How to Write a Business Plan with ChatGPT (Without a Generic Template)

The short version

A business plan is only as good as the thinking behind it, and ChatGPT is a good thinking partner if you let it ask the questions. Have it interview you, draft from your answers, and then argue with your plan. Keep the numbers in a spreadsheet you control.

Step by step

1. Start with an interview, not a draft (prompt below). Answer honestly, including “I don’t know yet”.
2. Draft section by section. A common structure, which the U.S. Small Business Administration also describes: executive summary, company description, market analysis, organization, products or services, marketing and sales, funding request and financial projections.
3. Stress-test it. Ask ChatGPT to play a skeptical lender or investor.
4. Build the numbers yourself. Ask ChatGPT to explain what a cash-flow forecast needs, then fill in a spreadsheet with your real figures.
5. Write the executive summary last, once everything else is settled.

Prompts to copy

The interview:

I want to write a business plan for [your idea in one sentence].
Interview me one question at a time to gather what you need: customers, problem, offer, pricing,
competition, marketing, team, costs and goals. Wait for my answer before asking the next question.
When you have enough, tell me what's still unclear.

Draft a section:

Using my answers above, draft the "Market analysis" section in plain language, about 400 words.
Mark any claim that needs a real source or number with [SOURCE NEEDED]. Don't invent statistics.

Stress-test it:

Act as a skeptical bank loan officer. Read my plan and list the 7 weakest assumptions,
the question you'd ask about each, and what evidence would convince you.

Mistakes to avoid

• Accepting invented market data. ChatGPT may produce convincing-looking statistics. The [SOURCE NEEDED] instruction helps; find real figures from government data, trade associations or your own research.
• A plan that sounds good but says nothing. If a sentence could describe any business, replace it with something specific to yours.
• Skipping the stress test. It’s the most valuable step, and the one people skip.

When not to use it

For legal structure, tax, licenses and loan terms, talk to an accountant, lawyer or your local small business development center. ChatGPT can help you prepare questions for them.

Related: use ChatGPT for your small business.