Build a business plan with ChatGPT

13 min readDec 14, 2022

ChatGPT is changing the game for content creation.

Business plans. Social media posts. Even code.

If you haven’t heard of ChatGPT by now, buckle up.

ChatGPT is an AI model developed by OpenAI that you can chat with. It understands context clues and can even make inferences about what you want.

It’s so good that a simple social media search will show you thousands of people afraid this tech will put them out of a job.

While writing this article we asked it what it can do, and its response is below, copied verbatim:

Gentle Bull (us): Can you tell me about everything you can do with ChatGPT?

ChatGPT: Sure, I’d be happy to help!

Some of the things that you can do with ChatGPT include:

Generating human-like text: One of the main strengths of ChatGPT is its ability to generate text that sounds like it was written by a human. This makes it useful for applications like chatbots, where you want the conversation to feel natural and flowing.
Responding to questions: ChatGPT is also good at answering questions. You can give it a question and it will generate a response based on the information it has been trained on. This can be useful for applications like Q&A systems or virtual assistants.
Translating text: Another potential use for ChatGPT is as a machine translation tool. By training it on parallel text in different languages, it can learn to translate between languages and generate text in the target language that accurately reflects the meaning of the original text.
Summarizing text: ChatGPT can also be used to summarize long pieces of text. By training it on a large corpus of text, it can learn to identify the most important information and generate a shorter, more concise summary. This can be useful for applications like news summarization or automated content curation.
Generating creative text: In addition to its more practical applications, ChatGPT can also be used to generate creative text, such as short stories or poems. By providing it with a prompt or a starting point, it can generate unique and interesting text based on the information it has been trained on.

Overall, ChatGPT is a versatile and powerful language model that has many potential uses in natural language processing. Whether you’re looking to build a chatbot, translate text, or generate creative writing, ChatGPT can help you do it.

This tech is nothing short of revolutionary and we intend to dive as deep.
This article is a repository of everything we’ve figured out how to make ChatGPT do. Bookmark it and come back, as it will be updated as we discover more ways you can use ChatGPT.

Build a business plan with ChatGPT:

Write Business Plans

ChatGPT can be used to write simple business plans customized for your business. Our tests yielded better results than any business plan template on the market, simply because you can prime the bot with information the same way you might prime a person.

Step 1: Prime the bot

Enter information about you and your business. Here’s what we did:

Gentle Bull: I’m making a business plan for an online store that sells merch to software developers who love music festivals. Can you help me?

ChatGPT: Sure! I’d be happy to help you with your business plan. To get started, it would be helpful to have some more information about your online store, such as what types of merch you plan to sell and who your target audience is. From there, we can work on creating a plan that outlines your goals, strategies, and potential challenges.

Gentle Bull: Can you write me a simple outline for a business plan with steps? Let’s call the business Gentle Bull.

ChatGPT: Sure, here’s a simple outline for a business plan for Gentle Bull:

Executive Summary: This is a brief overview of your business plan that summarizes the key points of your plan. It should include the main goals and objectives of your business, as well as a summary of your target market, marketing and sales strategies, and financial projections.
Business Description: In this section, you should provide more detailed information about your business, such as its name, location, and any unique features or products that set it apart from competitors. You should also discuss your target market and customer base, as well as the main competitors in your market.
Market Analysis: In this section, you should provide an overview of the market in which your business operates, including information about the size and growth of the market, as well as any trends or changes that may affect your business.
Marketing and Sales Strategies: In this section, you should outline the specific marketing and sales strategies that you plan to use to reach your target market and generate sales. This should include information about your advertising and promotion efforts, as well as details about your pricing strategy and any special offers or promotions that you plan to offer.
Financial Plan: In this section, you should provide detailed information about your financial projections, including information about your start-up costs, projected sales and expenses, and any funding that you plan to seek. You should also include any financial statements or charts that can help to illustrate your financial projections.
Management Team: In this section, you should provide information about the key members of your management team, including their backgrounds and qualifications. This will help to demonstrate the experience and expertise of your team, and show investors that your business is well-positioned for success.
Conclusion: In this section, you should summarize the key points of your business plan and provide any final thoughts or recommendations. This is your opportunity to show investors why your business is a good investment opportunity, and to convince them to support your business.

Gentle Bull: Can you write a draft of the financial plan? We expect to incur about $10,000 in startup costs and make about $25,000 in the first year.

