How to Use ChatGPT To Generate Business Ideas

Last updated on September 25th, 2023 at 10:42 am

If you’re an aspiring business owner and all you’ve been reading about ChatGPT is how content creators are using it as a writing assist, the tool isn’t only designed for content writers.

If you don’t have the financial capacity to subscribe to the premium version, don’t worry, you can use the free version to generate business ideas and to the point of implementation.

Use ChatGPT to brainstorm business ideas

The first place to start is to use the OpenAI-powered tool to brainstorm business ideas. In using ChatGPT as a tool to brainstorm ideas, you have to be clear on your location and your budget for you to get an actionable output from the tool.

The tool can make recommendations on business ideas, how to set it up, and how to successfully manage the business etc.

Sample of Prompts:

Based on my command, ChatGPT came up with six business ideas I can lay my hands on, which include:

• Video editing service
• Content creation agency
• Social media management
• YouTube Channel
• Digital marketing consultant
• Freelance copywriting

So, I’m moving to the next step to pick one of the business ideas, “digital marketing consultancy” and probe further on how to set it up.

Ask ChatGPT specifics about the business ideas

This is the part that unveils other important things that define your business goals, where you need to define the service you would like to concentrate on.

Sample of command:

Note: Digital marketing consultancy has a micro niche such as Search Engine Optimization, content marketing, paid advertising, email marketing, and social media management. So, for the purpose of this guide, I’m going with “content marketing”.

You have to define your services and going micro seems to be the best way to get started, by the time you grow, you can expand to include other services that are closely related.

Ask ChatGPT how to identify your target audience

 Based on recommendations by ChatGPT, I already have the local business environment in Johannesburg. I have a list of at least 10 industries that are striving in my local market and I know they are not doing enough in terms of content marketing, they will need content marketing services.

Here is a list of other strategies in place to kick-start my content marketing business in Johannesburg:

• Competitor analysis
• A unique Value Proposition is in place
• I have a list of companies and businesses in Johannesburg that would benefits from content marketing
• Planning to expand my connection with professionals from various industries such as utilizing  professional platforms such as LinkedIn, forums, and social media etc

Sample of command:

A content marketing agency must display this in its marketing efforts. It must be able to get clients through content.

Ask ChatGPT to develop a content marketing business plan

ChatGPT is a brilliant writing assistant that can help you come up with business plan outlines. You can then adjust the outline by adding or removing unnecessary topics to localize your business.

You can also ask ChatGPT to write a complete business plan for you, but it will ask you some questions about your business if you can provide a clear explanation.

Sample of command:

Here is a list of topics in the business plan for a content marketing agency:

• Executive summary
• Company description
• Services offered
• Target market analysis
• Competitive analysis
• Marketing and sales strategy
• Operational plan
• Financial projections
• Implementation plan
• Conclusion

Ask ChatGPT how to register your business

Here, you have to localize the question, to align with where I plan to set up my content marketing business.

Sample of a prompt:

How can I register my business in Johannesburg, South Africa?

In South Africa, there are Companies and Intellectual Property Commission (CIPC), a government agency that handles business and company registration.

And as pointed out in our guide on starting a business in SA, ChatGPT also outlines the important steps to follow in making a business a legal entity. They include:

• Choose a Business Name
• Determine the Legal Structure
• Reserve Your Business Name
• Register with CIPC
• Register for Taxes
• Open a Business Bank Account

Ask ChatGPT how to market your business

Anyone that is conversant with today’s world marketing strategies will know that social media platforms play a huge role in keeping existing customers and getting leads, but ChatGPT says there are more ways to market a new business.

They include:

• Developing a strong brand identity through a professional logo
• By having a professional SEO-optimized website that is visually appealing and user-friendly
• Using case studies and testimonials
• Networking and partnership
• Speaking at at industry events and hosting webinars
• Writing guest articles
• Using online advertising campaigns such as Google Ads, social media ads etc
• Utilizing e-mail marketing

Ask ChatGPT for ideas on a pricing structure

And finally you can ask the AI-powered tool for ideas on pricing structure. To determine pricing structure for a new business, you need to research the market, consider your cost, define your pricing model, consider the value you provide, consider market positioning, and test. You can then adjust.

Conclusion:

To use ChatGPT to generate business ideas, you have to know what you want. Don’t give generalized questions, be specific, mention your location, and amend its output to suit your needs.