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Starting a business has always been hard. The good news is, the barriers to entry for starting your own business in 2024 are getting lower and lower.

Enter ChatGPT. Personally, I'm more excited about ChatGPT helping people start businesses than I am about it helping them automate tasks in their 9-5.

One of the main barriers for new businesses has always been the sheer number of tasks and roles that need to be filled with decent competency. Often, you don't have the capital to hire experts to fill these roles when you're just getting started, so what exactly are your options other than trying to learn to do everything yourself?

Fortunately, ChatGPT can do this: really well. I'm talking 'A+ student in almost any domain', from market research to accounting, social media marketing; you name it.

And while it's exciting to think about, sometimes you need a little help brainstorming ideas for how to best harness your new AI tools.

So, here are 19 detailed prompts tailored to extract the best from ChatGPT for starting a business in 2024.

Business Audit
Research Competitors
Brainstorm Feature Idea
Keyword Research
Assess Pricing
Consider Other Costs
Create Target Persona
Brainstorm Target Markets
Estimate Market Size
Brainstorm Marketing Channels
Identify Revenue Streams
Content Calendar
Expected Profit-Loss
SWOT Analysis
Recommended Projects
Clarify Value Proposition
Brainstorm Content Topics
Recommend Marketing Tools
Brainstorm Taglines.

Each of the prompts below can be used in isolation. But the truth is, ChatGPT gets better the more context and background it has about your business.

So if you're looking for an easy way to make these prompts tailored to your specific business, I'd strongly recommend trying Bizway. Sign up for an account, input your business idea, and Bizway will generate a personalized 50-step business roadmap for your specific idea--from there, every prompt you ask (including those below) will give you tailored advice for your specific situation and business. You can try it, today, with a 7-day free trial.

1. Business Audit

The Prompt: "Act as a business consultant and conduct a comprehensive audit of my current business model, including strengths and areas for improvement."
When to use it: At the initial stage of your business or when reassessing your business strategy.
Variations: "Provide a brief audit highlighting the top three strengths and areas of improvement in my business model."
Additional information required: Brief about the business, industry, and current strategy.

2. Research Competitors

The Prompt: "Act like a market research consultant. Provide me with a detailed analysis of my top five competitors in the [specific industry]."
When to use it: Before launching a product or entering a new market segment.
Variations: "Give a comparative analysis of my product features against top competitors."
Additional information required: Product details, industry type, and main competitors.

Note: You'll get much more relevant responses if you tell ChatGPT about the business you're working on, and which market you are targeting. If you want to quickly generate a list of 10 highly relevant competitors for your business, you can do so in one click with Bizway with our Competitor Research Shortcut.

3. Brainstorm Feature Idea

The Prompt: "Imagine you're a product design consultant. Based on current market trends, suggest innovative features I can incorporate into my product."
When to use it: During product development or enhancement stages.
Variations: "List down features that are trending in the [specific industry] products."
Additional information required: Product type and target audience.

4. Brainstorm Taglines

The Prompt: "I want you to think like a brand expert. Brainstorm catchy taglines that encapsulate the essence of my business."
When to use it: When establishing a brand or rebranding.
Variations: "Provide taglines focusing on the unique selling proposition (USP) of my product."
Additional information required: Business values, mission, USP, and target audience.

5. Keyword Research

The Prompt: "Act as an SEO specialist. Provide me with keywords relevant to my business domain and their search volume."
When to use it: When initiating an SEO strategy or content creation.
Variations: "List down long-tail keywords related to [specific product/service]."
Additional information required: Niche or industry, primary product or service.

6. Assess Pricing

The Prompt: "Pretend you're a pricing strategist. Analyze the best pricing strategy for my product based on its features and the current market scenario."
When to use it: While launching a new product or re-evaluating pricing for existing ones.
Variations: "Compare the pricing of similar products in the market and suggest a competitive price."
Additional information required: Product details, features, and target audience.

7. Consider Other Costs

The Prompt: "As a business consultant, highlight potential hidden costs involved in running my business."
When to use it: During financial planning or budgeting.
Variations: "Enumerate the overhead costs associated with a [specific industry] business."
Additional information required: Business type, scale, and operational details.

