I’m excited to share with you my article below on the best AI business plan generator because this innovative new technology allows you to quickly and easily create a comprehensive business plan.
AI business plan generators allow you to more quickly and easily create a business plan to start and/or grow your company, but unfortunately, not all are created equally. Most will not help you create a compelling business plan, because they are not programmed properly. And most don’t include full financial projections, which are critical for raising funding.
Fortunately, PlanPros.ai is the exception. PlanPros was built by one of Growthink’s founders and leverages our experience writing thousands of business plans and helping hundreds of thousands of entrepreneurs write plans using our tools. You can test-drive PlanPros.ai for free here.
Below find more information about using AI to generate your plan.
What is an AI Business Plan Generator?
An AI business plan generator uses artificial intelligence to write a business plan.
Importantly, in order to accomplish this, the AI needs to understand:
- What key sections to include in your business plan
- What each section must convey
Unfortunately, the vast majority of business professionals and software developers don’t understand either of these.
Fortunately, we do. Why? Because we’ve been writing professional business plans and helping entrepreneurs, executives and business owners write plans for the past 25 years. And our detailed business plans have been viewed by tens of thousands of lenders, angel investors, venture capitalists and other funding sources. Importantly, we’ve collected feedback from these individuals to fully understand what should and what shouldn’t be included in your AI-generated business plan.
So, what should be included in your plan?
The business plan template below documents each section to include.
Key Sections Your Business Plan Must Include
- Products and services: what products and services will you offer?
- Promotions: what promotional tactics or marketing tools will you use to attract customers?
- Price: how will you price your products and services? Will you be a low cost provider? A premium provider?
- Place: where will you be located and/or how can customers buy from you?
The executive summary of your formal business plan should give the reader an overview of your business concept and summarize each of the key sections of your plan.
You should start by concisely explaining your business idea and your business strategy.
If you have a compelling mission statement, include that here. Likewise, if your company name tells an interesting story, document that right away.
Particularly if the goal of your plan is to attract investors, you want to pull readers in so they become quickly excited about your venture. Clearly document your business ideas and business goals. And importantly, discuss the key problems that your business solves in the executive summary.
Here you will include a detailed company description. Document the history of your company. When was it formed? What type of entity are you (e.g., LLC vs. S Corp vs. C Corp, etc.). What accomplishments have you achieved to date?
The industry or market analysis section of your business plan shows readers that you really understand the market in which you’re competing.
Be sure to conduct market research from reputable sources that validate your business idea, business model and market opportunity. Make sure that industry trends support the viability of your venture.
Don’t skim on your market analysis, because fully understanding your industry is key to your success.
In this section, discuss your target market. Your target market description should detail the key types of customers you currently, or soon will, serve and the market size.
The more you can detail your target audience, the better and more cost-effectively you will be able to target them with your marketing.
In the competitive analysis section of your business plan, you must identify your key competitors and discuss their strengths and weaknesses. Importantly, identify and document your competitive advantage. That is, how are you different from your competitors and why are you poised for long-term success based on these differences?
In this section you will detail the marketing strategies you will employ to attract and retain customers. Your marketing strategy should include the 4 P’s.
In the operations part of your business plan, you will discuss the key operational processes your business must perform in order to succeed. Also, detail your growth strategy and milestones here. For example, in what month will you launch? When will you reach $X in sales? When will you hire your Xth employee?
The management team section documents the key members of your team and key details explaining why your team is qualified to execute on the opportunity you have laid out.
In this section, you will present your financial projections. These take the form of a projected or pro forma income statement, balance sheet and cash flow statement.
Your financial plan should detail your business goals from a financial forecasting perspective and show how you will achieve them.
Finally, the appendix in your business plan includes additional information to support your case that your company will achieve success. Include documentation such as lease agreements, customer lists and prototype drawings. If presenting your business plan online, you can interlink business plan documents in the appendix for easy access by readers.
Key to Successful AI Business Plan Generators
As discussed above, artificial intelligence is a great new technology to help businesses generate comprehensive business plans. Unlike traditional software platforms, AI tools allow you to work much faster and efficiently. For example, traditional business plan software cuts down the time to create your comprehensive plan from 100 hours to as little as 10 hours. But, now, AI business plan generators can help you complete your plan in just a few clicks saving you time.
But remember, while an AI tool can be used to create AI-generated business plans, or even a just a one page business plan, if the developer of the AI business plan generator tool isn’t intimately familiar with business knowledge, business planning and the needs of potential investors and lenders, you won’t generate the plan you need.
You are better off using paid business plan templates and/or a free business plan template developed by an expert, than using AI powered tools from someone or some firm without this expertise.
In summary, AI tools such as PlanPros.ai, with its user-friendly interface, can help you quickly and efficiently develop an AI business plan that helps you succeed. Such business plan generators allow you to focus on building your business more than performing the planning functions of writing and developing financial models.
Today’s modern business plan is similar to traditional plans, but fortunately you can now have a generated business plan that’s compelling and can help you raise funding and grow your company.
And, best of all, such software is just as effective for non technical users as it is for AI business experts.
When writing your business plan, and considering using business plan generators, consider the type of business you will be launching. For a traditional business business plan, such as one for a food truck, restaurant, clothing line or manufacturing company, AI tools are better suited than for new business types that AI tools are less versed in.
Regardless of your business type, make sure you intimately understand your target market. Your target audience is who will benefit from and will purchase your products and services. If your target market doesn’t resonate with your offerings, you can’t succeed. So, make sure, when developing your business plan, that you create the right product/market fit with your target market and include all the other key business plan elements discussed above.