Ben Avery – AI Dare

As a business coach, I'm always on the lookout for new tools and technology to help startups succeed, and recently, I've discovered an amazing tool for crafting business plans - ChatGPT. This powerful AI-driven platform can transform the way you approach developing your startup's business plan by offering customized, dynamic content tailored to your business needs. How can ChatGPT help you build a business plan? To use ChatGPT for a business plan, start by outlining key business goals and ideas. Then, input these details into prompts for ChatGPT and let the AI generate suggestions for strategies and improvements. Refine the plan as needed, using ChatGPT for feedback and ideas. I've personally guided several startups in using ChatGPT to create impressive business plans that have helped them achieve their goals. The unique advantage of using ChatGPT lies in its ability to generate ideas, conduct market research, and even create financial projections, all backed by relevant data and insights sourced from various resources. With ChatGPT, not only will you save time drafting your business plan, but you'll also receive fresh perspectives that can elevate your startup's potential for success. So, let me walk you through this exciting new tool and show you how it can revolutionize your startup's business plan creation process! Figuring It Our With ChatGPT What is ChatGPT? ChatGPT is a powerful AI model developed by OpenAI that you can use for various purposes, including giving your business plan a solid foundation. I think of ChatGPT as a super knowledgeable computer that can understand what I write. I use it a couple of ways. I use prompts that help funnel ChatGPT into taking in the data and steering the conversation where I want it to go and producing reports as an output. I use ChatGPT to brainstorm or pull relevant data. 1) Market Research Prompt Market Research Old School This prompt was developed by a group at https://www.skool.com/chatgpt. It is a great tool to explore a potential product and is my starting point when consulting. Feel free to copy and use it in your market research. Start Prompt Act as a professional market researcher. I will tell you a market and you will conduct a full and complex analysis of that market. For the analysis, You will follow the next structure: Identify the target market: Determine the target market for the product or service you're analyzing. This involves identifying the demographic characteristics of the people who are likely to be interested in the product, including age, gender, income, education, etc. You may also want to look at psychographic factors, such as personality traits, attitudes, and values. Market size and growth rate: This includes information on the total market size and how fast the market is growing over time. Market trends: This includes information on industry trends, customer preferences, and changes in consumer behavior that may affect the market. Competitive landscape: This includes information on the major competitors in the market, their market share, and their strengths and weaknesses. Customer segmentation: This includes information on the different types of customers in the market, including their demographics, psychographics, and buying behavior. Customer needs: This includes information on the needs, preferences, and pain points of customers in the market. Market barriers: This includes information on any regulatory or economic barriers that may affect the market. Sales and distribution channels: This includes information on the different ways in which products or services are sold and distributed in the market. Market pricing: This includes information on the pricing of products or services in the market, including average prices, pricing trends, and pricing strategies used by competitors. SWOT analysis: This includes an analysis of the market's strengths, weaknesses, opportunities, and threats, which can help identify potential opportunities and risks in the market. Develop recommendations: Finally, develop recommendations based on your analysis. This may include suggestions for product improvements, marketing strategies, and pricing strategies. Your recommendations should be based on the data you've collected and the insights you've gained from your analysis. Now, with all the rules and recommendations given, conduct the analysis. The market you will analyze is the business consulting market (You will change the words business consulting to whatever your market is.) Let's see now what kind of report ChatGPT generates. Sure, I would be happy to conduct a market analysis of the business consulting market. Here is my analysis: Identify the target market: The target market for business consulting services includes small businesses, startups, and large corporations across various industries. Demographically, business owners, executives, and managers are likely to seek consulting services. Market size and growth rate: The global business consulting market size was valued at $160.5 billion in 2020 and is expected to grow at a CAGR of 4.1% from 2021 to 2028. Market trends: Increasing adoption of digital technologies, rising demand for process automation, and growing need for organizational efficiency are major trends shaping the business consulting market. Additionally, the COVID-19 pandemic has accelerated the trend of remote consulting services. Competitive landscape: The major players in the business consulting market include Deloitte, PwC, EY, KPMG, Accenture, and McKinsey. These companies hold a significant market share due to their global presence, diverse service offerings, and strong brand recognition. Customer segmentation: The different types of customers in the business consulting market include small and medium-sized enterprises (SMEs), large corporations, and government agencies. The buying behavior of these customers varies based on factors such as budget, scope of work, and specific industry needs. Customer needs: Customers in the business consulting market have diverse needs, such as strategic planning, financial management, human resources consulting, and digital transformation. They may also seek consulting services for regulatory compliance, risk management, and sustainability. Market barriers: Regulatory barriers such as licensing requirements and compliance standards may pose challenges for new entrants in the business consulting market. Economic barriers such as high operating costs and market saturation may also limit growth opportunities. Sales and distribution channels: Business consulting services are typically sold and distributed through direct sales, referrals, and online platforms. Consultants may also partner with other service providers such as accounting firms and law firms to offer bundled services to clients. Market pricing: Pricing in the business consulting market varies depending on the scope of work, expertise of the consultant, and the complexity of the project. Hourly rates for consultants typically range from $100 to $500 or more. SWOT analysis: The strengths of the business consulting market include the increasing demand for consulting services and the expertise and experience of established consulting firms. Weaknesses include high competition and the potential for commoditization of services. Opportunities include the growing need for digital transformation and the emergence of new industries, while threats include the potential for economic downturns and increasing regulatory burdens. Develop recommendations: Based on the analysis, it is recommended that business consulting firms focus on developing specialized services that cater to the specific needs of different industries and customer segments. Additionally, consulting firms should prioritize investments in digital transformation and innovation to stay competitive and enhance their service offerings. Finally, pricing strategies should be flexible to accommodate different customer needs and budgets. As you can see that analysis is very helpful. If I want to start a consulting business the market is growing and we can already see that I would need to be careful about my target market. 2) Customer Avatar Prompt Where's Wally? Knowing who you are selling to, what they are interested in, and where they "hang out" is invaluable. Start Prompt Acting as an Expert Demographics Analyst, please take the [subject] I give you and use it to meet the goal. Your goal is to create a comprehensive and highly detailed customer avatar, taking into account their demographics, pain points, personality characteristics, and preferences. Use this avatar to generate insights about their behaviors, needs, and interests related to the [subject]. Be sure to follow the instructions below step by step, Identify the type of person most likely to be the [subject] and create a detailed Avatar, considering factors such as age, income, education, and geographical location. Analyze your Avatar's goals, values, challenges, and pain points in regard to the [subject]. Create a set of questions your Avatar would likely ask about the [subject], considering their challenges and pain points. Identify your Avatar's sources of information, including websites they would likely visit and influencers they might follow, to learn more about the [subject]. Suggest products or services that your Avatar would be likely to purchase to meet their wants and needs related to the [subject]. Recommend a specific product or service a blogger could offer to cater to your Avatar's needs and preferences related to the [subject]. Propose a lead magnet, such as a free resource or downloadable, that a blogger could provide to your Avatar in exchange for their email address and subscription to an email list. [subject] Amazon Startup Owners Step 1: Identifying the type of person and creating a detailed Avatar Subject: Amazon Startup Owners Avatar: Meet John, a 35-year-old Amazon startup owner from Austin, Texas. John holds a bachelor's degree in business management and has an annual income of $70,000. He is married with one child and is highly motivated to grow his Amazon business to secure financial freedom and stability for his family. Step 2: Analyzing Avatar's goals, values, challenges, and pain points Goals: Scale and grow his Amazon businessAchieve financial independenceExpand product line and target new marketsValues: Financial stabilityTime with familyEntrepreneurial successChallenges: Managing inventory and supplier relationshipsNavigating Amazon's complex marketplace rulesFinding and retaining customersPain Points: Time-consuming daily operationsDifficulties in optimizing listings and SEOStruggling with Amazon PPC advertisingStep 3: Creating a set of questions your Avatar would likely ask How can I increase my Amazon store's visibility and attract more customers?What are the best strategies for optimizing my product listings for higher conversions?How can I efficiently manage my inventory and supplier relationships?What are the most effective PPC advertising strategies for my Amazon business?How can I stay up-to-date with Amazon's constantly changing rules and policies?Step 4: Identifying Avatar's sources of information Websites: Amazon Seller Central forumsJungle Scout's blogHelium 10's blogEcomcrew.comInfluencers: Scott Voelker (The Amazing Seller Podcast)Kevin King (Freedom Ticket)Manny Coats (The AMPM Podcast)Step 5: Suggesting products or services for Avatar's wants and needs Amazon listing optimization servicesInventory management softwarePPC advertising tools and coursesAmazon FBA coaching programsVirtual assistants for daily operationsStep 6: Recommending a specific product or service for a blogger to offer A blogger could offer a comprehensive Amazon FBA course that covers topics such as product research, listing optimization, inventory management, PPC advertising, and Amazon's rules and policies. Step 7: Proposing a lead magnet for the blogger The blogger could provide a free resource called "The Ultimate Guide to Scaling Your Amazon Business," which includes actionable tips, strategies, and case studies. This downloadable guide would appeal to John's desire for growth and financial independence, making him more likely to subscribe to the blogger's email list. 3) Target Market Prompt This one is pretty much a no-brainer. You modify the prompt for your market and go back and forth with ChatGPT. Start Prompt Acting as a Market Analyst I would appreciate recommendations for developing specialized services that cater to the specific needs of different industries and customer segments in my market, business consulting. Please ask any questions that you need to to give me better recommendations. These might include my business size and current consultancy focus. Ask questions one at a time and wait for an answer before going to the next question. Your goal is to produce a report detailing the area where there are "gaps" in the market. Areas where there is lower competition and higher margins. Great, to better understand your business consulting practice, could you please provide some more information on the industries and customer segments you currently serve? This will help in identifying potential gaps in the market. Sure, I currently consult with small businesses < 1M and startups. In addition, I act as a career development coach for a number of professionals. Thank you for the information. Based on your current focus on small businesses, startups, and career coaching, there may be some opportunities to develop specialized services that cater to the specific needs of these customer segments. Here are some potential areas for development: Small Business Finance: Small business owners often struggle with managing their finances effectively. You could develop specialized services that provide financial planning and forecasting, budgeting, and cash flow management. Startup Incubation: As a consultant, you could provide specialized support to entrepreneurs looking to start their own businesses. This could include market research, business planning, and mentorship. Career Development: As a career coach, you could expand your services to offer specialized coaching for professionals in specific industries. For example, you could offer coaching for lawyers, healthcare professionals, or engineers, providing insights into the unique challenges and opportunities in those fields. Marketing and Branding: For small businesses and startups, marketing and branding can be a challenge. You could develop specialized services that focus on branding strategy, social media management, and content marketing. E-Commerce: As more businesses move online, e-commerce consulting services are becoming increasingly important. You could develop specialized services that focus on online sales strategy, platform selection, and customer experience optimization. Overall, by developing specialized services that cater to the specific needs of small businesses, startups, and career coaching clients, you can differentiate yourself from competitors and potentially achieve higher margins. It is recommended to conduct market research and analyze industry trends to identify specific gaps in the market and areas for growth. From my experience, this analysis is largely correct. I would tease it out a bit more brainstorming with my client and ChatGPT. Let's move on though to the next prompt. 4) Business Plan Prompt Given the data we now have we are going to put it together into a plan. This plan does not have to be perfect. The point is to find the major elements that we need to cover. Acting as a professional business coach specializing in online business I want you to be my personal coach for creating an online business. You have helped thousands of people to start businesses and achieve their dreams. You are enthusiastic and knowledgeable about procedures, shortcuts, and how to apply 20/80 thinking to all the tasks needed to start a business. Your Goal is to create a personalized step-by-step guide to building a business from scratch for a total beginner. Assume nothing and explain each step of your final plan like I was a child. We will be using an iterative process, ask all of your questions one by one. Do not ask more than 2 questions at a time. If you can identify that my business idea will not work based on your knowledge of markets and marketing, make suggestions to me to refine it. To Create the Guide remember to do the following step-by-step. Ask me questions to gather the information that you need to create a personalized step-by-step guide. Do not start gathering information for the next step of your plan until you have enough information to finish the current step. You must wait for me to answer your questions before you move to the next step of the plan. When you have asked me all the questions you need to complete all of your suggested steps, print out the guide and ask me questions to continue to refine it if I am not satisfied. Now I would love to print all the nitty gritty of the grilling I got from ChatGPT out but,... it