How to Start an AI Business in 2024 - STEP BY STEP

Liam Ottley・2 minutes read

The speaker shares insights on starting an AI business, emphasizing beginner-friendly opportunities, time commitment, and potential earnings of $20K to $50K monthly. Various AI business types cater to different skill sets and time availability, offering long-term wealth and career advancements in the booming AI sector.

Insights

  • The speaker has successfully built multiple AI businesses and is sharing insights on beginner-friendly opportunities, emphasizing the importance of self-awareness and commitment in entrepreneurship.
  • Starting an online AI business can lead to substantial earnings ranging from $20,000 to $50,000 monthly, with various types of AI businesses catering to different skill sets and time commitments.
  • The AI space offers diverse opportunities for growth, expertise development, and significant financial gains, with a focus on transitioning from spectator to active participant, planning long-term goals, and mastering core AI business skills like prompt engineering and understanding APIs.

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Recent questions

  • How can I start an AI business?

    By determining if it's right for you, exploring business types, learning core skills, and following a launch guide.

  • What are the potential earnings in the AI space?

    Starting an online AI business can yield $20,000 to $50,000 monthly.

  • What skills are essential for AI business success?

    Core AI business skills include prompt engineering, understanding APIs, and utilizing model settings.

  • How can I transition to an AI business?

    Transition by planning long-term goals and acquiring core AI skills.

  • What are the benefits of starting an AI education business?

    AI education businesses cater to a growing need for upskilling in AI, offering significant profit potential.

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Summary

00:00

"Starting AI Business: $100K Monthly Income"

  • The speaker has turned their curiosity about AI into a $100,000 monthly income over the past 5 months.
  • They aim to teach viewers how to start their own AI business in 2024, whether for an extra $20K per month or to build a billion-dollar empire.
  • The AI space offers diverse opportunities during booms like the current AI super cycle.
  • The speaker has started four successful AI businesses and shares valuable insights on beginner-friendly opportunities.
  • The video is divided into four chapters: determining if starting an AI business is right for you, exploring five types of AI businesses, learning core AI business skills, and a step-by-step launch guide for beginners in 2024.
  • The speaker emphasizes the importance of self-awareness and commitment in entrepreneurship, highlighting the challenges and rewards of the journey.
  • It is clarified that one does not need to be a developer to start an AI business, as there are various entry points for individuals with different skill sets.
  • The video stresses the need for time commitment to create an AI business, with insights gathered from individuals balancing regular jobs and business ventures.
  • The speaker shares personal experiences of starting online businesses, emphasizing the dedication and effort required for success.
  • The speaker's intentions for sharing knowledge and creating a supportive community in the AI business space are outlined, focusing on goodwill and building relationships.

12:14

"AI Business: Time Investment and Success"

  • Starting an online AI business raises questions about time investment, crucial for decision-making.
  • The time investment for an AI business varies based on the model chosen, ranging from 1 to 12 hours daily.
  • Various AI business types demand different levels of work, suitable for beginners or those with limited time.
  • Sequencing steps in the AI business world is vital for success, allowing gradual progress towards goals.
  • A step-by-step strategy in starting an AI business in 2024 aids in making gradual improvements.
  • Choosing to start an online business in the AI space offers potential earnings of $20,000 to $50,000 monthly.
  • The AI space presents opportunities for rapid expertise growth due to its recent emergence.
  • Becoming an expert in the AI space can lead to significant wealth and career advancements.
  • Committing to the AI space for 5 to 10 years can result in substantial gains and opportunities.
  • Transitioning from a spectator to an active participant in the AI market is crucial for success and wealth generation.

24:01

"AI Consulting and Education Business Strategies"

  • Consulting calls were a key strategy for the speaker to drive conversions and push people towards AI Consulting.
  • Niche down in AI Consulting to specialize in one area, allowing for higher charges and reputation building.
  • Initial calls in Consulting can be intimidating, but offering a money-back guarantee can ease concerns.
  • AI education business requires no experience to start, with startup costs ranging from $100 to $300 for courses and software.
  • The demand for AI education is high, with potential for significant profits as people seek specialized training.
  • AI education businesses cater to a growing need for upskilling in AI, especially as automation impacts job markets.
  • Starting an AI education business involves learning, specializing, creating info products, and attracting customers through various strategies.
  • AI education businesses can offer courses like content creation for AI, AI literacy programs, and more, catering to diverse niches.
  • AI agency business model focuses on automating systems with AI, offering tiers of solutions from no-code to custom-coded.
  • AI agency owners can start by upselling existing software, gradually moving towards more complex, custom projects worth thousands of dollars.

