 words”.

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:

Act as an expert business plan writer, and write an operations plan section of a business plan for [business name], an [business type] company that provides [describe products and services]. Include details such as [you may specify facilities], [your location]location, equipment and technology, production and delivery, quality control, human resources, supply chain management, etc., depending on business operations. Ensure efficient and effective delivery of products/services to customers. Can you write this section?

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

Prompt:

Response:

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

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:

Write a management plan section for your business plan, outlining the [organizational structure], key [executives/department managers], and their roles and responsibilities, [compensation] plan for the management team, and any [advisors/consultants] you may have. Provide detailed descriptions of each manager’s qualifications, education, professional background, and relevant industry experience. Highlight how the team’s skills and experience will contribute to the success of your business.

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:

Prompt:

Response:

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.

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:

Act as an expert business plan Writer, and write a detailed financial plan section for a [business type] business plan, outlining the projected revenue, operational costs, and net profit or loss. Include a profit and loss statement, cash flow statement, balance sheet, break-even analysis, and financing needs. Be specific about your short-term and long-term financing requirements and other financial projections to support your business’s success. Remember to provide relevant evidence to support your estimates and be realistic with your financial projections.

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

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Response:

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

Tip: You can also prompt ChatGPT to provide this information in tabular form. Just prompt, “Provide this information in the tabular form”.

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:

Act as an expert business plan writer, and write an appendix section for a [specific type of business] business plan. Include financial statements, market research data, legal documents, and other relevant information. Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information. Remember only to include relevant and essential information supporting the main content 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:

Prompt:

Response:

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.