ChatGPT: Sure, here is a draft of a financial plan for Gentle Bull:

Start-up Costs: Gentle Bull will incur start-up costs of approximately $10,000. These costs will include expenses such as purchasing inventory, developing a website, and purchasing marketing materials.
Sales and Revenue: Gentle Bull expects to generate sales of approximately $25,000 in the first year. This revenue will come from the sale of merchandise to software developers who love music festivals.
Expenses: Gentle Bull expects to incur expenses of approximately $20,000 in the first year. These expenses will include costs such as shipping and handling, advertising and promotion, and credit card processing fees.
Profit: Based on the expected sales and expenses, Gentle Bull projects a profit of approximately $5,000 in the first year. This profit will be used to fund the continued growth and expansion of the business.
Funding: Gentle Bull plans to seek funding from investors in order to cover the start-up costs and support the initial growth of the business. Potential investors will be presented with a detailed financial plan that outlines the expected sales, expenses, and profit of the business.
Financial Statements: Gentle Bull will provide regular financial statements to investors in order to track the performance of the business and ensure that it is meeting its financial goals. These statements will include income statements, balance sheets, and cash flow statements.

Overall, the financial plan for Gentle Bull is focused on achieving profitability and sustainable growth in the first year of operation, with the goal of expanding and increasing sales in the future.

Write Social Media Posts

ChatGPT can be used to write simple social media posts customized for your business. Our tests yielded decent results that needed to be further customized, but were usable out of the box.

Gentle Bull: Can you write some social media posts for Gentle Bull?

ChatGPT: Sure, here are some potential social media posts for Gentle Bull:

“Introducing Gentle Bull, the ultimate destination for software developers who love music festivals! Check out our selection of merchandise and get ready to rock out at your next festival. #GentleBull #MusicFestival #SoftwareDevelopers”
“Did you know that Gentle Bull offers free shipping on all orders over $50? Stock up on your favorite festival gear and save on shipping! #FreeShipping #GentleBull #MusicFestival”
“Looking for the perfect gift for the software developer in your life? Look no further than Gentle Bull! Our selection of merchandise is sure to impress even the most hardcore techies. #GiftsForTechies #GentleBull #SoftwareDevelopers”
“Join the Gentle Bull community and stay up-to-date on the latest festival news, merchandise releases, and special offers! Follow us on social media and never miss out on the fun. #GentleBull #MusicFestival #Community”
“Don’t miss out on our special holiday sale! Save up to 50% on select merchandise and get ready to rock out at your next festival. #HolidaySale #GentleBull #MusicFestival”

Give you the table of contents to an employee handbook

ChatGPT can be used to write the skeleton for an employee handbook. Our tests yielded decent results that needed to be further customized, but were usable out of the box.

Gentle Bull: Can you write the Table of Contents for an employee handbook for Gentle Bull?

ChatGPT: Sure, here is a potential table of contents for an employee handbook for Gentle Bull:

Introduction
Company Overview and Culture
Employment Policies a. Equal Employment Opportunity b. Anti-Harassment and Discrimination c. Workplace Safety d. Attendance and Punctuality e. Time Off and Leave
Employee Benefits a. Health and Wellness b. Retirement Savings c. Paid Time Off d. Employee Discounts
Performance Management a. Performance Expectations b. Performance Reviews c. Professional Development
Conduct and Discipline a. Code of Conduct b. Corrective Action c. Termination
Employee Resources a. Communication b. Diversity and Inclusion c. Employee Assistance Program
Appendices a. Employee Forms b. Company Policies c. Employee Rights and Responsibilities

Create budgets and format them into tables

ChatGPT can be used to create and format budgets. Here’s how we did it:

Gentle Bull: Can you create a simple budget for the next financial year for Gentle Bull? (NOTE: These figures are made up.)

ChatGPT: Sure, here is a sample budget for the next financial year for Gentle Bull:

Income:

Sales: $30,000 (based on an increase of 20% from the previous year)
Investments: $5,000 Total Income: $35,000

Expenses:

Inventory: $10,000
Shipping and handling: $2,000
Advertising and promotion: $3,000
Credit card processing fees: $500
Rent: $4,000
Utilities: $500
Salaries: $15,000
Miscellaneous: $2,000 Total Expenses: $37,000

Profit (Loss): $35,000 — $37,000 = ($2,000)

It is important to note that this is a sample budget and may need to be adjusted based on actual income and expenses. It is recommended that Gentle Bull regularly review and update the budget to ensure that it accurately reflects the financial performance of the business.

