ChatGPT Business Ideas

In this video, I will tell you the exact playbook to build a million dollar plus business on the back of ChatGPT, the newest breakthrough in AI tech.

You’re not going to need a lot of capital to start and you don’t need advanced tech skills.

If you’ve been looking for that one BIG IDEA to go all in on… this is it.

Here’s a business that I started in 2016.

I scaled it to about $1.5 million in just over a year and I had about $42,000 in monthly recurring revenue at that time.

I did it from home and I didn’t hire any employees until we were approaching a million in sales.

Here’s all the sales that were coming in daily, keep in mind, this was just me doing all the work at this point.

Now, this is going to be very important in a second to understand WHY there is such a huge and urgent opportunity.

Now,

I’ve been making money online for the 12 years or so

And there is one thing that happens every once in a while, where you are almost guaranteed to make huge money.

And that is jumping on a new, emerging technology and figuring out how it works before other people.

Here is the technology adoption curve, this is how most new tech gets adopted by the people.

It starts with the small minority of people who show interest before the masses show up and then slowly over time it snowballs into mass adoption.

The people in that “early market” stage can make life changing amounts of money.

I got into SEO in 2011, started my first ecommerce business in 2012. 

I started advertising on facebook in 2014, before a lot of the big ad money moved in.

At that time me and the other people I knew in that space, everyone was making tons of money, because we arrived at this new technology before “the herd” showed up.

Same thing happened with people selling on Amazon early.

the same thing happened to people who got into crypto in the early days.

My biggest regrets in the last decade plus have been mostly not jumping on new emerging trends and not hitting it hard enough. 

I saw many people in this space make an ungodly amount of money because they saw an opportunity and doubled down on it.

I did well for myself, but

I think I left millions on the table because I didn’t have enough conviction to pursue my gut instincts and stick with it long enough to make it work.

But, that’s about to change.

We’ve been hearing about AI for a while now, but 2022 was the year where I noticed a very strong inflection point.

AI is producing writing that is excellent, 

I’ve used some of these applications and have been blown away by the accuracy and detail.

Sometimes it goes off in a weird direction, but you kinda have to push it back on track and then it will continue.

AI generated artwork is stunning and winning art competitions.

We’re beginning to see self driving cars

Google had an AI breakthrough in 2022 that may allow it to create self-learning manufacturing robots.

And now we have ChatGPT, the next big leap forward, where anyone can use it, no matter what level of tech skills they have.

Simply type in your questions and the AI will spit back answers.

Already it can create business plans, answer complicated questions, write song lyrics, fix code that you wrote and even write code and applications.

This AI can code. Some Software Engineers are even claiming it will make them obsolete within 10 years.

The potential is insane.

And this tech is improving fast.

Keep in mind, we are probably hitting that inflection point, where we go from little progress to insanely fast progress in the blink of an eye.

Check out “wait but why” a blog that’s sometimes referenced by Elon Musk, 

Check out their article on the AI revolution

But the main point to understand is this.

Computers were dumber than humans for a long time, but that intelligence grew exponentially, so when they catch up to us…

It’s not like they will just stay at our intelligence level for a while.

It will be as smart as we are for a moment in time and then become smarter and smarter at an exponential pace.

So a lot of what I’m talking about here assumes it doesn’t choose to destroy us.

But Whatever.

There are a TON of ways to make money with ChatGPT in the short term, a lot of the text and ideas it can generate can be sold as a service, replacing copywriters, graphic designers (with AI software like Dall-E), creating content, making apps that help people change their photos in fun ways, ChatGPT can create apps and scripts that you can use and sell without hiring software engineers. Etc etc

A lot of that will remove people from the workforce, like medium tier copywriters would probably be completely replaced by AI.

If you are a God-Tier copywriter, then you’re probably safe for a while, but the bottom 90% are gone for sure.

But a lot of those outputs will reduce the price that people are willing to pay for that output.

For example, I used to pay writers $150 to $250 for long form, well researched articles.

Now, I can generate a lot of great written content for free with AI, so I’m not going to pay the same rates anymore.

Again, for the top 1% of writers, that might not be the case.

For example if you have a law degree and experience with trademark law and I need a really high quality article on trademark law, I won’t use AI for that, I will pay you whatever you want.

But the bulk of the work, the cost to produce it drops to $0.

So business ideas where you are selling the direct output of the AI, those are great business in the short term.

People will print money for years for minimal amount of work, BUT

Overtime the market price of those services will drop

Because more people will provide that service, more people will learn to use these AI tools and more people will develop these AI tools etc.

Where I see the potential for big money is a little different.

A few years ago I was chatting to a close family friend. 

He used to work in aerospace and then transitioned to working in AI, really plugged into that whole ecosystem.

I asked him for advice on what are the most exciting tech opportunities he is seeing. Specifically to start a business in.

He told me I should start a business doing automation consulting.

Now at the time I dismissed the idea because I thought I needed to have really advanced tech skills, some tech degree, probably needed to be able to code etc.

Either that or hire high six figure employees that could do that for me.

So, while I thought the opportunity was great, I dismissed the idea because I lacked tech skills and capital.

