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13 Ways To Profit in 2023!
One of the hottest topics on the net right now is how to make money with ChatGPT. Our article discusses 13 simple ways to use the AI tool to make money. And we’ll provide a few practical examples of what to do to get what you want from the AI.
Open AI, co-founded by Elon Musk and headed by CEO Sam Altman, created ChatGPT based on GPT-3.5 (Generative Pre-Trained Transformer) technology. The AI chatbot is remarkably capable of engaging in real conversations and responding with astonishingly human-like text.
ChatGPT is exciting and opens up endless possibilities for how we interact with technology.
Our List of How To Make Money With ChatGPT
A large language model can predict the next word and generate written content.
ChatGPT learns to follow instructions and provide appropriate responses to humans using RLHF (Reinforcement Learning with Human Feedback). RLHF is a fantastic extra training layer. ChatGPT is a great example of how the field of NLP (Advanced Natural Language Processing) is advancing exponentially. This new natural language model allows users to have real conversations with a machine more intuitively and naturally.
Keep in mind the importance of crafting clear and detailed prompts when using ChatGPT. It’s not so much that you have to train the AI bot. Rather, you have to train yourself in what you should ask it to do, how you phrase your requests, how much detail you need to provide, etc.
You’ll need to carefully review what ChatGPT writes and then review the instructions you’ve given it. Keep adding or changing until you get the correct answer. You can also use a great tool called Originality.ai (still in beta at this stage) to check your work. It helps by assessing the text for % AI-generated content and plagiarism.
ChatGPT is a very powerful and large AI system, yet some generated information may be inaccurate. Edit anything and everything it produces and check the facts.
1. Create Videos Using ChatGPT
You can combine ChatGPT with other technologies to create videos you can sell to make money. Use these programs together and cleverly to make excellent videos.
Below are some examples of these technologies.
Pictory, Murf.ai, Speechify, etc., use AI technology to automatically turn long-form text and video content into short videos. Short videos are great for social sharing, product recommendations, explainer videos, product demos, or other marketing videos. And ChatGPT is the perfect tool to create the right scripts or video instructions.
Once you’ve created your video, you need voice-over. ChatGPT can create voice-over scripts. And text-to-speech technologies can transform them into the voice-overs you want.
How to make money online with ChatGPT? You could use ChatGPT to generate scripts or instructions to create visual elements of the videos and scripts for professional-sounding voice-overs.
Below is an example of a voice-over and video script that took seconds to generate. Adding more detailed instructions will get the best results. You can also add the keywords you’ll need for SEO.
Video production is always in demand; people generally prefer watching rather than reading.
2. Update Video Descriptions
YouTube gives us about 5000 characters or around 500 words for video descriptions. It’s usually the first 150 characters that will show in your search results. This is the part that has the most impact on what the audience does, and YouTube classifies it for SEO purposes.
Copy and paste your existing video description in the ChatGPT prompt and instruct it to rewrite. Make sure ChatGPT uses the simplest language possible, writes no more than 150 characters, and includes what the video is about from an SEO standpoint.
YouTube’s default sorting algorithm is by relevance. So the more relevant you can make the title to the search query, the more likely it is to appear in a search.
Once you get used to the instructions you need for ChatGPT to update YouTube video descriptions, it can almost become your virtual assistant. You can offer your services as a description updater and SEO optimization specialist.
Bear in mind there are billions of videos on YouTube; if you market your services well, you should get plenty of work.
3. Offer Copywriting Services
Copywriting can be tedious, especially if you have to write day in and day out. I find that ChatGPT helps with inspiration or writer’s block. A content creator crafting persuasive and effective copy that will convert often just needs a push or a new direction.
You can instruct ChatGPT to write using specific copywriting frameworks like PAS, AIDA, and BAB. For example, use prompts such as:
- Generate a PAS (Problem, Agitate, Solve) for this written content.
- Write a BAB (Before, After, Bridge) about this topic.
- Create an AIDA (Attention, Interest, Desire, Action) for this article.
Get the AI to rewrite till you get something close to what you can use. Then you can offer professional copywriting services, whether it’s website copy, product descriptions, or ad copy.
By using ChatGPT to assist you, you can generate copy much faster.
4. Write and Self-Publish E-Books
Trying to get ChatGPT to write a full-length fiction novel is a time-consuming process. You need to work with the AI to get what you want and keep refining your prompts. Below is an example for a standard romance novel.
Romance novels are great sellers and are pretty formulaic. Once you get used to the formulas and which person in the novel is the hero, you can quickly write and sell romance books.
Keep going with ChatGPT. If you’re persistent, prepared to do the work it can’t, and patient, ChatGPT may be the answer to making money faster in writing E-books.
