How To Write A Killer Business Plan with ChatGPT: 2024 Guide with Prompts
A well-structured and comprehensive business plan serves as a roadmap, which gives you clear guidance on your long-term business objectives, marketing approaches, and financial strategies.
Since the rise of AI and its widespread use, creating a business plan with ChatGPT has become easier than ever.
Many entrepreneurs and companies are attracting potential investors and top talent by integrating AI into their processes and ensuring that their business strategies receive attention during the company’s expansion.
Well, then, what does crafting a ChatGPT business plan look like?
Don’t worry. It’s not that difficult as long as you treat your startup as if it were your own child. (Simply put, you know A to Z of your company)
Follow the steps outlined in this write-up, and you will learn how to step-by-step create a business plan with AI free.
Important: The steps outlined in this article are sourced from the U.S. Small Business Administration. I have carefully reviewed and summarized the key points so you can save time and instead focus on the critical aspects.
NOTE: To make my blog even more awesome, I’ve put together a FREE 500+ ChatGpt Prompts Cheat Sheet at the end of this blog post. This free resource will help you master ChatGPT, whether you’re a content creator, marketer, student, or intrigued by AI.
Also, please don’t miss this month’s bonus tip or the best productivity tools that are budget-friendly, incredibly effective, and can truly make a difference. These happen to be my top picks, and I really encourage you to give them a shot. Enjoy!
Here is a bonus tip for all of you. I hope this helps!
Bonus Tip 1 — Merlin AI is an exceptional tool built to simplify the process of project management, task tracking, team collaboration, and productivity enhancement.
Merlin AI seamlessly integrates AI capabilities to streamline workflow processes, making it effortless to organize, prioritize, and execute tasks.
Merlin AI excels at transforming scattered tasks and project plans into comprehensive visual timelines. By simply inputting project details, Merlin AI generates visually appealing project timelines and Gantt charts, offering over 2000+ built-in templates to choose from.
This has significantly improved the efficiency and time management of my team.
I utilize this tool to craft detailed project timelines, facilitate team collaboration, and create insightful progress reports, especially in my professional projects and academic studies.
The impact of Merlin AI on my task management and project planning has been remarkable. As someone who values structured planning and effective project execution, Merlin AI has proven to be a game-changer.
Offering exceptional value for its cost, Merlin AI provides a rich set of features at an extremely affordable price point. The simplicity, intuitive user interface, and adaptability of this tool make it an absolute delight to use.
I highly recommend Merlin AI to anyone seeking to elevate their project management and task organization.
It is undoubtedly an indispensable visual productivity tool for seamless project planning and execution.
Merlin AI is your ultimate companion for efficient project management, task planning, and team collaboration on a daily basis.
MERLIN AI — Best AI Chat, whenever you need
Bonus Tip 2: Effortless Screen Recording and Video Editing
Looking for a way to up your video creation game? Look no further than Tella.tv! It’s an all-in-one screen recorder and video editor that makes creating professional-looking videos easier than ever.
Tella.tv goes beyond simple screen recording. It lets you add your webcam, edit your clips, and even polish them with features like zooming and custom layouts.
Think of it as a more affordable alternative to popular screen capture tools (you know the ones!) Tella.tv offers a FREE trial, and their paid plans are significantly cheaper, especially if you snag a yearly subscription.
The interface is super user-friendly, so even if you’re new to video editing, you’ll be creating share-worthy content in no time.
Whether you’re a teacher creating online courses, a business crafting explainer videos, or just someone who wants to up their social media game, Tella.tv is a fantastic tool to check out.
Ready to take your videos to the next level?
TELLA TV — Say goodbye to long, single takes
Let’s begin →
The Steps To Write A Killer Business Plan with ChatGPT Are:
Step 1: Executive Summary
Step 2: Company Description
Step 3: Market Research
Step 4: Organization and Management
Step 5: Products or Services Line
Step 6: Marketing and Sales Strategy
Step 7: Funding Request
Step 8: Financial Projections
Step 9: Appendix
Step 1: Executive Summary
Define your business planning goals and value propositions.
ChatGPT Prompt for Executive Summary:
Final Remarks
Today’s article provides a brief overview of how to use ChatGPT’s AI capabilities to outline all components of business planning.
As you go through the process, you’ll identify areas that need more research and planning, which will help you create a killer business plan that grabs people’s attention.
Keep in mind that a business plan serves as more than just a PDF document; it’s your roadmap to SUCCESS.
Great job! You’ve reached the end and have already become smarter, more effective, and more productive just by learning about How To Write A Killer Business Plan with ChatGPT. Now, it’s time to use them. Good luck!
Check out this awesome CHEATSHEET I promised earlier!
