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Can AI do a business plan?
AI (artificial intelligence) is a catalyst you should harness to elevate and expand your small business.
These days, you can build entire websites, craft large pieces of copy, utilize chatbots, automate processes, and so much more with the help of AI.
But is it possible to use AI to get your new business idea off the ground?
Read more: 11 Best AI Tools For Small Business.
Can AI Do a Business Plan?
A business plan is essential for those thinking of launching a new business.
But as aspiring business owners seek ways to gain an edge over others, the question arises: Can AI effectively craft a comprehensive business plan?
The answer is….yes!
Thanks to the many AI business plan generators and tools, you can craft an effective business plan that brings your ideas to life in minutes.
What Is An AI Business Plan?
A business plan serves as a roadmap for success that sets you up with actionable steps and tactics to reach your goals.
It assesses the feasibility of your business idea by defining objectives, marketing strategies, budgets, financial projections, risk management, and more.
In other words, a business plan can help determine whether your business idea has the potential to be successful.
However, crafting a well-rounded business plan requires significant time and research, which can overwhelm some entrepreneurs.
This is where AI business plan generators step in to save the day.
Essentially, AI business plan generators can quickly produce detailed, customized business proposals based on the data you provide.
These AI solutions can quickly draft text, evaluate risks, analyze data, and overall streamline the entire business plan creation process.
Read more: How To Start a Business With No Money?
How To Use an AI Business Plan?
While AI can create a business plan, it’s important to note that these tools shouldn’t wholly replace your own critical thinking and insights.
Rather, think of an AI business plan generator as the first draft to jump-start your business idea.
Once generated, you should carefully customize the AI business plan to better align with your business strategy and needs.
Read more: Why Do Most Small Businesses Fail?
Top 5 AI Business Plan Generators
1. Grammarly
Grammarly is a popular online software designed to elevate and enhance your written work.
Many know Grammarly for its excellent ability to identify spelling and grammatical errors and helpful recommendations to refine the overall structure of sentences.
And now, thanks to Grammarly’s AI business plan generator, you can create a thorough and professional business plan without worrying about the format, tone, and length.
All you need to do is provide data on your business, idea, mission, and target audience, and Grammarly will effortlessly compose your key business plan components.
This AI tool is built into Grammarly and includes an executive summary, company overview, and vision statement.
What I Like:
- Specializes in generating no-error content.
- Gives suggestions on how to maintain a coherent style and tone throughout your business plan.
- The interface is intuitive and accessible.
- Pricing plans are affordable.
What I Dislike:
- Has been known to produce inaccurate content occasionally.
- You must input extensive prompts to generate detailed responses.
Pricing:
- Free: $0 (basic functions).
- Premium: $12 monthly (includes adjustment of writing tone).
- Business: $15 monthly (per member per month).
2. Copy.ai
Copy.ai is an AI-driven software that helps users produce various pieces of content, including blogs, email campaigns, social media channel posts, and more.
It offers an array of pre-designed templates that serve as a launchpad for content creation, saving you from having to do any groundwork!
Simply write a detailed, actionable prompt, and Copy.ai will do the rest.
So, can Copy.ai produce an accurate, detailed business plan? Yes!
The platform can assist with market analysis, create summary overviews for executives, and guide you in optimizing your business strategies.
Copy.ai is backed by advanced AI algorithms trained with expansive datasets, which can ultimately help you streamline and accelerate the business plan creation process.
To get the most out of our Copy.ai, you must identify your audience, acknowledge your competition, outline your products, and list your expected revenue and expenditures.
What I Like:
- Collaborative real-time editing features.
- Customization options that can change the narrative voice and style.
- The free plan!
- Multilingual support is available.
What I Dislike:
- The Free plan only comes with one user and limited words per day.
- The ‘Starter’ plan also only includes one user.
- It can be quite generic if prompts aren’t written correctly.
Pricing:
- Free: $0 (1 user)
- Starter: $49 monthly (1 user)
- Advanced: $249 monthly (5 users)
- Enterprise: Contact for price.