8. Create Target Persona

The Prompt: "Assume the role of a market researcher. Help me create a detailed customer persona for my product."
When to use it: During marketing strategy formulation or product development.
Variations: "Describe the ideal user for my service, considering demographics and psychographics."
Additional information required: Product or service details and general target audience.

9. Brainstorm Target Markets

The Prompt: "Act as a market expansion expert. Suggest potential markets or demographics I should target next."
When to use it: For business expansion or diversification.
Variations: "Identify emerging markets suitable for my [specific product]."
Additional information required: Current market details, product type.

10. Estimate Market Size

The Prompt: "Pretend you're a data analyst. Help me estimate the market size for [specific product/service] in [region/country]."
When to use it: Before entering a new market or launching a new product.
Variations: "Provide a market size estimation considering the age group [20-30]."
Additional information required: Product or service details and target region.

11. Brainstorm Marketing Channels

The Prompt: "Envision yourself as a marketing guru. Recommend the most effective marketing channels for my business."
When to use it: When planning a marketing strategy or campaign.
Variations: "List down digital marketing channels best suited for [specific product type]."
Additional information required: Business domain, target audience, and budget.

12. Identify Revenue Streams

The Prompt: "Think like a financial strategist. Highlight potential revenue streams for my business model."
When to use it: During business model formulation or diversification.
Variations: "Suggest revenue streams for a subscription-based model."
Additional information required: Current business model and services/products offered.

13. Content Calendar

The Prompt: "Operate as a content strategist. Help me draft a content calendar for the next three months."
When to use it: For content planning and strategy.
Variations: "Outline a themed content calendar focusing on [specific festival/holiday]."
Additional information required: Business domain, primary topics, and content platform.

14. Expected Profit-Loss

The Prompt: "Act like a finance expert. Predict the profit and loss scenario for my business over the next year based on current metrics."
When to use it: For financial forecasting.
Variations: "Provide a profit-loss estimation considering a 10% increase in sales."
Additional information required: Current financial data, sales figures, and expenses.

15. SWOT Analysis

The Prompt: "Operate as a business analyst. Conduct a SWOT analysis for my business."
When to use it: For business strategy formulation or evaluation.
Variations: "Perform a SWOT analysis focusing on the [specific product]."
Additional information required: Business domain, primary challenges, and goals.

16. Recommended Projects

The Prompt: "Pretend you're a growth hacker. Suggest projects or initiatives that can drive growth for my business."
When to use it: For business expansion or growth strategy.
Variations: "Recommend initiatives for boosting online presence."
Additional information required: Current growth metrics, challenges, and goals.

17. Clarify Value Proposition

The Prompt: "Imagine you're a branding consultant. Help me refine and clarify my business's value proposition."
When to use it: When establishing or rebranding a business.
Variations: "Articulate a value proposition centered on [unique feature]."
Additional information required: Business mission, products/services, and USP.

18. Brainstorm Content Topics

The Prompt: "Act as a content expert. List down trending topics I should cover in my niche."
When to use it: For content strategy and planning.
Variations: "Suggest evergreen content topics in the domain of [specific industry]."
Additional information required: Business niche and target audience.

19. Recommend Marketing Tools

The Prompt: "Envision yourself as a digital marketing specialist. Recommend tools that can optimize my marketing efforts."
When to use it: While strategizing digital marketing or optimizing campaigns.
Variations: "List tools suitable for email marketing automation."
Additional information required: Marketing goals, channels in use, and budget.

Of course, the more detail you put into each prompt, the more detailed the response you'll receive back. Try beginning with one of the prompts above, then adding more detail to your question in a follow-up--that way, ChatGPT will have some background context, and have a clearer idea of what specific information you're asking for in its follow-up reply.

The most important thing is context. The more ChatGPT knows about your business, the better the answers it will give.

If you'd like a business planning environment that takes care of all this background context on your business, try doing your business planning in Bizway. We even have a list of 30+ advanced, preset Shortcuts that you can use with one-click to achieve the tasks listed above, and help you launch your business idea faster.