For small business owners writing a business plan is overwhelming and time-consuming. People usually think of a million other things that they would rather be doing but business plans are crucial to businesses in the beginning and even in the middle of their entrepreneurship journey. Business plans are essential as they help businesses acquire funding and help chart where a business is going. The problem is that the people who need to write business plans don’t have the time or resources to roll up their sleeves and learn it. But thanks to Artificial Intelligence Large Language Models like ChatGPT one doesn’t have to spend forever writing their business plans or paying someone to do it. It’s exciting and skips the overwhelming part. I’ve been teaching people and organizations in the community how to leverage ChatGPT while writing grants but it can also be a tool to quickly create a quality business plan.

First people usually ask, “What is ChatGPT?” ChatGPT is a computer program that understands what you’re saying and responds in a way that makes sense almost as if you were chatting with a person. There are limitations to ChatGPT as in sometimes it “hallucinates”. Its job is to give you the answers and sometimes it goes overboard and it will give you the wrong answer. But, when ChatGPT gets it right (which it does most of the time) it’s a beautiful sight. That said, don’t forget to check its work.

To access ChatGPT go to the website. You will be prompted to enter a question also known as a prompt it can be easy as a question about “how to find your profit margin,” or “Make me a social media marketing campaign for my business of six employees that is based in New York, New York.” In less than five minutes the program will spit out an output with your results and the better the input the more quality output you get.

As far as utilizing this tool for business plans, I have walked through the process with people over the phone and they’ve put together a plan in less than five minutes.

Let’s do an example:

Example Prompt: “Please create a detailed business plan for a small catering company named Yinzburgh with two employees and based in Pittsburgh, PA that has been open for six months.”

Output/Results:
“Certainly! Let’s create a detailed business plan for a small catering company named “Yinzburgh Catering” that has been operating in Pittsburgh, PA for six months.

Executive Summary:

Business Name: Yinzburgh Catering

Yinzburgh Catering, in operation since [Month, Year], has quickly become a local favorite for its unique blend of Pittsburgh flavors and exceptional service. Rooted in the spirit of the city, Yinzburgh is committed to delivering delicious and memorable catering experiences for a variety of events.

Business Description:

Mission Statement:

To celebrate Pittsburgh’s rich culinary heritage by providing exceptional catering services with a personalized touch, creating unforgettable moments for our clients.

Business Overview:

• Location: Pittsburgh, PA
• Founding Date: [Month, Year]
• Founders: [Your Name]
• Employees: 2 (including founders)

Services:

Yinzburgh Catering specializes in a variety of catering services:

1. Pittsburgh Palate Packages: Showcasing local favorites and iconic dishes.
2. Customized Menus: Tailoring menus to reflect client preferences and event themes.
3. Event Planning Assistance: Collaborating with clients to ensure seamless and memorable events.

Market Analysis:

Target Market:

• Local businesses seeking distinctive corporate event catering.
• Couples planning weddings with a focus on local flavors.
• Pittsburgh-based organizations and community events.

Competitive Analysis:

Highlight the success stories from the first six months, emphasizing Yinzburgh Catering’s unique offerings and positive client feedback.

Marketing and Sales:

Marketing Strategies:

1. Social Media Engagement: Showcase Pittsburgh-themed events, engage with local followers and run promotions.
2. Community Involvement: Sponsor local events, collaborate with Pittsburgh influencers and engage in community initiatives.
3. Loyalty Program: Introduce a loyalty program to reward repeat customers.

Sales Approach:

1. Consultative Selling: Work closely with clients to understand their needs and provide personalized catering solutions.
2. Cross-Selling: Offer additional services, such as event planning assistance, to enhance customer satisfaction.
3. Customer Referral Program: Encourage satisfied clients to refer others with exclusive incentives.

Operations:

Location:

• Assess the current kitchen space and explore opportunities for expansion.

Supply Chain:

• Strengthen relationships with local suppliers for fresh and authentic Pittsburgh ingredients.

Equipment:

• Regularly maintain and upgrade catering equipment to ensure efficiency.

Team:

Founders:

• [Your Name]: Culinary expert and head chef.
• [Co-founder’s Name]: Operations and client relations.

Employees:

• Evaluate employee performance and discuss opportunities for professional development.

Financial Projections:

Revenue Streams:

1. Pittsburgh Palate Packages
2. Customized Menus
3. Event Planning Assistance

Expenses:

• Employee wages, ingredient costs, marketing expenses, and overhead.

Financial Performance:

Analyze financial performance over the first six months, identifying areas for growth and efficiency.

Future Goals:

Short-Term Goals (next 6-12 months):

• Increase social media following by 20%.
• Introduce a new signature dish to the menu.

Long-Term Goals (next 2-5 years):

• Expand catering services to neighboring cities.
• Open a physical storefront showcasing Pittsburgh-themed products.

Appendix:

Include updated financial statements, client testimonials, and any adjustments made to the initial business plan.

This plan serves as a roadmap for Yinzburgh Catering’s continued success. Regularly revisit and adjust it as needed to align with the evolving needs of the business and the dynamic culinary landscape of Pittsburgh.”

Taking it A Step Further

After you have the template if you still can’t find the words to fill in the blanks. You can ask ChatGPT to “Please turn the following text into a mission statement for a business plan: [Insert text here]” or “Please come up with a sample expense report for a business plan for Yinzburgh Catering Company that has been open six months and has approximately made x amount in profits.” or if you want to get fancier you can even ask ChatGPT to “Analyze my business finance reports for Yinzburgh Catering and create a financial performance narrative for my business plan.” The ideas for prompts are endless. One of my favorite prompts is, “Please rephrase this to sound more creative and or informal.”

If you subscribe to the premium version of ChatGPT you can even upload PDFs and have it analyze your PDFs for purposes of summarizing a large document, extracting data from documents, or even simplifying the language for you and others.

If you don’t pay for the premium version you can copy and paste small bodies of text and ask it to “Please summarize the following text in less than six sentences.” It’s awesome at that. You can also play around and say, “please make the following text into a mission statement for my business plan for my small catering company Yinzburgh.”

Remember after you have filled in the blanks don’t forget to check it yourself as AI is intelligent but right now it is no replacement for human intelligence. Also, don’t put any information in any AI model that you don’t want the internet to know as it’s a public tool that learns every day from people using it.

I’ve been teaching small classes on how to utilize AI to help automate and simplify some things for your business and business plans and grants are currently at the top of the list and I can see why. Mixing my tech background, curiosity, and my love for teaching and writing makes this an enjoyable journey I cannot wait to see where it goes.

Do you have any questions about the process? Have you been utilizing ChatGPT for business plans or grants?