Have you ever thought about starting your own side hustle? Maybe you’ve thought it was too time-consuming or too complex, or it just wasn’t the right time. Well, good news! Thanks to advances in artificial intelligence (AI), we’re living in an era of entrepreneurial empowerment.
With the start of the new year, there’s never been a better time to act on your entrepreneurial instinct. You can create a business plan, brainstorm names, understand your market, plan your launch and even strategise cost-effective marketing all from the comfort of your sofa.
Building a business plan has never been easier
Building a business plan used to be an intimidating undertaking for many first-time business owners with entrepreneurial dreams, but the process has become much less stressful thanks to AI chatbots like ChatGPT.
When building a business plan, think about AI as your personal assistant. It can streamline the initial steps, such as creating a first draft, and help refine the plan by proofreading or making further suggestions. But also remember; it’s your passion for your idea that forms the cherry on top and makes it unique.
Start by sharing a general overview of your idea, including potential names, target markets, your product or service, and financial projections if you have them, with a chatbot – and always stay aware of entering sensitive information when using AI tools.
An example prompt might look like: “I’m developing a business plan for my company, <company name>, a <industry> startup offering <product/service>. Please accept the below information about my company, I will ask you about it during this chat where you will help me build out a strong business plan. Here is the information on my business to draw from, I will ask you about it next when we write a business plan together: <copy and paste information on your business here>.”
Alternatively, taking a step back, try using AI-powered tools to familiarise yourself with the components of a business plan if it’s your first time. You might only need help with certain steps, like conducting market analysis or creating an ownership and management plan. AI can help with all of it.
AI simplifies choosing a name for your business
So, you have an idea for a business. How do you get online? One of the first steps to creating an online presence for your business is coming up with an appropriate domain name.
To use a domain searching tool, you can just enter a few descriptors about your idea for a business, such as your name, location or industry, and a list of available names is created for you, using various prefixes and suffixes for you to choose from. You can also try using variations of a word you want in your domain to get even more options. Don’t be afraid to unleash your creative side – the most memorable website names are often the catchiest ones!
AI is a helping hand to plan your launch roadmap
When launching your business, creating a launch roadmap – including a marketing strategy – is an important strategic and tactical element to help provide a clear view of what needs to be achieved and the necessary steps to get there, including objectives, target audience and metrics for success
If you wanted to find the cheapest time of year to book an all-inclusive holiday in a sunny destination, AI could save a lot of time and effort by trawling through offers to compare prices and conduct an instant analysis, but you’d want to check for yourself before going to book anything. The same applies to starting your own business except rather than booking a getaway, you can employ prompts to create a first draft of a launch roadmap or ask for cost-effective marketing suggestions.
For instance, an example prompt to create a marketing strategy might look like: “Channel the strategic insight a seasoned marketing and sales strategist and expert business strategist to create a thorough sales and marketing plan for my venture, <insert business type>, which offers <insert products and/or services>. Additionally, provide a detailed growth strategy to accelerate our progression in the market. Write this in the appropriate professional style to be included in my business plan.”
According to GoDaddy’s research, only three in five (60%) of business owners in the UK have tried using an AI tool, and of these the majority are experiencing a positive impact from AI on their business (62%)*.
While AI tools can offer a helping hand, you still need to exercise due diligence by reviewing output for accuracy – if you worked in an office setting and your assistant filed a report, you wouldn’t send it up the chain without checking yourself. However, unlike a human assist, AI can complete important tasks, like performing market research and researching legal requirements, in minutes, saving you invaluable effort and time to focus on human-led tasks, such as planning your launch roadmap and marketing strategy.
As we move forward into 2025, remember that the entrepreneurial journey calls for smart tools and strategic allies. AI-powered solutions are designed to simplify and empower your business journey in the digital age. AI is more than just technology – it’s a partner in your success. Let’s embrace the possibilities of AI together and make this year one of growth and innovation.
*Statistics are taken from a survey conducted in May 2024 of 2,153 UK online microbusiness owners by Venture Forward, GoDaddy’s research initiative.
