AI business plan writers are helpful but lack detail where it counts
AI writing tools are amazing and offer numerous benefits, including efficiency, creativity, time-savings, accessibility, data-driven insights, and more.
Unfortunately, only using AI writing tools to write business plans will give the entrepreneur a false sense of completion. We receive requests from entrepreneurs to update/correct/expand on business plans written by AI because they did not have the details that investors are looking for, such as “What is the break-even point and when?” and “What is the funding request amount?” and even as simple as “Who are you direct competitors?”
Review of AI generated business plan writers
We tested three AI-powered business plan writing platforms, Plannit.ai, 15minuteplan.ai, and Grammarly, to see their pros and cons.
Each platform asks the user to enter a company overview which includes a description of their business, including company name, location, product/service description, mission statement, and target market. The platform continues on with specifics such as if the business is new or existing, what the business plan will be used for (e.g. request funding, workplace reference, etc.). Next the user specifies the number of employees, where the customer can get their product or service (e.g. online), marketing details such as how they will attract customers, and so on.
Throughout the questionnaire process the websites provide suggestions to help the entrepreneur answer questions. For example, when the user has to enter financial overview details, the answer field will have “Our overhead costs are $2,000 per month, and the pricing strategy is to charge $10 per unit.”
Pros of AI generated business plans
- Pricing is at least one tenth of what any competent business plan writer would charge.
- The document creation speed is fast but entering the responses to their questionnaires can take some time. Be prepared to spend at least 15 minutes to complete the questionnaire but several hours is more reasonable.
Cons of AI generated business plans
- There are a fair amount of inputs the user has to provide, which is standard when hiring a business plan writer.
- If you have a question about the prompt, such as “How do you plan to monetize your product or service?”, the website does not provide a clarification as to what that means.
- There are only a limited number of suggested questionnaire answers.
- Design and layout options are not yet included in the tested platforms. Templates will likely be included soon, but the platforms do not as of testing time.
If you choose to use an AI generated business plan, be aware that it will not be detailed enough for investment requests. It’s best to start out with one but have a professional look it over, especially the financials.
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If you choose to use an AI generated business plan, be aware that it will not be detailed enough for investment requests. It’s best to start out with one but have a professional look it over, especially the financials.