5. Offer Translation Services
Language translation seems straightforward, but there is much more to it than meets the eye. To successfully translate text, you have to consider cultural subtleties, technical words, purpose, audience, etc.
Since ChatGPT is a machine learning model, you can train it to translate all the subtleties in languages. But it would cost a fortune and take time.
The fastest way to make money providing translation services is to offer the simplest form of translation. Standard translation doesn’t need idioms or cultural differences in the text. So you can use ChatGPT to translate manuals, training materials, and product descriptions which are massive areas of opportunity.
For example, if you want to test ChatGPT’s abilities, choose a paragraph that’s easy to check. In the example below, a paragraph on standard translation written in English is translated into Spanish.
To check the accuracy of the translation, you could check with Google Translate or ask ChatGPT to translate the generated Spanish back to English and compare the two.
If you look at the example below, the comparison was perfect, with only one word different from the original. This means you could do standard translations without knowing the languages at all.
6. Generate Business Names and Slogans
It is relatively easy to generate business names and slogans using ChatGPT. You could always follow a guide like how to name your business. But you could also prompt the AI model with details on what you want, who the name and slogan are for, location, financial demographic, etc., and it will generate suggestions based on its training data.
For example, ask it to generate ten business names and slogans for a new shoe store in New York City.
It only took a few seconds, and it generated ten suggestions. Test them on Google first to see if there’s anything similar. Then search social media platforms for variations to see if it might already be taken. And you can do a national trademark search online for free or search state by state.
Fiverr is the best place to sell business names and slogans; finding something fresh and new with ChatGPT could help you make some money.
7. Use ChatGPT to Write Code for Simple Web Tools
ChatGPT can do more than generate human-like text. You can use it to design web tools for your website. For example, if you need a calculator that your sales team can use to calculate commission, ChatGPT can create one for you. And if your commission rates change, it takes very little time to change them without paying someone to do it.
8. Blogging
As we all know by now, clear, detailed instructions are necessary for ChatGPT to produce high-quality content that is more likely to be highly original or adopt a certain point of view. You’ll need to include the angle you want to take on the article and any relevant background information.
You have to make the blog your own though, with your own unique voice and perspective. Here you can put Originality.ai to good use by checking the percentage of AI text and plagiarism.
Want to know more? We have a whole article on how to use ChatGPT for blogging.
9. Rewrite Blog Posts and Blog Post Titles
This one’s a bit easier since you’re not asking the AI to write new content for you but only to update existing blog post content to increase traffic. You’ll have to research SEO and decide which keywords to include. Copy and paste and let ChatGPT do the work for you.
As usual, you’re not going to get perfect output, but it can save a lot of time, especially if you need to rewrite or update multiple blog posts. Updating blog posts is essential and needs to be done often, so offering your services to do this may be highly lucrative.
10. Write Social Media Content
Social media posts are where ChatGPT is really impressive. Short tweets, Instagram captions, lengthy articles and postings on LinkedIn, replies, retweets, comments, and scripts from TikTok, Facebook Messenger, and YouTube Shorts are all examples of social media content writing. The shorter the post, the better the output, and it’s so fast!
Below is an example of a recent post for LinkedIn showing how much detail was needed in the query. And you’ll have to keep adding and revising.
At first glance, the output looks quite good. But ChatGPT tends to offer the same sorts of intros, such as “Are you tired of..” etc. It needed editing and personalizing but what ChatGPT gave was a good start.
11. Create a Course and Sell it on Online Learning Platforms
Create a course using ChatGPT and video generation platforms like Synthesia, and sell it on platforms like Udemy, Skillshare, Thinkific, etc.
ChatGPT is great for structuring your courses. It will generate course outlines and advertising copy for you to promote your course. Use Synthesia to create multimedia content to make the course more engaging.
Below is an example of a ChatGPT outline for a 4-week – 2 hours per day course on Prompt Engineering.
12. Write Resumes and Bios
It can be exhausting to look for a job. Just the preparation you need to do before applying can feel a bit like a full-time job. You may need to:
- Optimize and update your LinkedIn and other social media profiles
- Update your resume
- Modify your resume and short bio for each job you apply for
Use ChatGPT to write your resumes, bio, and cover letters and sell your services as an expert.
13. Offer Services Planning Travel Itineraries
Bear in mind, ChatGPT only scrapes data up to 2021. So it’s not current, and the information may not be entirely accurate.
ChatGPT is ideal for itinerary planning because of its extensive knowledge of the world’s nations, cultures, and general geography. Based on your input into the chat, ChatGPT can create and improve an itinerary with an easy level of interaction.
You can use the output as a starting point and add current logistical and price data. The results are outstanding and almost ready to use. This is a great way to use ChatGPT to make money planning travel itineraries.