Gentle Bull: Can you format that into a table?

ChatGPT: Sure, here is the sample budget for the next financial year for Gentle Bull in a table format:

Write email pitches to potential investors

Gentle Bull: Can you write me a pitch I might use for an investor in Gentle Bull?

ChatGPT: Sure, here is a potential pitch that you could use to approach an investor for Gentle Bull?

“Hello, I’m excited to introduce you to Gentle Bull, the ultimate destination for software developers who love music festivals. We offer a unique selection of merchandise, including t-shirts, hats, and accessories, that are designed to appeal to tech-savvy festival-goers.

Our target market is growing rapidly, as more and more software developers are attending music festivals and looking for ways to express their passion for both technology and music. We have identified a gap in the market for high-quality, tech-themed festival merchandise, and we are well-positioned to capitalize on this opportunity.

We have already incurred startup costs of approximately $10,000, and we project sales of $25,000 in the first year. Our financial plan shows a profit of $5,000 in the first year, and we have plans to expand and increase sales in the future.

We are seeking funding from investors to support the initial growth of our business. We believe that our unique product offering and experienced management team make Gentle Bull an attractive investment opportunity.

Thank you for considering investing in Gentle Bull. We look forward to discussing this opportunity further with you and answering any questions you may have.”

Code simple scripts, improve them, and even whole applications (if you’re clever and patient)

Gentle Bull: Can you please write a simple Python script that could be used to calculate the finances of the business?

ChatGPT:

# Define the starting values for the business
starting_revenue = 0
starting_expenses = 0

# Define the rates at which the business generates revenue and incurs expenses
revenue_rate = 0.1 # generates $0.10 in revenue for every $1 in expenses
expense_rate = 0.05 # incurs $0.05 in expenses for every $1 in revenue

# Define the number of time periods to simulate (e.g. days, weeks, months)
num_periods = 100

# Initialize the variables that will track the business's revenue and expenses
revenue = starting_revenue
expenses = starting_expenses

# Simulate the business for the specified number of time periods
for period in range(num_periods):
  # Calculate the revenue and expenses for this period
  revenue += expenses * revenue_rate
  expenses += revenue * expense_rate

  # Print the results for this period
  print("Period: ", period+1)
  print("Revenue: $", revenue)
  print("Expenses: $", expenses)

# Calculate and print the profit for the entire simulation
profit = revenue - expenses
print("Total Profit: $", profit)

Gentle Bull: Can you write me a Python script I could use to generate variations on that email template?

ChatGPT: Sure, here is a python script that you could use to generate variations of the email template for potential investors in Gentle Bull:

template = "Hello, I'm excited to introduce you to {company_name}, the ultimate destination for {target_market} who love {product_or_service}. We offer a unique selection of {products_or_services}, including {examples}, that are designed to appeal to {target_market_adjective}.\nOur target market is growing rapidly, as more and more {target_market} are {activity} and looking for ways to express their passion for {passion}. We have identified a gap in the market for {unique_product_or_service}, and we are well-positioned to capitalize on this opportunity.\nWe have already incurred startup costs of approximately {startup_costs}, and we project sales of {projected_sales} in the first year. Our financial plan shows a profit of {projected_profit} in the first year, and we have plans to expand and increase sales in the future.\nWe are seeking funding from investors to support the initial growth of our business. We believe that our unique product offering and experienced management team make {company_name} an attractive investment opportunity.\nThank you for considering investing in {company_name}. We look forward to discussing this opportunity further with you and answering any questions you may have."

company_name = "Gentle Bull"
target_market = "software developers"
product_or_service = "music festivals"
products_or_services = "merchandise"
examples = "t-shirts, hats, and accessories"
target_market_adjective = "tech-savvy festival-goers"
activity = "attending music festivals"
passion = "both technology and music"
unique_product_or_service = "high-quality, tech-themed festival merchandise"
startup_costs = "$10,000"
projected_sales = "$25,000"
projected_profit = "$5,000"

message = template.format(company_name=company_name, target_market=target_market, product_or_service=product_or_service, products_or_services=products_or_services, examples=examples, target_market_adjective=target_market_adjective, activity=activity, passion=passion, unique_product_or_service=unique_product_or_service, startup_costs=startup_costs, projected_sales=projected_sales, projected_profit=projected_profit)

Gentle Bull: Can you improve that code please?