goes on and on. (I ran this time on GPT3.5 I think GPT4 works better). Here's the results Could you compile all that and print out a single report for me including the data from the questions you have asked? Sure, I'd be happy to compile all the information we've discussed into a single report for you. Here's a summary of the key points we covered in our discussion: Business Idea: Business consulting for online startups facing competition from Chinese factoriesTarget Market: Startups that want to start selling products on AmazonUnique Value Proposition: Knowledge of branding on Amazon, PPC optimization, and the Amazon search engineServices: Writing Amazon SEO optimized adsPPC optimization and sales expansionBranding Marketing Plan: YouTube videosInterviews on influencers channelsContent marketing on a website to create an email list Pricing Strategy: Fixed fees for writing or updating adsMonthly retainer for PPC management Online Presence: YouTubeInfluencersContent-based website Network: Key players: Orange Klick, Chris Rollins, He10, JunglescoutApproach them with ideas to add value to their systemsProcesses: CRM framework to manage clientsUse an outside accounting firm for billingPersonally train in-house helpKeep software up to dateStrategy Monitoring: Focus on the 20% of efforts that give 80% of the returnTrack client acquisition versus cost per acquisition, including valuing timeReview the acquisition data monthlyI hope this summary is helpful to you in moving forward with your online business consulting business. Let me know if there's anything else I can do to assist you. This is just the bare bones of a plan but all the elements are there, you can go through each piece and ask ChatGPT for help to refine them. You will be surprised at how effective that is. The Brass Tacks: Why Use ChatGPT This Way? I've been fascinated by how ChatGPT can understand context clues and make inferences about what you want. It's essentially like having an intelligent conversation with an AI that's able to process large amounts of information and provide valuable insights. By simply providing prompts and having a chat with ChatGPT, you can draft portions of your business plan, brainstorm ideas, and even get inspiration for various strategies. Advantages for Business Planning There are several advantages to using ChatGPT for business planning, and I'd love to highlight a few of them: Quick and efficient: ChatGPT can generate responses quite quickly, and this can save you a considerable amount of time in the initial stages of your business planning. Flexibility: ChatGPT can work with a variety of prompts, allowing you to explore different scenarios and ideas as you build your business plan. Cost-effective: Utilizing ChatGPT can help reduce the overall costs of creating a business plan since you can draft sections yourself rather than outsourcing the task to a professional writer. Inspiration: Since ChatGPT is based on a vast amount of data, it can often provide unexpected ideas or approaches that you might not have considered, giving you new perspectives on your business planning process. Of course, it's important to remember that ChatGPT should be used as a complement to your own expertise and that of other professionals you may consult (source). It can serve as a useful starting point or a tool that aids you in exploring different possibilities for your startup. Using ChatGPT for Business Planning As a knowledgeable business coach, I'm excited to introduce you to using ChatGPT for business planning. Let me guide you through the process of creating a business plan, discussing the benefits of using ChatGPT for brainstorming, content generation, strategy refinement, and sharing some examples of how ChatGPT can assist you in your business planning journey. Creating a Business Plan with ChatGPT I have found ChatGPT to be an incredible asset in the business plan creation process. Not only does it help me brainstorm ideas, but it can also assist in conducting market research, refining my business model, and creating detailed financial forecasts. As a first step, I use ChatGPT to generate ideas for potential products, services, marketing strategies, and revenue streams. This has proven to be a game changer for businesses starting from scratch, as well as for those looking to expand or pivot their current models. Benefits of ChatGPT for Brainstorming, Content Generation, and Strategy Refinement In my experience, ChatGPT offers several incredible benefits for entrepreneurs and business owners. Here are some key advantages: Quick brainstorming sessions: ChatGPT can rapidly generate ideas and concepts, saving me time and energy during the initial stages of business planning. Content generation: It's easy to create marketing materials, blog posts, or social media updates using ChatGPT. The AI can tailor its output to my target audience's interests and preferences, ensuring my message resonates with potential customers. Strategy refinement: ChatGPT's insights on market trends and competitor analyses have been invaluable in helping me refine my overall business strategy, leading to a more competitive and resilient business model. Examples of ChatGPT Assistance in Business Planning I've personally witnessed the power of ChatGPT in harnessing valuable insights and ideas for business plans. For instance, I've used ChatGPT to generate a list of unique value propositions for an e-commerce startup. ChatGPT also helped me understand my target audience better by providing detailed insights into their preferences and pain points. I have also used ChatGPT to improve marketing strategies, such as refining a startup's social media campaign by identifying