As with many technological revolutions, neither the most apocalyptic or the most utopian predictions about AI have come to pass – yet, at least.
However, it’s undeniable that AI is already transforming the way we live and work, and ChatGPT is in the vanguard of this revolution.
Jump straight to the relevant section or read on for the full details on making money from ChatGPT.
- Why start a ChatGPT business?
- ChatGPT growth trends
- Business opportunities for ChatGPT
- Who else has started a ChatGPT business?
- Small business expert opinion
OpenAI’s large language model is the market leader for AI chatbots, with more than 180 million users worldwide.
When it launched in 2022, ChatGPT hit one million users in five days. Only Threads, Meta’s X rival, has been faster. By the end of 2023, OpenAI was worth $1.6bn.
Impressive, but now the initial hype has abated, how are workers, organisations, and entrepreneurs using ChatGPT today? And, more pertinently, how can you use it to make money in 2024?
Why is starting a ChatGPT business a good business idea?
One of the great things about ChatGPT for entrepreneurs is that it’s such a versatile tool and can offer support on such a wide variety of tasks.
As well as text generation, the latest premium version of ChatGPT has tools for video creation, can generate code in a variety of programming languages, understands countless natural languages, and, via its integration with DALL-E, can create incredible digital imagery. You can even use it to generate summaries of longform texts or videos, making it much easier to pull out salient points for learning.
In essence, ChatGPT is democratising access to many of the key skills that are essential in the modern economy. Not a gifted writer? No problem. No artistic vision? Doesn’t matter. ChatGPT has your back.
ChatGPT growth trends
According to a recent study by the National Bureau of Economic Research, tools like ChatGPT can boost productivity by 14 per cent on average and by 34 per cent for novice or low-skilled workers.
As a result, 71 per cent of businesses are aiming to invest more in AI tools in 2024, and 76 per cent are pursuing automation of their IT and business operations workflows.
On top of all that, ChatGPT 5, the most advanced model yet, is currently being trained and could be released later this year – but don’t hold your breath. Regardless of when the next model is released, the software is improving all the time, and is only going to become more powerful and integral to entrepreneurs. In short, you can’t afford not to either use it as the basis for an entire business or incorporate it into your business operations to improve outcomes and productivity.
However, if you’re going to use ChatGPT to help you with tasks where your own skills and knowledge are limited, be mindful that it may produce results that you’re not equipped to judge the quality of. Seek third-party advice or gain some understanding to help you use it most effectively.
What ChatGPT business idea opportunities are there?
As a great all-round, generative AI tool, ChatGPT has heaps of potential when it comes to business opportunities.
Here are a few of the best ways you can make money with ChatGPT in 2024:
Create copy
ChatGPT can help you generate all the copy for your website, including articles, product descriptions, and blog posts, which you can then monetise through affiliate marketing or sponsorship opportunities. A 2023 study by Harvard and Stanford found that ChatGPT was able to boost productivity among professionals in writing tasks by 40 per cent, with an 18 per cent uptick in quality (as judged by ‘expert evaluators’). Just make sure to fact check any content it produces for you, as it can hallucinate when it struggles to find accurate information. And remember, it is currently only trained on data up to January 2022.
Create a website or an app from scratch
If you have an idea for an app or website but don’t know how to program, ChatGPT can help you by generating code according to your prompts. It can understand and create code in a variety of programming languages, including Python, JavaScript, HTML/CSS, and many more. You just need to tell it what features and functions you need, and what frameworks you’d like to use, and it will provide basic code examples that you can then build on and refine.
For example:
Create videos
ChatGPT can now be integrated with a range of video creation tools, from simple software like Canva, which builds videos from stock footage or animations, to more sophisticated tools like Synthesia, which allows you to build a realistic AI avatar to narrate your script and can generate voiceovers in over 120 languages. You can even turn blog posts or PDFs from your website into instant videos. With these tools, anyone can create YouTube videos that they can then monetise without ever needing to shoot or edit any content.
Graphic design agency
ChatGPT can now also be integrated with a range of image generation tools, including Open AI’s own Dall-E, allowing you to create unique images, including logos and other website assets. If you work in the graphic design space, AI image generation can seriously boost your productivity, and makes it easy to respond to client feedback simply by fine tuning your prompts. There is definitely a skill to using prompts to create the images you want, and you may still want to have some experience with graphic design tools so that you can edit them to perfection. Check out our full feature on becoming a graphic designer in 2024.
Prompt engineer
Speaking of prompts, some people are even creating ChatGPT prompts and then selling them to help others get better results. Effective prompts rely on issuing clear instructions to ChatGPT, which can then be refined by specific modifiers to get your desired results. Not everyone has the patience or knack for this. So, if you have a lot of experience producing optimal outputs from chatbots, you might be able to monetise your prompt engineering skills.
Data analyst
ChatGPT is a powerful data analysis tool, and can massively ramp up your capacity and ability to pull out useful insights from vast troves of digital information. For example, you can upload XLS, CSV, XML, JSON, SQLite, etc. files to ChatGPT and make specific requests about what you’d like it to discover. These skills could be very useful to large organisations that generate a lot of data.
Social media manager
ChatGPT is also great for automatically generating posts, hashtags, and other social media assets. If you work in social media management, ChatGPT will take on much of the burden of creating social media content and analysing its performance for multiple clients.
*One more thing: ChatGPT is not a magic money machine – you can’t just input a prompt and expect it to deliver instant value. What it can do is bridge your skills gaps, reduce the burden of tedious tasks, and free you up to devote more time to more valuable or fulfilling pursuits.
Who else is making money from ChatGPT?
Darron Palmer, a photographer, has found a novel way to make money with ChatGPT.
He uses it to assist him with lighting, composition and editing of his work. For example, it can suggest helpful editing tools and techniques that suit different styles of photography and can improve end results. It can also boost turnaround time and a sounding board to bounce ideas off of, all of which helps to drive business success.
Small business expert opinion
Peter Wood, chief technical officer at Spectrum Search, says:
“The advent of ChatGPT and its applications in generating income is not just a trend but a transformative shift in how businesses operate, innovate, and deliver value.
“In the current digital age, the ability to automate, personalise, and scale communications and services is paramount. ChatGPT, with its advanced natural language processing capabilities, offers an unprecedented opportunity to achieve these goals. It’s not merely about reducing operational costs; it’s about enhancing the quality of engagement with customers, streamlining processes, and, most importantly, creating new revenue streams.
“The ability of ChatGPT to produce high-quality, original content on demand has opened new avenues for monetisation. Whether it’s creating bespoke articles, reports, or marketing materials, the efficiency and scalability offered by ChatGPT have been instrumental in offering competitive services that cater to a broad spectrum of industries.
“My top tips for entrepreneurs looking to make the most of ChatGPT include focusing on integration, customisation, and innovation. It’s essential to integrate ChatGPT seamlessly into your existing systems and processes to maximise its potential. Customisation is key to creating value that is unique and differentiated in the market. Finally, continuous innovation and staying abreast of the latest advancements in AI and ML will ensure that your applications of ChatGPT remain cutting-edge and relevant.
In leveraging ChatGPT, it’s also crucial to maintain a balance between automation and human touch. While ChatGPT can handle a wide range of tasks, the importance of human oversight cannot be overstated. This ensures that the solutions remain empathetic, accurate, and truly beneficial to the end-users.”
