AI is changing the way businesses operate these days. According to a survey conducted by Forbes Advisor, 64% of businesses think that artificial intelligence (AI) boosts their overall productivity. 

It’s no surprise that AI is also there to help create and improve business plans. 

In the past, putting together a business plan was often a tough and tedious process. You’d have to spend hours gathering market data, analyzing competitors, and writing detailed reports. The process was so overwhelming it left little room for focusing on your actual business goals. 

With the right AI tools for business, you gather market data quickly, analyze competitors, predict financial outcomes, and even generate well-structured text for your business plan in no time.

In this article, I’ll discuss how to create business plan with AI free and some of the best tools you should use to make the process fast and fun. 

Best AI tools to draft a business plan

Here are some of the best AI for business plan that you should definitely check out:

1. Grammarly AI

Grammarly is an AI-powered writing assistant that helps improve your business plan by checking for spelling, grammar, punctuation, and style errors. 

You don’t have to wait for someone to review your document. Grammarly does it for you as you write a business plan with AI.

Grammarly also has a dedicated AI business plan generator where you create business plan with AI for free only by answering a few questions. 

Key Features: 

• Automatically detects and corrects spelling and grammatical errors in real-time.
• Gives feedback on writing style and tone to improve readability.
• Its plagiarism checker scans your text against billions of web pages to ensure originality.
• The tool provides insights into word count, readability score, and vocabulary usage. 

2. Copy AI

Copy AI is a GTM AI platform that speeds up the drafting of an AI business plan significantly. 

It reduces the time spent on writing and revising by providing instant text suggestions so you focus more on strategy and less on writing. 

Key features: 

• Copy AI can generate text based on the prompts you provide.
• You can adjust the tone, style, and length of the generated text.
• It can write in multiple languages so it’s perfect for global businesses.

3. Notion AI

Notion AI is an intelligent tool integrated into the Notion workspace to enhance productivity and streamline content creation. It combines writing assistance with powerful organizational tools. 

You can create business plan with AI for free and organize it in one integrated platform. The smart suggestions and real-time collaboration features enhance efficiency and accuracy. 

‍Key features: 

• Notion AI can assist in drafting various sections of your business plan by generating text based on your prompt.
• Integrates with Notion’s organizational features, such as databases, to-do lists, and project management tools.
• You can collaborate with team members in real-time on Notion AI for business plan.

4. Canva AI

A well-designed business plan looks more professional and is easier to understand. Canva helps you turn boring numbers and text into something visually appealing.

The user-friendly drag-and-drop editor makes it easy to add and arrange text, images, and charts. You can invite team members to collaborate on your design in real-time. 

Key features: 

• Create eye-catching charts, graphs, and infographics to make your data pop.
• Choose from a bunch of ready-made templates for different parts of your AI generated business plan.
• Keep your business plan looking polished by using your brand colors and fonts.

5. Formaloo AI

To create a well-researched business plan, you need to understand your market, competition, and finances. 

Formaloo is a one-stop shop for gathering that data and making sense of that data using AI for free.

With Formaloo, you can create any type of form and survey for your business, distribute them, and get actionable feedback from respondents.

Further, Formaloo’s AI-driven analytics can offer more accurate insights than manual methods, helping you make informed decisions quickly.

Key features: 

• Create custom forms for surveys, feedback, and data collection for your business plan, market research, and competitor analysis.
• Manage your customer relationships and track interactions
• Build personalized dashboards to visualize your data.
• Get smart insights from your data with AI-driven analytics.

5 Steps to create business plan with AI free

Creating a business plan doesn't have to be a headache. With the right steps and a little help from AI, you can build a solid plan for your business. 

Let's break down the process into steps you can easily follow to create business plan with AI for free. 

Research your market

Researching your market is the first and most crucial step when creating a business plan. 

Here's what you need to do: 

• Define your potential customers' demographics, preferences, needs, and behaviors through market research surveys distributed through Formaloo.

• Understand current trends, challenges, and opportunities in your industry via survey responses. 

• Explore your competitors using AI tools such as SemRush or Ahrefs. Understand their strengths, weaknesses, and marketing strategies

• Gain insights into your target audience with AI-driven Tableau or Sprout Social to know what potential customers are interested in and how they interact with brands like yours.

Define your business goals

Knowing where you want to go is as important as knowing where you are. Outline what you want your business to achieve in both the short term and long term. Clearly defined goals guide your strategy and help keep your team focused on what matters.

To define your business goal, ask yourself: What do you want to accomplish? Why do you want to do it? Who will benefit from your business? Your goal should be specific, measurable, achievable, relevant, and time-bound, aka SMART.

You can use Notion AI to brainstorm and refine these goals by suggesting ideas based on your industry and business type. 

You can then perform a SWOT analysis using tools like Lucidchart to identify your business’s strengths, weaknesses, opportunities, and threats, which can shape your goals and strategies.

Analyze financial needs

Money makes the world go round, and it's the same for your business. You need to figure out how much money you'll need to start and run your business. 

Before you create business plan with AI free, think about expenses like rent, salaries, supplies, and marketing costs. You also need to think about how you'll make money. Will you sell products or services? How much will you charge?

Tools like Google Sheets and Fathom have built-in formulas that can help you create budgets and forecasts. You can input your expected income and expenses, and the tool will calculate your profit or loss.

Draft your business plan

Now it's time to put everything together. Use the information you've gathered about your market, goals, and finances to create your business plan with AI for free.

Most plans include the following sections: 

• Executive Summary: A quick overview of your business.
• Company Description: What your business does and who you are.
• Market Analysis: Who your customers are and what they want.
• Competitor Analysis: Who your competitors are and how you'll beat them.
• Business Model: How you'll make money.
• Marketing and Sales Plan: How you'll reach your customers.
• Financial Projections: How much money you'll make and spend.

Fill in each section with the information you've gathered. For financial sections, use an AI tool like LivePlan to automate financial calculations, create charts, and make forecasts easy to understand. 

Once drafted, use Grammarly to proofread and refine your content. 

Fine-tune your plan

Your business plan isn't set in stone. It's a document that can change as your business grows. You'll need to review and update it regularly.

Look for any gaps or weaknesses in your plan. Are there things you forgot to include? Does your financial forecast look realistic? Get feedback from people you trust, like friends, family, or mentors.

Consider the overall layout and presentation of your business plan. AI design tools like Canva can help you create a visually appealing document that stands out and looks professional. 

Benefits of AI-driven business planning

Using AI in business planning offers several key benefits that can greatly improve the process. Some of them include: 

• Super Fast and Easy: AI tools can do a lot of the boring stuff, like gathering information and crunching numbers. They save you time and let you focus on the more important parts of your business. 

• Really accurate: AI tools are excellent at analyzing data without the risk of human error. They provide accurate calculations, forecasts, and reports, which means your business plan will be based on real facts, not just guesses.

• Better Decisions: With all the information AI gives you, you can make smarter choices about your business. You'll know where to spend money, who to target, and how to grow.

• More Time for You: Because AI handles so much, you'll have more time to be creative and work on your business instead of just planning it.

Formaloo AI, your perfect business companion!

AI not only streamlines the business planning process, but also adds a layer of precision and insight that you simply can't get from traditional methods. 

With AI, you easily gather and analyze market data, draft content, and get feedback on the structure and language of your plan. 

The backbone of a strong business plan is data-driven insights. Formaloo offers a comprehensive suite of AI-driven tools to help you with market research, competitor analysis, financial forecasting, and more. 

With Formaloo, you turn complex data into actionable insights, which makes it easier than ever to create business plan with AI free.

Give Formaloo a try today.