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New Analysis Reveals the Unhappiest Cities to Live as an Entrepreneur

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With ChatGPT continuing to grow in popularity with 100 million weekly users, more and more of us are beginning to use it at work. In fact, a recent study revealed that as many as one-third of business owners are turning to the platform for quick business advice.

With this in mind, Capital on Tap has asked ChatGPT what the most common small business questions it’s asked are, and Alex Miles, COO at Capital on Tap, has answered these.

Here are ChatGPT’s most-asked business questions:

How do I hire and manage employees as a small business owner?

First, think about what your business needs. What roles do you need to fill, and how much budget do you have to allocate to salaries. When it comes to advertising, you can do so on job sites or within your own network, or you could use a recruitment agency.

Depending on the number of applicants you have, you might want to do a few rounds of interviews. If you already have several employees at your company, they might like to meet some of the potential candidates too.

Once you’ve chosen your new hire, you’ll need to sort out the admin and logistics. Send them their contract, make sure the payroll is set up, and have their laptop or any other necessary equipment ready on the first day. Onboarding is a really important part of hiring someone, so make sure they are given a good welcome to the team and the business in their first few weeks.

How can I balance work and life as a small business owner?

Running a small business can be incredibly time-consuming, and finding a good work-life balance is definitely a challenge. In a recent survey, we found that over a third (35%) of business owners agree that they work long and unsociable hours, and a further 34% say their work-life balance has suffered due to the time they spend on their business. 

However, there are some simple steps you can take to make sure you’re making time for the things you love. It’s important to recognise that you only have a certain number of hours in a day, so set achievable expectations and try to delegate where possible. Also, make sure to protect your free time, so switch off the devices, make time for self-care and hobbies, and keep your evenings and weekends free from work as much as possible.

What are the essential steps for creating a business plan?

A business plan is a way to scope out your business idea, covering things like objectives, marketing, and financials, and providing a roadmap for where you see your company going.

Generally, all business plans follow a similar format:

  • Executive summary 
  • Company description
  • Competitor and market analysis
  • Mission and goals
  • Details on organisation and structure
  • Products and services outline
  • Marketing plan
  • Financial and funding overview 

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