I recently saw a great quote on LinkedIn, saying: “It’s not AI that will take your job, it’s people using AI.”
It’s common knowledge that AI is becoming an increasingly big part of our lives. In fact, it’s already operating in ways that many of us don’t even realise, from voice assistants and image recognition to machine learning-based financial fraud detection.
The advent of this game-changing tech might be frightening for some, but for the entrepreneurs amongst us, it’s an exciting opportunity to capitalise. Ask the question, how profitable is artificial intelligence?, and Google will tell you that the total market value is estimated to be US$191 billion in 2024 at a CAGR of 37%.
What’s the highest-paying job in AI? You would have to look to the people who really know what they’re doing – the data scientists, senior software engineers, machine learning engineers, software architects and senior data scientists – all of whom are estimated to earn well over $100,000 on salary.
So, that begs the question – how can I earn money from AI? Well, it helps if you already know what you’re doing, but if you don’t then there’s no time like the present to start learning. You might not become a total pro, but you can accumulate the right knowledge so you can start investing in the people who are experts in their field and make your money work for you.
Build and sell AI software
There is a significant demand for AI across different industries, so if you or someone you know can build AI software, you’re ahead of the game. In a study by McKinsey, 56% of all respondents reported AI adoption in at least one function, up 50% in 2020. AI capabilities are in demand across industries from gaming to robotics, speech recognition to search engines, so the world is your oyster. Use your skills to capture an untapped area of the market and build a business plan to maximise its potential. If you need an investor – why not get in touch? I’m always looking to expand my portfolio.
Offer AI consulting services
If you aren’t into building and selling products and creating your own business out of it, why not get into AI consulting? It’s a great way to make money with artificial intelligence and no overheads. If you have the knowledge then there are plenty of companies out there that want to pay you for it, helping their businesses to implement AI solutions and improve productivity.
Invest in AI-based startups
Most of us are not AI experts in our own right, but if you get informed and spend your time understanding the sector then you can build the knowledge you need to invest in AI-based startups. I love investing in new businesses and seeing them flourish, and this is a great space at the moment, with many small companies working on cutting-edge technology. It’s an opportunity to earn money with AI whilst also helping other people to realise their professional dreams.
Teach others about AI to earn money with AI
You might recall that one of our recent interviewees, entrepreneur Timothy Armoo, started his first business at the age of 14 linking tutors with students. ‘Knowledge is power’ is the common refrain, but at the very least it’s a good way to make money with artificial intelligence. If you have the knowledge when it comes to AI, teach it to others through courses, workshops or generating YouTube and social media content that you can leverage to become your own brand. Alternatively, or in addition, you can offer AI training through online classes, courses and workshops created by yourself or by curating content by a range of experts.
Make money by selling AI-generated content
There are lots of copywriters out there who are worried that AI-generated content will take their job. The probability is that AI-generated content serves a slightly different purpose to well-written human prose. However, the savvy amongst you will have worked out that AI-generated content can be the content writer’s friend instead of the foe. Use it to generate everything from articles to artwork and monetise it on platforms like Google Adsense or direct to customers.
Create AI-powered apps
Apps powered by AI can be game-changing and world-opening for people, whether it’s offering personalised recommendations, language translation or more. To give you a sense of the market, global consumer spending on the Apple App Store and Google Play Store reached $133 billion in 2021, representing 19.7% growth year-on-year from 2020. If you have an idea and you have built that all-important knowledge to either develop it yourself or find the right people to make it into a reality, then you could create an ongoing revenue stream selling it on app stores. Remember, like any product, if you’re going to create it, you will also have to fund it, market it, and promote it to make it worth your while, so do your research in advance and create a business plan. I can help you with that.
Invest in AI-based stocks
Another way of making money from AI without the overhead and running costs of building a business or service around it, especially if it’s not your area of expertise, is to invest in AI-based stocks. The likes of Adobe, IBM, Amazon or Alphabet (Google) are all fairly reliable options. Alternatively, you could look at a greater risk spread with a shares ISA in funds that focus on AI-based stocks. Then again, if you have an appetite for risk, you can look for shares in start-ups and scale-ups in this space.
Use AI to optimise your business
Perhaps one of the best ways to make artificial intelligence profitable for you if you’re a business owner is to use it to optimise your business. Artificial intelligence or machine learning can be used to analyse markets, understand customer behaviour and develop predictive analytics so you can make more informed decisions to address challenges and take advantage of new opportunities. Done well, it should boost sales, customer retention and profitability.
Optimise your freelance time and income with AI
If you’re a freelancer in any field, AI could be revolutionary for you. The gig economy (aka, the freelance economy) has boomed in recent years, especially post-pandemic. Various claims across the Internet indicate that 44% to 60% of freelancers use some AI software in their projects. Using it to optimise their overall productivity, helps to prioritise emails, assign tasks and manage schedules. Tools range from Grammarly to AI bots like the Microsoft Azure Bot Service. Ultimately, AI helps freelancers to manage time effectively, increase efficiency and maximise income as a result.
Create training data for AI
In order to do their job well, AI and ML have to actually learn – which means it needs people. Believe it or not, you can get job training data for AI. This is providing the information used in machine learning algorithms so they ‘learn’ how to perform specific tasks. You do need to invest in your education a bit for this one, and you do need some affinity with technology in the first place. It would mean becoming a machine learning engineer. Once you’re trained, there are both freelance and full-time jobs available, and we’d bet our bottom dollar those jobs are only going to get more sought after. Look into work experience, and get to grips with basic machine learning methods and tools. If you’re looking for new career ideas, this could be a great path for you!
Have a great idea but need the money to get it up and running? Want to start building your investment portfolio? Or have a great start-up but need coaching to take it to the next level? I can help – get in touch to find out more.
