It is hard to deny that any technology of the last decade has been as impactful as AI. Whether it be software development, data management, medicine, or defense, AI has pushed the boundaries of what we once thought was possible.
But unless you are using AI in your daily work life, it may not have much direct impact on your day-to-day. What many people don't know, however, is that AI can serve as a monumental tool for making that sweet, sweet cash.
While AI may seem like a complex field reserved only for experts, there are actually many ways that regular individuals can make money with AI. In this guide, we will explore some of the proven methods and examples of how to use AI to make money.
To finish, we'll introduce IFTTT, our automation platform that offers a plethora of AI tools that you can utilize to start your entrepreneurial journey.
Why is AI Such a Big Deal?
Before we dive into how you can make money with AI, it's important to first understand why it has become such a hot topic in recent years.
AI, or artificial intelligence, is a branch of computer science that focuses on creating intelligent machines that can think and learn like humans. It involves the development of algorithms and models that allow computers to perform tasks that would typically require human intelligence.
With the advances in technology and computing power, AI has made significant strides in areas such as natural language processing, machine learning, and computer vision. These developments have opened up a whole new world of possibilities for businesses and individuals alike.
In fact, a study by Goldman Sachs suggests that generative AI could raise the global GDP by a mind-blowing 7% in the coming years. There are multiple ways individuals can harness the power of AI to make money. For instance, they can generate AI content, use AI for web design, or do freelance coding with AI. Don't worry, we will cover all these methods very soon.
Why Making Money with AI is Possible
AI's demand is rapidly growing across many sectors due to its ability to enhance operational efficiency, provide insightful data analysis, and improve customer experience. Industries such as healthcare, finance, and retail are increasingly using AI for tasks ranging from diagnosing diseases to predicting customer behavior.
If you have the skills to operate AI in an effective way, companies are willing to pay good money for your service. Additionally, startup companies are becoming increasingly easy to get off the ground with the help of AI. For example, we like to discuss UiPath, a leading Robotic Process Automation company that uses AI to automate repetitive tasks, thereby improving productivity and reducing costs.
How to Start Making Money with AI
Making money with AI is doable, but it isn't completely foolproof. To secure a job using AI, or going all out on a personal venture, there are a few skills you may need:
Understanding of AI and Machine Learning: It's crucial to have a good understanding of AI concepts, algorithms, and how machine learning works.
Basic Programming Skills: Proficiency in programming languages like Python, R, or Java is recommended for some as they are commonly used in AI development. If you are not going into AI development positions, then this skill is less important.
Mathematics and Statistics: AI involves a lot of math, particularly linear algebra, calculus, and statistics. If you are using AI for data purposes, then it is a good idea to brush up on some essential math skills.
Data Analysis and Visualization: AI deals with large amounts of data, so skills in data analysis and visualization are important. This is especially true if you are involved with the management and organization of large databases.
Problem-Solving Ability: Finally, using AI often involves solving complex problems, so strong analytical and problem-solving skills are key.
There are various ways to acquire these skills:
Online Courses: Websites like Coursera, edX, and Udemy offer a variety of courses on AI and related topics. For instance, Coursera has a popular course called "AI for Everyone" by Andrew Ng.
Books: Books like "Artificial Intelligence: A Modern Approach" and "Hands-On Machine Learning with Scikit-Learn, Keras, and TensorFlow" can be beneficial.
Bootcamps: Coding bootcamps such as General Assembly, Springboard, and Flatiron School offer intensive training programs in AI and machine learning.
Tutorials and Blogs: Websites like Medium, Towards Data Science, and freeCodeCamp provide numerous tutorials and blog posts on AI-related topics.
Practice: Last but not least, practicing your skills through projects or Kaggle competitions can be very helpful in solidifying your knowledge and skills.
Again, none of these skills are absolutely necessary to make money with AI, but they are certainly helpful and worth learning.
