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Chat GPT has taken the online world by storm since the release of the GPT-3 model in early 2023. And there’s no doubt that, despite some weaknesses, it’s a complex and capable language model capable of doing and assisting in many things. But can Chat GPT write a business plan?
In short, yes it can. But, if you’ve landed here looking for inspiration, we should state that Chat GPT is unlikely to help you devise the next viral product or service for you to make a business out of.
What it can do is add structure and guidance by putting a draft business plan together around the information provided to it. This is useful if you’re writing one for the first time, and so lacking a bit of know-how or, more likely, hours in the day!
But to write a business plan Chat GPT needs some information from you to prime it and effectively point it in the right direction. This would be information about your business, and the type of business it is.
How to create a business plan with Chat GPT
Step
Get a simple outline for your business plan
Just ask “Chat GPT can you help me write a simple business plan”, and await its response.
Step
Write a tailoired business plan
The more information you provide for Chat GPT, the better it can construct and tailor one. Here we told Chat GPT that we have a business called Random Computer Parts (we don’t), and it uses that information to tailor its response.
Step
Add expected costs, sales and profit
If you have already done some financial calculations, you can also include this information into your request. Chat GPT will write a business plan including it to add even more detail.
Step
Refine
Once you’ve got a decent layout and structure for your business plan, you can do with it as you wish.
Chat GPT can add more detail which you can then use as inspiration for your own version – you just need to ask it what you’d like to include.
Having chat GPT write a business plan is a useful tool, but it checking editing and putting it into the format you actually want will be key.
Final thoughts
Can Chat GPT help you with your business plan? Yes, it can and it can do it to the level that your set by providing as much information as possible. But this doesn’t mean it is error-free. AI language tools aren’t experts in your own business or ideas. And so as powerful a tool as it is, it’s a good idea to use Chat GPT as inspiration and for reference to create the final business plan you actually want.