Writing a business plan is an essential step for any entrepreneur, but it can be a daunting task. That’s where ChatGPT comes in handy! As an AI assistant, ChatGPT can help generate ideas and content to streamline the business planning process.
In this article, I’ll provide some sample ChatGPT prompts you can use to write various sections of your business plan efficiently. Whether you need help coming up with the executive summary or financial projections, ChatGPT has got you covered!
Crafting an Executive Summary
The executive summary is one of the most critical parts of a business plan. It summarizes your company’s objectives, products/services, target market, competitive advantage and more.
Here’s a prompt to get a draft executive summary from ChatGPT:
Please write a 250-word executive summary for my startup that offers [describe your product/service and target customers]. Include details on our company's mission, competitive edge, expansion plans for the next 5 years, and funding requirements. Use an enthusiastic and convincing tone.Performing Market Analysis
Understanding your target market is key before launching any new product or service. ChatGPT can research your industry trends, size up competitors, identify customer demographics and assess the overall demand for what you aim to sell.
Try out this prompt:
Act as an industry analyst and provide a detailed 150-word market analysis on the [your niche] industry. Include current size, expected growth rate, customer demographics, top 5 competitors and our competitive advantage over them.Creating Financial Projections
Financial projections are mandatory for any serious business plan, especially if you need investment. ChatGPT can generate quick profit/loss, cash flow and balance sheet projections to include in your plan.
Sample prompt:
Please provide 3-year financial projections for my [product/service] business targeting [customer segment] in [city]. Include projected income statement, cash flow statement, and balance sheet. Base projections on the following assumptions for pricing, costs, and sales volumes [provide key assumptions]. Use tables in the answer.These were just a few examples of prompts you can customize to write various sections of your business plan with ChatGPT’s help. With some trial and error, you’ll be able to create a detailed plan that forms a solid foundation for your business!
Useful Websites
- Visme’s AI Business Plan Generator
- ChatGPT Prompts for Starting a Business
- How to Write a Business Plan with ChatGPT
I hope these ChatGPT prompts spark some ideas to help you efficiently write your business plan! Let me know in the comments if you have any other prompts that worked well.