As a student, it is important to know how other students are making money!
Everyone seems to have a different side hustle these days, most of which go unnoticed since they actually work!
It is in the best interest of people to keep working business ideas to themselves, lest they inadvertently create more competition and product saturation in the markets.
Regardless, AI has revolutionised the way we access and interact with data, and as such, it only makes sense that AI will also change the way we provide value and make money.
Let us explore 4 AI income generation strategies you should know about!
Providing Services with the support of AI
Providing services with the support of AI is a growing market, especially on freelance sites like Fiverr and Freelance.
The idea is to use AI to extend your existing capacity to deliver valuable services to customers.
This includes things like writing poetry, delivering email templates, fixing code bugs, and helping clients with homework assignments/worksheets and essays.
AI can already do all these things to a pretty high level, however, it is important to understand its limitations, and therefore act appropriately when relying on text generation from products like ChatGPT.
Most of the outputs you produce will have to be edited, as this is typically how you ensure your customers remain happy.
Writing video scripts with AI
AI can also write scripts, essays, and other long-form content.
Scriptwriting and storytelling is growing in popularity, however, the client base may not be as high as other forms of media.
This is still a good consideration for media students who may want to build somewhat of a script portfolio, but struggle to write easily.
Such portfolios are useful in finding work in the future, and can even be sold for £100s or even £1000s on the internet – You may have to give up the rights fully of your script and as such cannot claim any royalties in the future but this is dependent on the contracts signed.
Support Blog content creation with AI
You may use AI to support the blog writing process.
Support is used loosely – Google’s general guidance tells us that AI can in fact be used for content creation, however, this content must be legitimately of use to readers, as opposed to spammy, and of low quality.
Who is to decide what content is low quality?
Well – Google.
There are a number of metrics they can use to check whether your blog is providing genuine value or not – Google is very good at this by now!
Use AI as SaaS Product backbone
Lastly, and maybe the hardest implementation of AI, but with potentially the most money to gain – use AI to create a SaaS product.
SaaS is simply Software as a Service.
What a lot of people do with AI is they take its functionality, host it on a website, and sell it at a cost.
If the AI is already on a website, they will use APIs to connect to the AI and deliver a very similar service (usually with a better UI) on their own website, however, it is just the same original AI in the background.
This is loosely known as API arbitrage.
Selling a service using another already existing service, but with a price increase in exchange for a better UI.
Once a transaction has been settled, you get to pocket the difference between the original AI price and the price you set on your new website.
This a good strategy for individuals who are tech-savvy, familiar with code, and potentially have significant amounts of time to execute perfectly.
Truth be told, it is very easy to make money with AI.
Indeed it is very easy to make money once you get going with most things.
The part that doesn’t come so easy to people is the part that involves putting in a little bit of effort and sweat equity into side hustles, especially when you AREN’T seeing any results!
Most things on Fiverr are skills that you can learn today!
People are making real money every day – don’t wait for AI to get good before starting, and don’t wait for the perfect idea to come either.
If you are interested in using AI to make money, check out the new Gumroad product that goes into further detail about how each of these strategies works and how you can make money from them today!
Explore for yourself the world of non-traditional yet lucrative career options that could secure your path to financial success!