Wrapping Up: How To Make Money With ChatGPT
Our article just scratched the surface of how to make money with ChatGPT. The possibilities are endless, and you can be creative about how you use it.
As always, new technology can be scary for many people. The first thing to worry about is: will the AI take my job. In some areas, yes, it will, just like any new machine that can move humans out of the way. However, it opens a whole new world of possibilities and paves the way for new job descriptions. For example, prompt engineering is already an in-demand skill set.
ChatGPT is far from perfect and what it generates often needs more editing and input than it’s worth, but it’s getting there, and you can already make money with it.
Read our article on the anticipated release of GPT-4 and how advancements in AI could help your business.
Finally, while using it is free right now, very soon, it will be monetized and expensive to use; after all, it cost billions to develop. According to the Wall Street Journal, Microsoft Corp. (an early investor in the OpenAI startup) intends to integrate ChatGPT and other artificial intelligence capabilities into its products and make them accessible as platforms for other companies to build on.
So strike now – while the iron is very hot!
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Franchising Is Not For Everyone. Explore These Lucrative Alternatives to Expand Your Business.
Opinions expressed by Entrepreneur contributors are their own.
Not every business can be franchised, nor should it. As the founder and operator of an exciting, new concept, it’s hard not to envision opening a unit on every corner and becoming the next franchise millionaire. It’s a common dream. At one time, numerous concepts were claiming to be the next “McDonald’s” of their industry.
And while franchising can be the right growth vehicle for someone with an established brand and proven concept that’s ripe for growth, there are other options available for business owners who want to expand their concept into prime locations before their competition does but who don’t want to go it alone for a number of reasons. For instance, they may not have the resources or cash reserves to finance a franchise program (it is important to note that while franchising a business does leverage the time and capital of others to open additional units, establishing a franchise system is certainly not a no-cost endeavor). Or they don’t want the responsibilities and relationship of being a franchisor and would rather concentrate on running their core business, not a franchise system.
Related: The Pros and Cons of Franchising Your Business
But when you have eager customers asking to open a branded location just like yours in their neighborhood, it’s hard to resist. You might think: What if I don’t jump on the deal, and I miss out on an opportunity that might not come around again?
Licensing your intellectual property, such as your name, trademarks and trade dress, in exchange for a set fee or percentage of sales is one way to accomplish this without having to go the somewhat more laborious and legally controlled franchise route. Types of licensing agreements range from granting a license to allow another entity to manufacture or make your products to allowing someone to use your logo and name for their own business. Unlike in a franchise, your partner in a licensing situation will only be allowed certain predetermined rights to sell your products and services, not an all-in agreement to give them a turnkey business, accompanied by training and support, in exchange for set fees. A licensing agreement spells out each party’s rights, responsibilities, and what they can and cannot do under the terms of the agreement. Having a lawyer draw up the paperwork is vital, as well as consulting with a trusted business advisor who has helped others along this path and can shorten your learning curve while protecting your rights. License agreements are governed by contract law as opposed to franchise laws. However, care must be taken: To ensure that you’re staying in your lane and not crossing over into franchisor territory, you’ll want your advisers to detail what you can and can’t do as a licensor.
For instance, a license agreement excludes you from being involved in the day-to-day operations of the licensee’s business. While having no oversight may sound like a relief, it can be a double-edged sword, especially for people who are used to controlling all aspects of their products or services. You won’t have to provide licensees with ongoing services, such as marketing materials and continuous training, but it also means you have no control over how they run their business, their product mix or even how they decorate their space. If you’re a type-A, this may be hard for you.
Most people are more familiar with trademark licensing with a third party because these agreements are big in the sports and entertainment industries, where a celebrity lends their name to endorse a product, whether it’s branded athletic wear or trendy foodservice menu items such as pizza, chicken, or even gelato.
Using a celebrity’s cache garners media attention you might otherwise never get. But not everyone who comes up with a great concept or product has the recognition that would allow them to attract famous business partners or endorsements, and rabid fans that follow.
There are other methods of getting your products in front of more consumers. Some coffee concepts, including Caribou for example, have created market saturation by both franchising traditional stores and granting licenses for nontraditional locations, such as airports, big-box stores, and college campuses. Others, on the other hand, like Starbucks, employ a combination of company-owned stores and licensees in high-traffic locations where a small kiosk can service a high-density population of shoppers. And, of course, bags and pods of these brands’ coffee blends are also sold in retail locations such as grocery stores.
Related: Startups Must Protect Their Trademark. Here’s How and Why
But again, here’s that cautionary note: If you go the licensing route for your products or services, be careful not to cross over into trying to direct the way that licensees do their business, from selecting locations to training employees.
While licensing or franchising may be valid business growth vehicles for many brands, additional business structures that can be considered include:
- Company-owned stores: Opening corporate locations using bank loans and/or the profits from already opened units.
