How to make money with AI
A lot of online entrepreneurs see financial possibilities with AI. Here’s how they’re making money by using AI.
In 2024 many people see dollar signs in generative AI. They want to use in their online businesses. They discuss it to no end in AI subreddits and GPT Facebook groups. They even teach classes about it! But how are people making money with AI?
AI multiplies your effort. It lets you scale yourself and your knowledge. Do you have expertise on a certain subject matter? Proprietary frameworks that you’ve developed? AI is a way to deliver those goods to many people all around the world. What use to be delivered via one-on-one sessions, can now be scaled with AI.
Here are a few examples of how people are earning money with AI.
Selling GPTs
The internet enables a lot of commerce. People sell physical goods like collectibles and clothing through online storefronts like eBay and Shopify. People also sell digital goods like e-books or online video courses through platforms like Amazon and Kajabi. But now there’s a new category of digital goods: chat-based AI experiences. The increasingly common term for these are GPTs.
Many people are designing custom GPTs and AI tools and then selling them. OpenAI’s GPT Store was a great signal from the biggest player in the AI space about the direction they expected the ecosystem to go, but as we discussed there are many problems with the GPT store, primiarly that it does not allow users to monetize very effectively.
However, many alternative services are emerging that allow users to make money with AI by creating private, white-labeled storefronts to sell their GPTs.
These platforms are increasingly becoming a popular way for “knowledge entrepreneurs” to create tools based on their knowledge and then sell them as services to their clients. Professions like consultants, coaches, marketers, strategists, etc. especially see potential in adding GPTs to their existing product catalogue and services. These people already have experience selling their knowledge as courses via platforms like Kajabi.
Creating More Content
Another way to increase your earning power with AI is by making content. This strategy falls under the broader strategy of “being more productive with AI”. This is an obvious strategy to make more money with AI. But let’s look at how people are specifically doing this.
Many online entrepreneurs make some income stream from youtube videos, blog posts, social media followings, and other forms of content marketing.
Generative AI is really good at creating content — youtube scripts, blog post outlines, social media posts, etc.
However, the people finding success are just prompt ChatGPT to “write a blog post about how to do X”. They are entering substantial, new inputs.
This shouldn’t come as a surprise. If you want good, interesting, novel outputs from AI, you need to provide good, interest, novel inputs.
It’s that simple!
Creating AI-Powered Apps
A final way online solopreneurs are making money with AI is by starting AI-powered businesses.
Some people are using cool AI tools as way to generate leads for their business. For example, if your website has a snazzy AI tools on it, people might be more interested in exploring what else you offer.
Other people are offering business solutions powered by AI. For example, this person built a sports knowledge app on top of AI prompts. Through careful prompt design and uploading proprietary knowledge, they were able to create a tool that offered value to peope.
How to get started earning money with AI
AI isn’t a magic potion. A lot of people expect monetizing AI to be simple. But earning money with AI is very similar to making money with your own brain. The only difference is you can do more in less time and with less help. The fundamentals are still the same. Make something valuable and sell it!
Valuable means differentiated. Use better inputs to get better outputs from AI.
Valuable also means specific. Don’t sell a generic GPT that can write text, sell one that writes very specific copy for very specific niche tasks in niche fields.
Finally, connect with the greater community of AI entrepreneurs and people launching businesses with AI.
