How much thought and effort should you put in a business plan?
How about just letting ChatGPT generate one for you?
Based on a question Ben Boyter asked in a Discord group I’m part of I decided to load up ChatGPT and give it this prompt:
Generate a simple business plan for an online DIY plan generator
After reading the initial output which revolved around subscriptions, which I do not want to do for Plansformer, I added the following prompt:
Change the revenue model to use one off pricing
The final business plan is pretty much what I had rattling around in my head with tweaks to the marketing strategy (no mention of YouTube?), the revenue model (no subset of free plans) and the financial plan (this is a solo venture so far, with me as both tech and content provider). It isn’t the final “vision” but I think it’s a great start.
The following is what ChatGPT generated, with no editing other than adding the title and bolding the section names. It will be interesting looking back in a couple of years to see how close this followed what really happened. If you, like me, are a better editor than a writer, then ChatGPT might be a great way to figure out how to monetize your latest project.
Generated Business Plan
Executive Summary: Our company is launching an online DIY plan generator that will allow users to create customized plans for various DIY projects. The platform will provide step-by-step instructions and a list of required materials to help users complete their projects efficiently. Our target market includes DIY enthusiasts, homeowners, and hobbyists who are interested in tackling DIY projects on their own.
Market Analysis: The DIY market is growing rapidly, with an increasing number of people looking for ways to improve their homes and save money. The DIY market is projected to reach $45.1 billion by 2023. Our online DIY plan generator will provide a unique solution to this growing market by providing users with easy-to-follow instructions for their DIY projects.
Marketing Strategy: Our marketing strategy will focus on targeting DIY enthusiasts, homeowners, and hobbyists who are active on social media and online forums. We will leverage social media platforms such as Facebook, Instagram, and Pinterest to reach our target audience. Additionally, we will collaborate with DIY influencers and bloggers to promote our platform.
Revenue Model: Our revenue model will be based on a one-off pricing model, where users can purchase a plan for a specific DIY project. We will offer different pricing tiers based on the complexity of the project, ranging from $5 to $50. Additionally, we will offer premium features and services such as personalized consultations with DIY experts for an additional fee.
Operations Plan: Our team will consist of developers, designers, and content creators who will work together to create and maintain our platform. We will outsource some of our services such as content creation and SEO to third-party agencies to reduce overhead costs. Our platform will be hosted on a cloud-based server to ensure scalability and reliability.
Financial Plan: Our initial startup costs will include website development, content creation, and marketing expenses. We estimate our initial investment to be $100,000. Our monthly operating costs will include server hosting, content creation, and marketing expenses. We project our monthly expenses to be $20,000. We anticipate generating revenue of $100,000 in our first year, with a projected growth rate of 25% each year.
Conclusion: Our online DIY plan generator offers a unique solution to the growing DIY market. By providing easy-to-follow instructions and a list of required materials, we can help DIY enthusiasts complete their projects efficiently. Our revenue model and marketing strategy are designed to help us reach our target market and generate revenue while keeping overhead costs low.