ChatGPT: One way to improve the code is to use f-strings instead of the .format() method. This allows you to insert the values of the variables directly into the string, without having to use the .format() method. Here is an example of how you could use f-strings to rewrite the code:

company_name = "Gentle Bull"
target_market = "software developers"
product_or_service = "music festivals"
products_or_services = "merchandise"
examples = "t-shirts, hats, and accessories"
target_market_adjective = "tech-savvy festival-goers"
activity = "attending music festivals"
passion = "both technology and music"
unique_product_or_service = "high-quality, tech-themed festival merchandise"
startup_costs = "$10,000"
projected_sales = "$25,000"
projected_profit = "$5,000"

template = f"Hello, I'm excited to introduce you to {company_name}, the ultimate destination for {target_market} who love {product_or_service}. We offer a unique selection of {products_or_services}, including {examples}, that are designed to appeal to {target_market_adjective}.\nOur target market is growing rapidly, as more and more {target_market} are {activity} and looking for ways to express their passion for {passion}. We have identified a gap in the market for {unique_product_or_service}, and we are well-positioned to capitalize on this opportunity.\nWe have already incurred startup costs of approximately {startup_costs}, and we project sales of {projected_sales} in the first year. Our financial plan shows a profit of {projected_profit} in the first year, and we have plans to expand and increase sales in the future.\nWe are seeking funding from investors to support the initial growth of our business. We believe that our unique product offering and experienced management team make {company_name} an attractive investment opportunity.\nThank you for considering investing in {company_name}. We look forward to discussing this opportunity further with you and answering any questions you may have."

Gentle Bull: Can you write a fast matrix multiplication algorithm?

ChatGPT: Yes, there are several fast matrix multiplication algorithms, such as the Strassen algorithm and the Coppersmith-Winograd algorithm. These algorithms can provide significant speed improvements over the naive approach to matrix multiplication, which has a time complexity of O(n³) for two n x n matrices. However, the exact algorithm that will be the most efficient for a particular situation will depend on the specific details of the matrices being multiplied and the computational resources available.

Gentle Bull: Can you show me an example in Python?

ChatGPT: Sure! Here is an example of the naive approach to matrix multiplication in Python:

def matrix_multiply(A, B):
    # Check that the matrices are compatible for multiplication
    if len(A[0]) != len(B):
        raise ValueError("Cannot multiply matrices with incompatible dimensions")

    # Create the result matrix C with the appropriate dimensions
    C = [[0 for _ in range(len(B[0]))] for _ in range(len(A))]

    # Perform the multiplication
    for i in range(len(A)):
        for j in range(len(B[0])):
            for k in range(len(B)):
                C[i][j] += A[i][k] * B[k][j]

    return C

ChatGPT: Here is an example of how to use this function to multiply two 3 x 3 matrices:

A = [[1, 2, 3],
     [4, 5, 6],
     [7, 8, 9]]

B = [[10, 11, 12],
     [13, 14, 15],
     [16, 17, 18]]

C = matrix_multiply(A, B)

# C should be equal to [[84, 90, 96], [201, 216, 231], [318, 342, 366]]

ChatGPT: Note that this is just one possible approach to matrix multiplication, and there may be other ways to implement it in Python that have different performance characteristics.

Gentle Bull: Can you document that code?

ChatGPT: Sure! Here is the same code with added documentation:

def matrix_multiply(A, B):
    """
    Multiply two matrices A and B.
    
    :param A: The first matrix, represented as a list of lists of numbers.
    :param B: The second matrix, represented as a list of lists of numbers.
    :return: The result of multiplying A and B, as a list of lists of numbers.
    :raises ValueError: If the matrices cannot be multiplied due to incompatible dimensions.
    """
    
    # Check that the matrices are compatible for multiplication
    if len(A[0]) != len(B):
        raise ValueError("Cannot multiply matrices with incompatible dimensions")

    # Create the result matrix C with the appropriate dimensions
    C = [[0 for _ in range(len(B[0]))] for _ in range(len(A))]

    # Perform the multiplication
    for i in range(len(A)):
        for j in range(len(B[0])):
            for k in range(len(B)):
                C[i][j] += A[i][k] * B[k][j]

    return C

Conclusion

ChatGPT is the first step in a future where we are able to move from concept to reality in the blink of an eye.

We fully understand how frightening this is for all of us. We feel it too. But at the same time, we’re excited for the amazing potential of this technology, and are looking forward to seeing how it develops.

Regardless of whether or not we agree with it, AI is here and we all must adapt as a result of the immense power of this new technology.