36:49

"AI SAS Business: Profit Potential and Process"

  • Time to profit for an AI SAS business may range from 6 to 12 months or more, but the long-term potential is significant.
  • AI SAS combines the SAS business model with AI technology, offering a subscription-based service to customers.
  • Idea generation is the initial step in creating an AI SAS, requiring identifying a problem that can be solved through software or AI.
  • Planning and design involve outlining features, user interface, and user experience of the SAS, along with detailed specifications.
  • Building the software necessitates hiring skilled developers proficient in coding languages like JavaScript and Python.
  • Rigorous testing is crucial to ensure the software functions properly before deployment.
  • Deployment and maintenance involve making the software available to users and constantly updating it.
  • Marketing and sales are essential post-development steps to promote and attract users to the AI SAS.
  • Creating an AI SAS demands a skilled development team, significant time, effort, and financial investment.
  • AI freelancing offers medium experience requirements, a startup cost of around $200, a potential profit time of 2 months, and high long-term potential.

48:50

Transitioning to AI SAS for Financial Growth

  • The decision to transition resources from scaling Morningside to investing in a SAS was due to the inability to hire effectively and expand the development team at the desired rate.
  • The SAS opportunity is only viable in advanced stages, requiring substantial resources and strategic planning.
  • The AI SAS route is particularly attractive due to the potential for significant financial gains in a booming sector like AI.
  • The text emphasizes the importance of planning long-term goals and transitioning from cash-flow businesses to larger opportunities.
  • The core AI business skills include prompt engineering, understanding APIs, and utilizing model settings for refining outputs.
  • Prompt engineering involves techniques like role prompting, shot prompting, task context, markdown formatting, and model settings adjustments.
  • The quality of prompts directly impacts the value extracted from AI models, making it crucial to master these skills.
  • Understanding APIs is essential for software communication, enabling different programs and tools to interact effectively.
  • Various tools like Voiceflow, Airtable, Relevance AI, and Zapier are commonly used in the AI space for building solutions.
  • Combining different tools and platforms is often necessary to create AI systems, requiring integration and customization for optimal performance.

01:00:37

Understanding API Basics for Software Integration

  • APIs are essential for sending data between different software and triggering actions at specific times.
  • Beginners should note down the core parts of an API call to understand how APIs function.
  • When using an API, you are essentially requesting information from a server by loading a URL.
  • Connecting different software through APIs involves making requests to servers to retrieve or store data.
  • APIs involve making GET requests to receive information and POST requests to send information.
  • HTTP methods like GET and POST classify different types of requests when using APIs.
  • API calls include components like the base URL, endpoint, HTTP methods, headers, parameters, authentication, response, and error handling.
  • The base URL is akin to the main web address of the API, while the endpoint is a specific service within that API.
  • Headers and parameters in API calls provide additional details and specific instructions for the request.
  • Authentication is crucial in API calls to prove permission to access a service, ensuring secure interactions.

01:12:19

"Streamlining AI Tools for Enhanced Business Efficiency"

  • Relevance AI tools can be challenging to understand, prompting a demonstration to clarify their usage.
  • The dashboard displays tools created previously, with the ability to edit and customize them.
  • An example tool, AI Agent Perfect Prompt Writer, showcases user inputs and the tool's function.
  • Inputs provided to the tool are inserted into prompts, generating desired outputs without coding.
  • Tools can be shared via a sharable app link for internal or client use, enhancing service delivery.
  • Bulk running tools with data from spreadsheets streamlines the process, saving time and effort.
  • Tools can be utilized as APIs, enabling integration into various platforms for enhanced functionality.
  • Another tool example, General Company Research, demonstrates web scraping and data extraction capabilities.
  • Creating tools centralizes and standardizes AI tasks, streamlining processes within businesses.
  • AI auditing is crucial for identifying AI implementation opportunities in businesses, enhancing value and services provided.

01:24:42

"AI Business Success with Chat GPT and AI Liam"

  • Starting an AI business involves helping clients and customers benefit from AI and building knowledge over time.
  • Historically, tech-based businesses required coding skills acquired through self-teaching or college, but Chat GPT has revolutionized this.
  • Chat GPT provides coding assistance, making software businesses more accessible even without extensive coding knowledge.
  • Non-technical AI business owners use Chat GPT for understanding technical terms, explaining code, writing basic scripts, and planning solutions.
  • Strategies to enhance coding abilities with Chat GPT include creating coding shooter GPT and AI Solutions expert GPT.
  • Content creation can significantly boost AI business success by generating leads and attracting opportunities.
  • AI Liam, a free AI business coaching platform, personalizes strategies based on individual backgrounds and skills.
  • AI Liam offers step-by-step guidance, resources for upskilling, and clear instructions tailored to each user's needs.
  • Users can access premium resources through paid membership or utilize free resources available on AI Liam for personalized business launch strategies.
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