how-to-make-money-with-chatgpt

How to make money with ChatGPT

Business / By / August 5, 2023

Everyone is talking about the OpenAI generative pre-trained transformer known as ChatGPT – and for good reason.

ChatGPT is versatile, powerful, and can also be utilized to earn an income. For the best results, however, we recommend that you leverage the model to enhance what you’re already doing or utilize existing skills and expertise.

Here are ten ways you can do exactly that.

Scriptwriting

If you have a YouTube account and need a script written in rapid time, why not use ChatGPT to do it for you? Suppose you run a travel channel about lesser-known areas of France. You could enter a prompt like “Create a seven-minute YouTube Video about lesser-known tourist destinations in France” and then combine the script with photos and video.

Scripts can also be written for almost any other purpose such as movies, radio shows, podcasts, and advertisements. 

SEO and keyword assistance

ChatGPT can also be used for assistance with SEO. It can generate attractive titles and strong keywords and also handle the often tedious task of generating meta descriptions. Think of it as a free personal SEO assistant that increases search engine visibility, clickthrough rate, and sales.

The applications of ChatGPT in SEO are almost limitless. Consider these example prompts:

  • To generate keyword ideas – “Create a list of 10 keyword ideas based on the coffee machine preferences of millennial consumers.”
  • To cluster keywords based on funnel stage – “Cluster this list of keywords according to whether they occupy the top, middle, or bottom of the marketing funnel.”
  • For assistance on a backlink strategy – “Write a list of initiatives to follow for a backlink strategy to rank the keyword ‘sustainable and eco-friendly coffee machines’. Also define how many backlinks to build and create a list of relevant websites where backlinks can be obtained.”

Email marketing

According to the Content Marketing Institute, 69% of marketers use some form of email marketing. This is likely to increase in the future – especially with every $1 spent on reaching leads via email netting $40 in return.

ChatGPT can be used to automate much of this process. It can easily craft the basic outline of an onboarding email or series of free emails that constitute a free course. While the model writes with somewhat of an academic tone, you can make it more conversational with a human touch or try one of ChatGPT’s various personas instead.

Editing and paraphrasing

With more content produced than ever before, the demand for editors and paraphrasers has increased in turn. Editors ensure the content is both accurate, concise, articulate, and free from grammatical errors, while paraphrasers invariably repurpose content to be used elsewhere.

ChatGPT can perform these tasks given the correct prompt. You may use the prompt “Paraphrase this content in 100 words” or “Provide recommendations on how to improve the clarity of this content”.

Sell product descriptions

Like meta descriptions, the process of writing product descriptions can often be tedious and formulaic. Others may find the task more interesting but cannot find the correct words or write compelling copy.

Amazon sellers with diverse inventories, for example, could enter a prompt such as “Write a product description for a Keurig K-Supreme coffee maker” and then re-enter the prompt for  Keurig’s various other models. This strategy to make money with ChatGPT is a little more labor intensive since each product description would need to be fine-tuned with up-to-date or relevant product and company information. 

Lesson or course plans

Teachers or course creators can use ChatGPT to create lesson plans, course content, assignments, and even examination questions.

So long as the prompt contains information about the topic and nature of the content, ChatGPT should be able to produce something useful. With this strategy, it is ultra-important to fact-check and verify any claims or assertions.

To add even more automation, course creators could transform the model’s output into a video course with text-to-speech software.

Product reviews

Suppose you enjoy reading books and want to earn money from reviewing them. Simply prompt ChatGPT to write a book review, tweak if necessary, and publish it online.

There is more than one way to make money from this approach. You could start a book review website with affiliate links to Amazon or Barnes & Noble. Alternatively, you could build an audience on Instagram with short, 30-second clips and monetize with the same links or attract brand sponsorships over time.

Translation services

ChatGPT can also translate from one language to another. Provided you were fluent in both languages and could edit the model’s output where necessary, you could earn an income selling translation services to clients.

Try a prompt like this: “I have a product description in English that I need translated into Spanish. Can you assist with the translation?”

Invest in the company

For a left-of-field strategy, consider investing money in the future of AI. While you can’t invest in ChatGPT itself, you can profit from the exposure it has afforded the wider artificial intelligence industry.

While OpenAI is currently a private company, its recent transition to for-profit status has some investors optimistic that it may hold an IPO soon. In the interim, other AI companies like Microsoft (a significant backer of OpenAI), Alphabet, Baidu, and Nvidia may represent worthwhile investments.

Ask ChatGPT

If you’re bereft of ideas or need some inspiration, consider asking ChatGPT itself how you can make money from a side hustle.

For example, when we enter “List 5 prompts that I can ask you to help me earn a side hustle”, ChatGPT answers with:

  1. “Can you suggest some freelance job opportunities that match my skills and experience?”
  2. “What are some skills or services I can learn and offer on freelance platforms to earn income?”
  3. “Can you help me brainstorm creative ways to monetize a passion or hobby?”
  4. “What are some proven and effective strategies for starting and growing an eCommerce business?”
  5. “How can I leverage social media to start a profitable online business or side hustle?”

Once ChatGPT generates your list of prompts, enter them back into the model and dive deeper if something piques your interest.

Software Development

Another incredible capability of ChatGPT is the ability to write code.

Thus, you can leverage it to start building web apps, as you can have ChatGPT produce the needed code to make the app run.

