5 Ideas and Strategies To Make Money With AI
An honest take on realistic and effective ways to make money by leveraging AI
Read time: 8 minutes | Sponsor this newsletter
Hey there! It’s Moritz. Thank you for joining me on another post of The Prompt Warrior.
Everyday I receive emails from new or existing subscribers, introducing themselves and telling me about their unique problems that they want to solve with AI.
Starting from today I want to pick out interesting problems and see how I can help you solve them.
This email from Jeff (thanks Jeff!) caught my attention and I’ll be diving deeper on it in today’s post:
Before we begin, a big thank you to our sponsors who keep this newsletter free to the reader:
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I just want to make one thing clear upfront: There’s no secret way how to make money FAST and with no effort, as some Twitter threads might make you believe.
If there was, everyone would be doing it and competition would eventually make it hard to make money this way.
But there are definitely ways how you can take existing methods to make money and use AI to gain an advantage, because AI is still so new!
I’ll cover my favourite (and in my opinion most effective) ways here:
1) Create an agency
If you want to make money in the same month, this is the method I’d go for.
It’s something that will require a lot of sweat, but will definitely work if you put in the time.
I’ve heard of some cool success stories recently. This one stood out.
This guy basically started a classic agency that offers services like logo design, pitch deck creation, video ads etc.
But by leveraging AI he was able to offer most of these services at a 30% more competitive rate.
IT WORKS! My 15 key lessons from 30 day challenge to launch a new business with AI.
✅ $1.32M in the pipeline!
✅ $556k closed or closing with 95% probability
✅ $20k realized revenue
Read here 👇
— Matt Cyrankiewicz (@matcy_)
May 10, 2023
Here’s how you can replicate this:
Step 1: Set up a simple landing page and put up some service offers
Step 2: Reach out to either your existing network or do cold emails/calls and book sales calls.
Step 3: Offer to do the first job for free (or almost for free). Just make them an offer they can’t refuse. Get hired!
Step 4: Get the work done by using ChatGPT and Midjourney as much as you can. This is your competitive advantage to other agencies.
Step 5: Put up the successful case study on your landing page and market the hell out of it.
Step 6: Repeat and close more clients.
2) Newsletter copywriting assistance
I get a lot of people reaching out to me on Twitter daily, offering some services.
But I’m surprised that I haven’t heard of this one a lot.
I believe it can be very effective:
Step 1: Reach out to mid-sized Twitter or LinkedIn accounts that have a newsletter. You want to target influencers that are big enough so they have already started monetising their newsletter, but not too big that they already have a team working on their newsletter.
Step 2: Offer to write an additional newsletter per week in THEIR writing style. So a weekly newsletter for example could turn into a bi-weekly newsletter. Offer to take a 20-30% revenue cut from the additional revenues generated.
Step 3: Use few-shot prompting techniques with ChatGPT to write a newsletter in their style (see how to here). The output won’t be perfect. Spend some extra time to refine it.
Step 4: Keep improving your prompt and also your writing skills. If your posts are good, it’s almost a no-brainer for the influencer to work together with you. They get to scale their business with minimal effort.
3) Automating Youtube shorts
Creating an automated Youtube shorts channel can be a good way to monetise. Here’s why:
Shorts are relatively easy to create and require low-effort compared to long-form videos. You can even make them faceless.
Shorts are very popular on social media and can generate a lot of views.
One short can be posted on three different platforms without major additional effort (1x work, 3x output).
You can use ChatGPT to write your scripts.
There are some really good AI tools that help you speed up the process of creating shorts (Submagic, Dumme, Invideo).
You can use Zapier to automate your processes.
Some disclaimers for this method:
It will likely take some time for a channel to grow and make decent money.
Automating is not as easy as it sounds and might take you months or years to get right.
This may work now, but I think the more people do this the more this will get saturated. So if you’re looking to build something long term, this may not be the best method.
Here’s a guy that tried out this method for 30 days and showed the results:
4) Sell AI-generated art
This method can work well if you’re artistic and good at using Midjourney:
Step 1: Create your designs in Midjourney
Step 2: Set up an Etsy shop to sell your designs. You can put them on posters, clothing, products or even hire someone to make oil paintings out of them.
Step 3: Start an IG or TikTok account to promote your shop organically. (This step probably requires the most amount of work.)
Here’s a video explaining the process for creating pattern designs and selling them on Etsy:
5) Video production service
The market for this method is definitely getting more competitive.
I get a lot of people reaching out to me on Twitter offering this service.
Nevertheless I think that the demand for this service is still higher than the supply.
Step 1: Reach out to Twitter accounts in the range of 5k - 50k followers. Ask them if they are planning to expand into short-form video content and say you can help.
Step 2: Study Tik Tok, IG Reels and YT shorts in their niche closely. Note down the top performing videos.
Step 3: Write the video scripts for your clients (use ChatGPT when possible). Make it as low-effort for your client as possible. All they have to do is record a video of them talking.
Step 4: Use AI video editors like Submagic, Invideo, Dumme and Capcut to edit the videos and save you a lot of time. Getting good at using these tools will be your moat.
Step 5: Build up your portfolio and get more clients.
That’s it for today!
Please continue reaching out to me and telling me about the problems you are trying to solve with AI. I love reading your emails.
I will be continuing this series of picking out specific problems and offering my take on them. Yours could be next.
Thank you for reading!
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