Don't forget to save it, download it, and keep it for reference!
Please take away something valuable from this blog post and cheat sheet.
Together, let’s leverage the incredible potential of AI and technology to shape a brighter future.
If you like my efforts and work, your gesture of buying me a coffee would mean the world to me. Small gesture, big impact. Let’s make a difference together.
Designed by Jason on Canva
Read the article in 10 seconds!
I am working on writing an executive summary for a business plan. The executive summary should be between one and two pages in length and cover the following elements:
- Mission Statement
- Basic Company Information
- Highlights
- Products and Services
- Financial Information
- Future Plans
Please provide a detailed and concise executive summary that includes these elements. Additionally, offer any tips on how to make it more compelling.
Note: You may revisit this section after completing other parts of the business plan to refine it further.
Step 2: Company Description
Define the details that make up your business, like its history, mission, team, and structure.
ChatGPT Prompt for Company Description:
I need help writing a company description for my business plan. This section should be a high-level overview that includes:
- Company Overview
- Industry and Marketplace Snapshot
- Elevator Pitch
- Legal Structure (e.g., LLC, C-Corp)
The description should be concise and aimed at giving potential investors a clear understanding of what the business does and how it is structured. Please write this in a professional tone
Step 3: Market Research and Analysis
Define the target market, analyze your industry competitors, and explain what makes your business different from them.
ChatGPT Prompt for Market Research & Analysis:
I am preparing a market analysis section for my business plan. This section needs to demonstrate a thorough understanding of the market and competitors. It should include:
- Industry Description
- Target Market Description
- Target Market Characteristics
- Target Market Size
- Target Market Growth
- Market Share Potential
- Market Pricing
- Market Entry Barriers
- Competitor Research
Please provide a detailed market analysis covering these points. Highlight the significance of each element and how they contribute to a comprehensive market understanding.
Step 4: Business Organization and Management
Define the legal structure of your business and key executive roles of management.
ChatGPT Prompt for Business Organization & Management:
I am writing the business organization section of my business plan. This section should outline our organizational and executive structure, including:
- Legal and Organizational Structure
- Ownership Structure
- Background of the Board of Directors and Owners
- Necessary Hiring for the Next Three to Five Years
Please draft this section with detailed descriptions of each point, emphasizing the experience and reliability of our team.
Step 5: Products or Services Line
Define the products or services your business offers and explain their unique values or USPs.
ChatGPT Prompt for Products or Services Line:
I need to write the products and services section for my business plan. This section should focus on:
- Description of Product or Service
- Current Product Status
- Research and Development Goals and Accomplishments
- Intellectual Property
- Product Sourcing
- Product Fulfillment
Please provide a detailed description for each of these elements, ensuring that our products and services are presented in the best possible light to impress potential investors.
Step 6: Marketing and Sales Strategy
Define a strategy to attract and retain customers, increase sales, and promote more products.
ChatGPT Prompt for Marketing and Sales Strategy:
I am preparing the marketing and sales section of my business plan. This section should detail our strategies for promoting and selling our products and services, including:
- Brand Positioning
- Brand Promotion
- Sales Force
- Sales Strategy
Please create a detailed marketing and sales plan that outlines these components and demonstrates our understanding of how to successfully market and sell our offerings.
Step 7: Funding Request
Define the amount of financial support required for the next three to five years.
ChatGPT Prompt for Funding Request:
I am writing the funding request section of my business plan. This section should detail our financial requirements and plans, including:
- Current Funding Requirements
- Future Funding Requirements
- Purpose of Funds
- Impact of Funds
- Debt vs. Equity Preference
- Terms
- Future Strategic Financial Plans
Please draft a clear and compelling funding request that covers these points and convincingly presents our financial needs to potential investors.
Step 8: Financial Projections
Define a comprehensive financial plan and list a forecast of revenues and expenses, explaining how the funds will be used.
ChatGPT Prompt for Financial Projections:
I need to prepare the financial plan and projections section of my business plan. This section should include existing and projected financial information such as:
- Income Statements
- Cash Flow Statements
- Balance Sheets
- Accounts Receivable/Payable
- Debt Documentation
Please provide a detailed financial plan with at least three years of projections, ensuring it demonstrates the financial viability and potential of the business.
Step 9: Appendix
Define any important additional information and give supporting documents and data.
ChatGPT Prompt for Appendix:
I am compiling the appendix for my business plan. This section should include additional information that supports the main content of the plan, such as:
- Business Plan Table of Contents
- My Curriculum Vitae
- Curriculum Vitae for Members of Management
- Footnotes
- Charts and Statistics
Please create a well-organized appendix that includes these elements and any other relevant information that would be useful for potential investors to review.
