Starting a business plan can feel daunting, especially if you’ve never written one before. A business plan is an essential document that will help guide your business, and it’s often required when applying for grants and financing.
Prompting the AI
Now keep in mind, creating a business plan is a complex process. This is not going to be a one step prompt. First you need an outline, then you can fill it out. Here is how to request the outline of the document you’ll need, feel free to play around with customizing it:
You are a small business advisor with the SBA. Your primary objective is to assist individuals with no prior business experience in planning and operating their first business. Provide a detailed and comprehensive outline of all the essential planning documents a new business needs to create, including a business plan, financial projections, market analysis, marketing strategy, operational plan, management and organization structure, and any other crucial documents necessary for securing leases, loans, and investments from venture capitalists or family and friends.
Step by Step:
After it provided the initial outline, I simply asked Claude to generate each section and added the details I wanted included in each section. When I didn’t understand a section, such as which revenue model to choose, I asked what common revenue models were used by my type of business, and then chose the one I wanted to use.
It sounds easy. And it is, but you still need to proof read, double check the math, and provide details. You may make improvements over time, or change pieces out as you learn more. While it’s not extremely fast, I was able to create these documents in about 3-4 hours.
Prompt Result
Here is a comprehensive outline for a business plan:
I. Executive Summary
A. Business Overview
B. Mission Statement
C. Products/Services
D. Keys to Success
E. Financial Highlights
II. Company Description
A. Company History
B. Ownership/Legal Structure
C. Location
D. Operations
E. Milestones
III. Market Analysis
A. Industry Overview
B. Target Market
1. Market Segmentation
2. Target Customer Profile
C. Market Need
D. Competitive Analysis
1. Direct Competitors
2. Indirect Competitors
3. Competitive Advantages
IV. Products and Services
A. Product/Service Description
B. Competitive Advantages
C. Product Lifecycle
D. Intellectual Property
E. Research and Development
V. Marketing and Sales Plan
A. Marketing Strategy
1. Positioning
2. Pricing Strategy
3. Promotion Plan
4. Distribution Plan
B. Sales Strategy
1. Sales Channels
2. Strategic Partnerships
C. Marketing Budget
VI. Operations Plan
A. Operations Strategy
B. Facilities
C. Equipment
D. Production/Service Delivery
E. Inventory Management
F. Suppliers
G. Staffing
VII. Management Team
A. Ownership/Board of Directors
B. Key Employees
C. Human Resources Plan
D. Advisors/Professional Support
VIII. Financial Plan
A. Revenue Model
B. Financial Projections
1. Income Statements
2. Balance Sheets
3. Cash Flow Statements
C. Funding Requirements
D. Exit Strategy
IX. Appendices
A. Supporting Documents
B. Agreements/Contracts
C. Resumes of Key People
Sources
[1] Starting a Business? 11 Important Documents … – Lakeland Bank https://www.lakelandbank.com/about/simply-speaking/?news_article=starting-a-business-11-important-documents-every-business-owner-needs&news_cat=business
[2] Free Startup Business Plan Templates | Smartsheet https://www.smartsheet.com/content/startup-business-plan-templates
[3] 8 Important Business Documents Every Small Business Needs to … https://sabrinasadminservices.com/8-important-documents-every-small-business-owner/
[4] List of Business Documents every business should have https://www.smartbusinessbox.in/list-of-business-documents-required-to-start-a-business/
[5] How to Write a Startup Business Plan | Wrike https://www.wrike.com/blog/12-steps-to-a-startup-business-plan-infographic/
[6] Top 9 Legal Documents You Need To Start Your Business https://www.legalnature.com/guides/top-9-legal-documents-you-need-to-start-your-business
[7] 10 Legal Documents You Must Have to Start a Small Business https://www.corpnet.com/blog/10-legal-documents-small-business/
[8] Write your business plan | U.S. Small Business Administration https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
[9] The Most Important Documents Every Company Must Have https://store.smallbizthoughts.com/product/the-most-important-documents-every-company-must-have/
[10] Legal Documents Required to Start a Business • BlueNotary https://bluenotary.us/legal-documents-required-to-start-a-business/
[11] Business Plan Templates for Startups – HubSpot https://www.hubspot.com/startups/resources/business-plan-template
[12] A Guide to Business Documents Your Small Business Needs https://www.fool.com/the-ascent/small-business/document-management/business-documents/
[13] Business Documents: 10 Documents You Must Have – Nimbus Note https://nimbusweb.me/blog/must-have-business-documents/
[14] How To Write A Startup Business Plan? | SlingshotApp https://www.slingshotapp.io/blog/how-to-write-a-startup-business-plan
[15] 10 Legal Documents Every New Business Must Have https://nocturnallegal.com/10-legal-documents-every-new-business-must-have/
[16] Simple Business Plan Template (2024) – Forbes Advisor https://www.forbes.com/advisor/business/simple-business-plan-template/
[17] 21 Common Business Documents Used in the Workplace – Indeed https://www.indeed.com/career-advice/career-development/business-documents
[18] [DOC] Startup Business Plan Template https://www.hccs.edu/media/Deluxe-Startup-Business-Plan-Template.docx
[19] The 6 Essential Legal Documents for a Startup https://www.dbllawyers.com/6-essential-legal-documents-for-a-startup/
[20] Free to edit and print startup business plan templates – Canva https://www.canva.com/documents/templates/startup/