- Dealerships or distributorships: In a distributor relationship, products are purchased from a manufacturer and then sold through local dealers.
- Agency relationships: These are similar to the relationships you’d have with dealers, but in this case, an agent or representative of your company sells your services to a third party. The important distinction to remember so that the relationship doesn’t cross over into franchise territory is that you, as the provider of the services, pay the agent (as an independent sales rep) rather than the agent collecting the money and paying you.
- Joint ventures: In this case, you, as the concept owner, would take on an operating partner who also invests his own funds in the business. The two of you would then share in the equity and profits at the percentage rate of your investment.
The appropriate method to grow your business depends on several factors, including your type of concept, service, or products; your risk aversion factor; your access to capital; where you’re located; and current market conditions. So, if you choose another option to franchising, be cognizant of not slipping into becoming a franchise. The Federal Trade Commission’s regulations define a franchise as meeting at least three standards: a shared name, fees and royalty payments paid to the company by the franchisee, and ongoing support and control of the day-to-day operations by the franchisor.
Keep in mind that if you start with one expansion method, you can consider changing that structure with legal and professional guidance should your business needs merit a shift in strategy. Case in point: some licensors will eventually convert licensees to franchises under a newly crafted agreement and program if they see the need to change the fee structure and maintain additional control over operations.
Slow growth can be detrimental to a business, but not picking the right vehicle for that growth can be worse than standing still. That’s why doing your homework — consulting with professionals, such as attorneys, accounting and franchising advisors, and talking to others in the same boat as you will save you from drifting too far from shore.
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How to Control the Way People Think About You
Opinions expressed by Entrepreneur contributors are their own.
In today’s digital age, where personal branding and public perception play a vital role in success, strategic PR efforts have become more important than ever. Ulyses Osuna, the founder of Influencer Press, joined our show to share valuable insights on the significance of PR, the evolving landscape, and the keys to achieving business growth while maintaining a fulfilling personal life.
One of the key takeaways from the conversation was the importance of strategic PR efforts in building a personal brand and shaping public perception. Ulyses emphasized that PR is not just about getting media coverage; it’s about controlling the narrative and shaping how others perceive you. By strategically positioning yourself and your brand through effective PR, you can influence public opinion and establish yourself as an authority in your field. Another crucial aspect discussed was the power of leveraging relationships and connections.
Ulyses highlighted the “Buglight Concept,” which involves utilizing the support and connections of others to achieve success. By building strong relationships and leveraging the networks of influential individuals, you can significantly expand your reach and influence. Ulyses’s own success with Influencer Press is a testament to the power of connections in the PR world. While professional success is undoubtedly important, Ulyses also stressed the significance of balancing personal time and fulfillment. In the pursuit of business growth, it’s easy to neglect personal well-being and relationships. However, Ulyses emphasized that true success lies in finding a balance between professional achievements and personal happiness.
By prioritizing personal time and fulfillment, entrepreneurs can sustain long-term growth and avoid burnout. In the ever-evolving landscape of PR, Ulyses highlighted the need for a clear mission when seeking press coverage. He emphasized the importance of aligning your brand with a cause or purpose that resonates with your target audience. By having a clear mission and purpose, you can attract media attention that aligns with your values and goals, ultimately enhancing your brand’s reputation and reach. Additionally, Ulyses discussed the importance of pricing services correctly and finding the right balance between personal involvement and business scalability.
The conversation also touched upon the dynamics of client relationships and the impact of showcasing external support. Ulyses emphasized the value of building strong relationships with clients and going above and beyond to exceed their expectations. Furthermore, he highlighted the importance of showcasing external support, such as media coverage or endorsements, to establish credibility and attract new clients. Ulyses’s own podcast, The Blacklist, where he shares insights and interviews successful entrepreneurs, was also discussed. He explained that launching the podcast was a way to give back to the entrepreneurial community and share valuable knowledge.
By continuously learning from others and implementing breakthrough ideas, Ulyses emphasized the importance of immediate action and continuous improvement for business growth. In conclusion, strategic PR efforts are essential for building a strong personal brand and controlling the narrative in today’s digital age. By leveraging relationships, finding a balance between personal and professional life, and having a clear mission, entrepreneurs can shape public perception, expand their reach, and achieve long-term success. Ulyses Osuna’s insights serve as a valuable guide for those looking to navigate the ever-changing landscape of PR and personal branding.
About The Jeff Fenster Show
Serial entrepreneur Jeff Fenster embarks on an extraordinary journey every week, delving into the stories of exceptional individuals who have defied the norms and blazed their own trails to achieve extraordinary success.
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Set Your Team up for Success and Let Them Browse the Internet Faster
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