How to make money with Chat GPT:
- Complete freelance writing gigs
- Create and sell custom AI chatbots
- Write a blog
- Get investing advice
Chat GPT is a revolutionary technology and many people are scrambling to discover its money-making potential. In fact, the Open AI app set the record as the fastest app to reach 100 million active users, which it achieved just two months after launching. Some people are already using Chat GPT to earn $300K/year or more, and things are just getting started. However, it's important to remember that Chat GPT is a new technology and there's still a lot of uncertainty surrounding it. Therefore, although I can't explicitly recommend it as a viable long-term tool to base your entire business off of, I can provide you with some of the opportunities that have a good chance to be lucrative over the next few years.
Chat GPT isn’t the only exciting opportunity to make money right now. Local lead generation is another income opportunity that entails building websites to attract customers for local service businesses. Once you build one of these websites and get it to rank on Google, you can automate your business and earn passive income.
1. Complete freelance writing gigs
Freelance writing is how to make money with Chat GPT easy. Creating written content is the most basic and straightforward use of the AI language model. Considering that many companies outsource content writing tasks, freelance writers using ChatGPT to create their content have a massive base of potential customers. In fact, according to digital marketing publisher Digiday, 68% of digital marketing agencies and 71% of brands outsource their content creation needs to freelancers. You can find writing opportunities in abundance on freelancing platforms like Fiverr and Upwork.
However, many companies and institutions don’t want AI-generated content, so you need to be careful. There are already a range of tools available on the market to detect AI-generated content, like Originality.ai, which claims a 96% accuracy in detecting AI content. Although, you can probably get away with using Chat GPT to create written content for now, the opportunity probably won’t last forever. More companies will probably verify that freelancer work is human-generated or just use Chat GPT to create content themselves.
2. Create and sell custom AI chatbots
Many companies already leverage chatbots to automate customer service through digital channels. However, available chatbots have done a poor job so far at fulfilling their intended purpose. According to a survey by ujet.cx, 78% of customer chatbot experiences ultimately result in failure. With ChatGPT, there is an opportunity to offer businesses a custom automated customer service solution built on a powerful AI chatbot that provides an enhanced customer experience. That’s because ChatGPT isn’t just useful for generating English content, you can also use it to help with coding simple widgets and apps! Chat GPT can guide you through the process of coding a custom AI chatbot by providing coding-related answers and pieces of code for the project.
Here are the basic steps for creating and selling a ChatGPT-powered AI chatbot using Chat GPT:
- 1Obtain ChatGPT API access by signing up for OpenAI API’s ChatGPT model
- 2Prompt ChatGPT with the steps to build a custom widget and work through each step to build the chatbot
- 3Train your custom chatbot to handle a range of customer inquiries for your target business
- 4Test the functionality of the chatbot and make adjustments where necessary
- 5Implement the chatbot into the website of the target business
3. Write a blog
The average blogger makes around $52,000/year, according to data from job searching website Indeed. Successful blogging requires you to create high quality content that ranks on Google for a specific niche. You can use ChatGPT to help you come up with a niche to target and then have the AI tool create your blog post content for you. You’ll definitely need to do some SEO work yourself or outsource it to an SEO expert to get your blog to rank on Google, but having ChatGPT create your content saves substantial resources. Once your blog starts getting consistent traffic, you can monetize it using various tactics like affiliate marketing and ad revenue from Google AdSense.
It is worth mentioning that the long-term value of AI-generated content for blogging is difficult to assess. Many fear that search engines like Google will implement tools to detect and punish sites for AI-generated content in the future to prevent low-quality content from spamming the web. However, Google has recently stated that AI content is not against its guidelines, just poor quality AI content. With the right prompts, fact checking, and grammar checking tools, bloggers have the green light to use AI generated content for now.