I was wrong to do that.

The reality of that idea was too early for me to grasp it.

Now, a few years later, you don’t need coding skills to generate AI outputs.

You don’t need capital, because most of these tools are free.

What YOU need to do is take this insanely useful technology, that no one fully grasps yet.

And solve real problems with it.

That’s what great businesses do, they solve real problems.

Your ability to generate money with these tools will be directly proportional to the problems you can solve with this.

Remember the business I scaled from $0 to $1,000,000 that I showed you earlier?

The reason I was able to do that is because companies that are born online today, are very different from how they were 30 years ago.

I didn’t manufacture my own product, I had a contract manufacturer make it and ship it to me.

I did not ship out my own product, I had a fulfillment center that someone else operated to pack and ship my products.

For a fee.

I didn’t answer customer calls and emails when they came in, I had an overseas customer service call center that handled everything for me and sent me reports and call logs every night.

I outsourced bookkeeping and accounting.

I went to freelance sites like upwork.com when I needed help with graphic design or if I need someone to write some script or piece of code.

Most of the business was handled by software.

Shopify for taking orders.

Something like MailChimp or Klaviyo for sending emails to customers.

I’ve used content agencies like WordAgents to get high  quality written content at scale so I didn’t need to hire writers or write it myself.

I just sat here at home, in front of this computer and ran ads because that’s my core skill set, but many business owners I know outsource that to digital marketing agencies who run their Google and Facebook ads for them.

So it’s important to understand that there are entire industries that popped up in the last 10-15 years that made it easier for businesses to just “do their thing” and outsource the rest.

Most of these businesses and services didn’t exist a few decades ago.

Third party fulfillment centers, Upwork, Email Marketing Services, Shopify all of these are relatively new.

What they all do is they do one thing really well and they provide that service for a bunch of other businesses.

And now comes this new thing, these AI tools that can create intelligent, custom automation.

The market for this a few years ago was close to zero.

In a few years, it will be Billions and Billions of dollars.

People are ready to buy these services right now.

If you came to me and said

“Would you pay to have AI create content for your email subscribers and send it to them daily?”

Yes.

“Would you like an AI chatbot to answer any questions your customers have about your products in real time 24/7?”

Yes

“Would you like those chat bots to also try to either get those customers to buy something on the site or at least try to get their email or phone number to follow up with them later?”

Oh my god, Yes

Would you like the AI to help you:

Automate the sales process?

Help train new employees?

Follow up with customers to make sure they got their product and if they have any questions about it?

Following up with customers to get reviews and asking them to recommend you to their friends.

There is no business owner that will say no to that.

The value to them will be immense.

The cost to you is close to zero.

A whole new industry will emerge for people doing this kind of work.

Maybe it will be called “AI automation consultant” or something similar.

This is the important thing to understand.

This is a new thing where you’re providing custom solutions to businesses.

The value comes from training the AI to do the thing that is unique to that business.

We already have mass scale, cookie-cutter solutions.

There are mass solutions for sending bulk email, or automating sending postcards to customers after they buy or texting them their package tracking code.

The software we have now does the “one to many” communication really well.

I can send an email to millions of people, I only write it once and the software copies it a million times.

But that’s not as good as me communicating one on one with a customer. That custom, personal communication is lost with mass email.

Chat AI can bring that back and communicate with each customer one on one, even if millions of them are simultaneously on the site. (that’s actually what ChatGPT website is right now).

And with some work and patience that chat experience can be tailored and optimized for each business.

Which every business will want, and they don’t even know it exists yet.

We haven’t even scratched the fact that this automation will get rid of the workers, saving tons of money, reducing overhead, lowering the chances you will be sued for something, lowering how much you pay to stay compliant with Human Resource laws etc.

So, the bad news is that this tech will displace a lot of jobs.

That’s a real threat and the founders of Open AI have discussed on various podcast and shows how important it is for us to address this as AI takes over.

The good news is that the people who hop on this train early (like, right now) will potentially create generational wealth as people and businesses start adopting AI at a rapid pace.

After coming up with an outline for this video, I actually decided to ask ChatGPT

how to make money with chat gpt?

Here is what it told me

It is possible to make money with ChatGPT (or any other language model) by using it to create and sell valuable content or services. Here are a few ideas:

Create and sell chatbot services: You can use ChatGPT (or another language model) to build chatbots that can carry out automated conversations with users. These chatbots could be used for customer service, lead generation, or other business purposes.

Generate unique content for websites or social media: You could use ChatGPT to generate unique articles, blog posts, or social media updates for businesses or individuals.

Offer language translation services: You could use ChatGPT (or another language model) to translate text from one language to another.

Create and sell educational or entertaining products: You could use ChatGPT to create educational or entertaining products such as online courses, ebooks, or games.

Keep in mind that ChatGPT is a tool, and it will be up to you to come up with creative ways to use it to create value for others.

If you see the potential here, hit subscribe.

I will be covering this more, including showing you how I’m planning to make money with this new technology.

We are still VERY early on, but the rate of change will increase, so you want to hop on the train so to speak, because it’s getting faster and faster.

My name is Wes Roth, thank you for watching.