the most effective content types and posting schedules. This led to a significant increase in both engagement and conversion rates, which directly impacted the company's bottom line. Overall, using ChatGPT for business planning has been an asset in my coaching, enabling me to provide my clients with comprehensive, effective, and innovative guidance to launch and grow their businesses. Tips for Using ChatGPT Effectively I'm so excited to share with you the best tips for using ChatGPT effectively! With the right approach, creating a business plan for your startup has never been easier. Let's dive into these tips, starting with the best practices for creating a business plan. Best Practices for Creating a Business Plan First, I can't emphasize this enough: start with a clear and concise executive summary. It's essential to explain the objective of your startup and identify the target audience (TechRepublic). Furthermore, don't forget to outline your products and services, along with your unique selling points. It's crucial to showcase how you'll differentiate yourself from competitors. When addressing the financial aspects, be realistic with your projections. Detail your startup costs, revenue streams, and break-even points. Identify potential risks and have a contingency plan in place. Remember, investors seek detailed, trustworthy information. Maximizing Effectiveness of ChatGPT Now that you're familiar with business plan essentials, let's talk about maximizing the effectiveness of ChatGPT. First, focus on providing clear and concise prompts (Wired). This approach will encourage accurate and useful responses from the AI. Next, consider specifying the audience for your business plan, as ChatGPT can tailor its responses accordingly. This ensures that the generated content is suitable for the intended readers (Wired). Another important aspect is reviewing and revising the plan. Don't hesitate to make adjustments or provide further input to refine the output generated by ChatGPT for a polished, professional business plan (Lori Ballen). To sum it up, being enthusiastic and having a good knowledge of both business plan best practices and ChatGPT is your secret weapon. Combining these aspects will result in an outstanding business plan that showcases your startup and captivates investors. Happy planning! Other Tools for Business Planning As a business coach, I can tell you that ChatGPT is a fantastic tool for creating a business plan. However, it's important to use other tools to complement it and ensure you're covering all bases in your planning process. In this section, I'll briefly explain the tools that can effectively work alongside ChatGPT and provide examples of how they can aid in your startup planning. Tools to Complement ChatGPT I highly recommend utilizing the following tools when creating a business plan to enable a more comprehensive and strategic approach: Financial projection tools: for calculating revenue, expenses, and profit margins Online market research platforms: for identifying target audiences and key competitors Project management tools: for organizing tasks, deadlines, and team collaboration Taking advantage of these tools ensures that you don't just rely on ChatGPT, but also have access to specialized functionalities that can elevate your business plan to the next level. Examples of Complementary Tools in the Planning Process Now, let me offer a few examples of how you can integrate these complementary tools into your startup planning: Financial projection tools: When using ChatGPT to draft your financial section, integrate data calculated from financial projection tools like LivePlan or Upmetrics to include accurate, professional-grade financial forecasts. Online market research platforms: As you use ChatGPT to research market trends, combine its insights with dedicated platforms such as IBISWorld or Statista to access accurate, up-to-date information on your target audience and competitors for a more in-depth understanding of your market. Project management tools: When outlining your operational plans with ChatGPT, incorporate a project management tool like Trello or Asana so you can effectively manage tasks and deadlines, keeping your team organized and on track throughout the planning process. By combining the power of ChatGPT with these complementary tools, you'll create a business plan that is backed by data-driven insights, expert projections, and efficient organization, setting your startup on the path to success! Conclusion Summary of ChatGPT Benefits in Business Planning As an experienced business coach, I'm thrilled to share how ChatGPT has revolutionized the way we create business plans for startups. Thanks to this amazing tool, we can now craft comprehensive and well-organized plans that reflect our business goals, market analysis, and financial projections more efficiently.(source) Using ChatGPT, I've seen a significant increase in the chances of success for startups. By leveraging its capabilities, these emerging businesses can achieve their goals, while saving valuable time and resources(source). Encouraging Readers to Use ChatGPT I encourage every entrepreneur, whether starting a new venture or expanding an existing one, to take advantage of ChatGPT. With just a minimal investment, you can set up a website, choose a domain name, and seize this opportunity to grow your business rapidly(source). Seeing the progress startups have made with this revolutionary tool, I can't help but feel excited about the future. If you haven't already, I strongly recommend giving ChatGPT a try as you work on your business plan. The sky's the limit with this incredible resource at your disposal.