4. Get investing advice
A recent study by financial comparison site Finder found that a basket of stocks selected by ChatGPT outperformed the top 10 leading investment funds, recording a 4.9% gain while the funds averaged an 0.8% loss. Another study by the University of Florida found that ChatGPT performed well in predicting stock price movements of companies using sentiment analysis from news headlines. Many investors, including those involved in the GPT Portfolio, are starting to rely on Chat GPT's advanced analytic abilities for investment recommendations.
If you want to use Chat GPT to create a personalized investment portfolio, it’s important to prompt it with your investment objectives, risk tolerance, and time frame. The current version of Chat GPT does not have access to real-time data. Therefore, you will need to provide the language model all the relevant financial news, reports, and data to make accurate financial predictions. If many people start adopting Chat GPT for investing advice, its predictions may even serve as a self-fulfilling prophecy to influence market prices.
Even so, keep in mind that Chat GPT is no substitute for professional financial advice. Although it may be able to give good recommendations for you to consider, you shouldn't rely on it completely when making financial decisions.
5. Write and publish eBooks on Amazon KDP
Amazon Kindle Direct Publishing (KDP) is a self-publishing eBook platform through Amazon where writers can publish eBooks and paperbacks for free while reaching millions of readers on Amazon. You can make passive income on ChatGPT by using it to write Amazon KDP eBooks for you. Once you publish an eBook to Amazon KDP, it can continue earning you royalties for the long-term. Amazon KDP writers earn up to 70% royalties on their book sales and typically make anywhere from $150 to $20,000+/month.
Here’s how to make money on Amazon KDP with ChatGPT:
- 1Pick a topic - Choose a niche and find a problem to solve within the niche
- 2Do competitor research - Use a tool like KDP Spy to assess the competition and sales potential based on how similar books are performing on Amazon
- 3Create book outline - Prompt ChatGPT to create an outline for your eBook
- 4Write book content - Work with ChatGPT to write each section of the book by having a back-and-forth dialogue about the book's contents
- 5Check for plagiarism - Use a plagiarism checker tool like Grammarly to verify you won’t have any copyright issues
- 6Upload to Amazon KDP - eBook appears in Kindle stores worldwide within 72 hours
Although people are making some money by publishing Chat GPT books to Kindle KDP, there's no guarantee that Amazon will allow AI content long-term. If too many people are publishing low-quality AI content books onto the Amazon KDP platform, it wouldn't be unlikely for Amazon to prohibit or punish the use of Chat GPT in the future.
6. Offer translation services
The world is becoming ever more global. As a result, modern businesses often look to foreign countries for opportunities to expand their operations and revenue potential. However, one of the biggest hurdles that US businesses face when expanding into foreign markets is the language barrier. In order to properly get their message across to a foreign audience, businesses like social media influencers and Ecommerce stores need high-quality translation services.
The demand for these services is real. In fact, the US Translation Services industry has grown an average of 7% per year and is poised to continue strong growth, according to IBISWorld. Fortunately, ChatGPT is proving to be an effective tool to support language translation services.
Chat GPT can be used for other language besides English, including:
- Spanish
- French
- German
- Chinese
- Arabic
- Italian
- Dutch
- Russian
- Portuguese
- Japanese
- Korean
- Hindi
The AI language model has access to a massive amount of data to comprehensively understand language patterns, allowing it to produce high-quality translations. However, Chat GPT's proficiency varies from language to language, so you can't rely on it completely.
7. Start a YouTube automation channel
If you want to know how to make money with Chat GPT YouTube style, using the AI language model to support a YouTube automation channel is the answer. YouTube automation is a strategy for making money online where a YouTube channel owner outsources the tasks required to run a successful YouTube channel, including video idea research, scriptwriting, voice-over, video editing, thumbnail design, and channel management. These tasks are typically outsourced to freelancers and video costs can add up to hundreds of dollars for channel owners. Although it can’t handle all of these tasks, ChatGPT and AI can handle a major portion of the content creation for a YouTube automation channel to help you cut down on video production costs.