Key takeaways

  • ChatGPT is versatile, powerful, popular, and can also be utilized to earn an income. For the best results, however, we recommend that you leverage the model to enhance what you’re already doing or utilize existing skills and expertise.
  • ChatGPT can be used for assistance with myriad SEO and keyword-related tasks. What’s more, it can be used to write product descriptions, develop lesson plans and course content, and translate from one language to another.
  • If you’re bereft of ideas or need some inspiration, consider asking ChatGPT itself how you can make money from a side hustle. Alternatively, make an investment in a prominent AI company to profit from the interest and awareness ChatGPT has created.

Key highlights

  • Scriptwriting: ChatGPT can quickly generate scripts for YouTube videos, movies, radio shows, podcasts, and advertisements.
  • SEO and keyword assistance: ChatGPT can generate attractive titles, strong keywords, and meta descriptions, helping improve search engine visibility and clickthrough rates.
  • Email marketing: ChatGPT can automate the process of crafting onboarding emails or free course series, potentially increasing engagement and conversions.
  • Editing and paraphrasing: ChatGPT can be used to edit and paraphrase content, ensuring accuracy and clarity in written materials.
  • Product descriptions: ChatGPT can write compelling product descriptions for various items, which could be useful for e-commerce businesses.
  • Lesson or course plans: Teachers and course creators can utilize ChatGPT to develop lesson plans, course content, assignments, and examination questions.
  • Product reviews: ChatGPT can generate book reviews or reviews for other products, which can be monetized through affiliate marketing or sponsorships.
  • Translation services: ChatGPT can assist with translating content from one language to another, potentially offering translation services for clients.
  • Investing in the AI industry: Although you can’t invest in ChatGPT directly, you can consider investing in AI companies, including OpenAI’s backers, to benefit from the industry’s growth.
  • Seeking ideas from ChatGPT: If you’re looking for side hustle ideas, you can ask ChatGPT for suggestions on freelance opportunities, monetizing passions, starting an eCommerce business, and more.
  • Software development: ChatGPT can write code, making it a powerful tool for building web applications and other software projects.

Connected Business Model Analyses

AGI

artificial-intelligence-vs-machine-learning
Generalized AI consists of devices or systems that can handle all sorts of tasks on their own. The extension of generalized AI eventually led to the development of Machine learning. As an extension to AI, Machine Learning (ML) analyzes a series of computer algorithms to create a program that automates actions. Without explicitly programming actions, systems can learn and improve the overall experience. It explores large sets of data to find common patterns and formulate analytical models through learning.

Deep Learning vs. Machine Learning

deep-learning-vs-machine-learning
Machine learning is a subset of artificial intelligence where algorithms parse data, learn from experience, and make better decisions in the future. Deep learning is a subset of machine learning where numerous algorithms are structured into layers to create artificial neural networks (ANNs). These networks can solve complex problems and allow the machine to train itself to perform a task.

DevOps

devops-engineering
DevOps refers to a series of practices performed to perform automated software development processes. It is a conjugation of the term “development” and “operations” to emphasize how functions integrate across IT teams. DevOps strategies promote seamless building, testing, and deployment of products. It aims to bridge a gap between development and operations teams to streamline the development altogether.

AIOps

aiops
AIOps is the application of artificial intelligence to IT operations. It has become particularly useful for modern IT management in hybridized, distributed, and dynamic environments. AIOps has become a key operational component of modern digital-based organizations, built around software and algorithms.

Machine Learning Ops

mlops
Machine Learning Ops (MLOps) describes a suite of best practices that successfully help a business run artificial intelligence. It consists of the skills, workflows, and processes to create, run, and maintain machine learning models to help various operational processes within organizations.

OpenAI Organizational Structure

openai-organizational-structure
OpenAI is an artificial intelligence research laboratory that transitioned into a for-profit organization in 2019. The corporate structure is organized around two entities: OpenAI, Inc., which is a single-member Delaware LLC controlled by OpenAI non-profit, And OpenAI LP, which is a capped, for-profit organization. The OpenAI LP is governed by the board of OpenAI, Inc (the foundation), which acts as a General Partner. At the same time, Limited Partners comprise employees of the LP, some of the board members, and other investors like Reid Hoffman’s charitable foundation, Khosla Ventures, and Microsoft, the leading investor in the LP.

OpenAI Business Model

how-does-openai-make-money
OpenAI has built the foundational layer of the AI industry. With large generative models like GPT-3 and DALL-E, OpenAI offers API access to businesses that want to develop applications on top of its foundational models while being able to plug these models into their products and customize these models with proprietary data and additional AI features. On the other hand, OpenAI also released ChatGPT, developing around a freemium model. Microsoft also commercializes opener products through its commercial partnership.

OpenAI/Microsoft

openai-microsoft
OpenAI and Microsoft partnered up from a commercial standpoint. The history of the partnership started in 2016 and consolidated in 2019, with Microsoft investing a billion dollars into the partnership. It’s now taking a leap forward, with Microsoft in talks to put $10 billion into this partnership. Microsoft, through OpenAI, is developing its Azure AI Supercomputer while enhancing its Azure Enterprise Platform and integrating OpenAI’s models into its business and consumer products (GitHub, Office, Bing).

Stability AI Business Model

how-does-stability-ai-make-money
Stability AI is the entity behind Stable Diffusion. Stability makes money from our AI products and from providing AI consulting services to businesses. Stability AI monetizes Stable Diffusion via DreamStudio’s APIs. While it also releases it open-source for anyone to download and use. Stability AI also makes money via enterprise services, where its core development team offers the chance to enterprise customers to service, scale, and customize Stable Diffusion or other large generative models to their needs.

Stability AI Ecosystem

stability-ai-ecosystem

More Resources

About The Author

Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
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