3. Notion
Notion is a flexible online platform for creating and managing notes, to-do lists, databases, wikis, and more.
The software is highly adaptable and diverse, meaning various individuals and teams can leverage their creativity and productivity on the same platform.
Notion offers various bespoke AI business plan templates to kickstart your business idea in just a few minutes.
These templates can summarize market research, correct linguistic errors in your documents, and craft a detailed first draft of your business plan.
Also, Notion AI can adjust the voice and tone of business plans and provide valuable insights or advice to refine business strategies further.
Additionally, Notion supports real-time team collaboration, meaning your team members can also easily contribute to the business plan.
What I Like:
- The platform is extremely flexible, catering to many use cases.
- Promotes a collaborative environment.
- It offers thousands of templates and view types, which is helpful for brainstorming startup ideas.
What I Dislike:
- Not exclusively designed for business plan drafting.
- You have to pay extra for AI tools, no matter your plan.
Pricing:
- Free: $0.
- Plus: $10 per user per month.
- Business: $15 per user per month.
- Enterprise: Custom price.
Notion’s AI tools can be added to any plan for $8 per month per user, which includes all AI features.
Read more: Notion vs ClickUp.
4. ChatGPT
You’ve probably heard of ChatGPT, a groundbreaking AI conversational agent that can emulate human interactions.
But is it capable of crafting a business plan?
The short answer is yes! It is possible to draft a professional business plan with ChatGPT.
Although the software isn’t specifically designed for AI-driven business plan generation, if given the proper prompts, ChatGPT can effectively form the foundation of a business plan.
However, to harness ChatGPT’s potential when developing the framework for your business plan, you must have a solid understanding of individual sections within your plan.
Only then can you ask ChatGPT to provide you with the content for each section.
Alternatively, you can simply prompt ChatGPT to create a business plan outline and then ask it to elaborate on each section using additional prompts.
What I Like:
- Accessible and easy to use.
- The free plan!
- Response times are quick.
- You can quickly refine prompts to gather more detailed responses.
What I Dislike:
- Information can be inaccurate or biased.
- Requires multiple prompts to receive detailed answers.
- There are no AI-driven templates; you must start from scratch.
Pricing:
- Free: $0.
- Plus: $20 per month.
- Team: $25 per user per month.
- Enterprise: Custom price.
Read more: How To Use ChatGPT For Business.
5. Upmetrics
Upmetrics is a support tool designed to help entrepreneurs and organizations plan, forecast, and strategize their business projects.
The software helps aspiring business owners make intelligent decisions through features like financial projections, market analysis, and business plan creation.
Upmetrics comes with a business, writing, and financial assistant, ensuring all areas of your business are covered.
Plus, they have a dedicated AI business plan generator that helps build a comprehensive business plan in minutes with already curated sections.
You can then easily download and share the business plan with your team.
Plus, their AI assistants are integrated into the AI business plan generator to offer you handy tips and tricks along the way.
What I Like:
- Dedicated platform for business planning and financial forecasting.
- Easily integrates with Xero and QuickBooks.
- Allows for tone and style adjustment and content regeneration.
- Offers detailed how-to business plan guides.
What I Dislike:
- No AI features are available on the free plan.
- Team size is capped at five members for all plans (unless you pay to add more).
- Data may be inaccurate or too generic.
Pricing:
- Starter: $7 per month.
- Premium: $14 per month.
- Professional: $37 per month.
Stews Final Thoughts
And that brings me to the end of this ‘Can AI do a business plan?’ article.
As you can see, the AI software mentioned above can certainly shape your business plan’s early drafts.
However, while AI is an effective business plan springboard, it’s important to note that you can’t rely solely on these AI business plan generators.
The heart and soul of your business, along with its unique vision, challenges, and personal touch, remain irreplaceable components that only you can create.
So, remember that while AI is a valuable ally on your entrepreneurial journey, it’s up to you to steer your business to success!