For example, ChatGPT is well-equipped to help with research and video topic ideation. It can then write high-quality video scripts that are compelling for your audience. If you want to take your AI automation a step further, you can even take the script Chat GPT creates and put it into another AI voice-over service like Speechify.
1 million views on YouTube can make you upwards of $5,000, according to Credit Karma. That’s not even consider the other YouTube monetization strategies like affiliate marketing and brands deals. By leveraging ChatGPT for a YouTube automation channel, you can make some serious money if your channel gets big.
8. Start an email marketing agency
An email marketing agency focuses on helping clients to achieve their digital marketing initiatives, specifically through email campaigns. Starting an email marketing agency is one of those Chat GPT opportunities with major potential. The global email marketing revenue is expected to nearly double from $9.62 billion in 2022 to $17.9 billion in 2027, according to Statista. Therefore, there’s a lot of money available for those who excel in driving sales through effective email campaigns. The key to success with email marketing is high-quality copywriting, which OpenAIs ChatGPT can certainly help with. The AI technology can help an email marketer by:
9. Offer Ecommerce optimization services
Ecommerce, like Amazon FBA and Shopify dropshipping, entails selling products through digital channels. Potential customers can’t physically touch the products they're interested in buying, so they rely on the product description. Ecommerce sellers often hire third party services with expertise in Ecommerce product listing optimization to update their existing content. Therefore, you can potentially earn hundreds of dollars by using ChatGPT to find the right combination of words that optimize discoverability and sales for an Ecommerce store.
10. Become an AI prompt engineer
Artificial intelligence is the future and those that learn how to unlock its full potential can expect to earn big. In fact, Illinois Tech highlights that the expected salary range for an AI prompt engineer is between $70,000 to $120,000/year, with some earning up to $335,000! Prompt engineers specialize at finding the right inputs, or prompts, to elicit high quality, relevant responses from an AI model. As a prompt engineer, you bridge the gap between humans and machines by understanding how machines react to natural language prompts within a large language model.
Chat GPT is a natural language processing tool where you can have human-like chatbot conversations. That means prompt engineers don’t need to have any coding skills, they just need to have an advanced comprehension of human language. People that come from backgrounds dealing with communication, like linguistics or cognitive psychology, are particularly suited for this opportunity. Best of all, Chat GPT is just the beginning for AI prompt engineers.
Chat GPT FAQs
ChatGPT Plus is worth it for those that rely on optimal availability from ChatGPT for their work. For $20/month, ChatGPT Plus offers:
- Faster response times
- Priority access to the latest features
- General access to the platform, even during peak hours
ChatGPT is best used as a tool to support research and content ideation. The tool is capable of making the research process more efficient and producing high-quality content. However, human oversight is still necessary because Chat GPT does often give inaccurate information and its writing is not quite as proficient as a human writer.
Chat GPT helps you create content by assisting with creativity and ideas. No matter if you’re a content writer or just need to make some social media posts for a text-focused social media platform like Twitter, the language model can help you brainstorm ideas about the type of content you should create, suggestions for the proper format for the content, and even generate pieces of content you can use.
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Can you make money using ChatGPT?
You can make money using ChatGPT. In fact, there are unlimited possibilities for using ChatGPT for financial gain. Whether you’re a content creator, graphic design expert, virtual assistant, social media management specialist, or professional of practically any other industry, there is a high chance you can use Chat GPT and other AI technologies to help automate workflows and even find new avenues for income generation.
However, there is still a lot of uncertainty surrounding AI powered chatbot applications like Chat GPT. For those looking for a more established opportunity to generate online income, local lead generation may be the better decision. With a single local lead generation website, you can earn anywhere from $500 to $3000/month in passive income. In fact, many people like myself have set up enough of these websites to generate over 5 figures in income each month! Whether you choose to start making money with Chat GPT or another business model like local lead generation, the most important thing is to take action now so you can start building the lifestyle of your dreams.
This article on Ippei provides a detailed guide on how to generate income using ChatGPT. It's truly inspiring to see the myriad ways AI can be harnessed for financial gain.