Proven Ways to Make Money with AI
1. Using AI to Create Content
AI can generate high-quality content for blogs, social media posts, and SEO articles. Tools like GPT-3 can write creative and engaging content that can save time and increase productivity.
This is likely the most popular method of using AI to make money because it does not require much knowledge of how AI technology works. Examples of profitable AI content include:
- Automated news articles for companies or media outlets
- AI-generated product descriptions for e-commerce businesses
- Social media posts and captions for businesses or influencers
- Art or graphic designs created using AI programs like DALL-E
- Blogs and other content for a personal or business website
2. Creating AI-Based Products or Services
Developing AI-based applications or services can be a profitable venture. This could include creating AI chatbots for customer service, AI-powered analytics tools, or even AI-driven health diagnostics tools.
3. Working as an AI Engineer or Data Scientist
As an AI engineer or data scientist, you can work in a wide range of industries, from tech firms to healthcare companies, where your skills are in high demand. The average salary for these AI professionals is quite lucrative.
4. Investing in AI Stocks or Startups
Investing in AI companies can provide significant returns. Companies like Google, Amazon, and Microsoft are heavily invested in AI, making them potentially profitable investment opportunities.
5. Providing Consulting Services in AI Implementation
As a consultant, you can guide businesses on how to implement and use AI effectively to improve their operations and decision-making processes.
Since AI is so new, with the right amount of education and training, many everyday people can start with these money-making methods. For some methods, a college degree isn't even required.
Common Challenges and How to Overcome Them
Despite all of the positives of starting your journey into an AI career, there are some obstacles.
First, developing and implementing AI solutions can be expensive, especially for startups and small businesses. This includes costs for hardware, software, data storage, and hiring skilled professionals.
Another challenge that can slip through the cracks is privacy laws. AI often involves handling a lot of personal data, which raises privacy concerns. Navigating these concerns while ensuring compliance with laws and regulations can be tough.
Finally, it may or may not be a surprise to hear that a lot of people are not on board with AI. Some traditionalists are resistant to AI due to understandable fears of job loss or lack of understanding about the technology. This can hinder AI adoption.
Making Money using IFTTT's AI Tools
IFTTT, or "If This Then That," is our online automation tool that links over 800 various applications and devices together. IFTTT can be used with a variety of AI applications, and we have even launched our own line of chatbots and content generators for you to use.
Our tools can be used in a wide variety of ways to make money, such as automating your social media campaigns, building applications, and creating content for your blog or website. Best of all, IFTTT is the easiest automation tool to pick up for beginners, meaning that you can get started with absolutely zero experience.
Read on to hear about our mission and our top picks for AI automation tools.
What is IFTTT?
IFTTT, an acronym for "If This Then That," is our free web-based service and mobile app designed to boost productivity by automating tasks. It works by creating connections between popular apps and services, allowing them to work together seamlessly.
The basic idea behind IFTTT is to create "applets" or sets of instructions that trigger when certain conditions are met. This can be turning on the lights automatically when you enter your house, for example.
Founded in 2011, IFTTT has been used by over 25 million individuals to automate both business and home tasks, saving time and increasing efficiency. It's commonly used to connect disparate services and systems, making all products and services work well together in a way that instills user confidence. Best of all, it's free and only takes a couple of minutes to set up.
Top AI Tools with IFTTT
This automated tool will generate a draft blog post based on a given topic. You can select the length of the article, the tone, and even the desired keywords to be included in the post. These can be used free of cost on your website, blog, or other forms of media.
This tool allows you to ask a question and get an AI-generated response. This can be used for research purposes, sparking creativity, or simply for fun. You can also customize the tone of the AI's response and even request specific sources to be used in its answer.
This AI-generated tool will generate tweets when your blog is posted automatically. It's an efficient way to share your content on social media, and ensures that the right keywords are used for maximum reach.
To enable these Applets and millions more (yes, millions), try IFTTT today for free!