ChatGPT has taken the world by storm. This powerful AI chatbot created by Anthropic can generate human-like text on virtually any topic with just a text prompt.
People are using ChatGPT for everything from writing essays and articles to creating content and even coding entire programs. The possibilities are endless. But did you know you can also use ChatGPT to start a business and make money online?
In this comprehensive guide, I’ll show you 4 innovative ways to monetize ChatGPT in 2023, even if you have zero tech skills or coding experience. By the end of this article, you’ll have actionable ideas to turn ChatGPT into a money-making machine through tools, services, products, and more.
Let’s dive in!
An Introduction to ChatGPT and Its Money-Making Potential
ChatGPT is a conversational AI chatbot that uses a cutting-edge natural language processing model called GPT-3.5 created by OpenAI.
It can understand context, follow conversational logic, and generate highly realistic human-written text on virtually any topic you can imagine.
Some key features that make ChatGPT so powerful:
- It can answer follow-up questions and adapt its responses based on new information, just like a real conversation.
- The AI can write high-quality content that is indistinguishable from human writing.
- You can give ChatGPT creative prompts to make it write poems, lyrics, jokes, stories, code, and more.
- The AI has an encyclopedic knowledge of facts, concepts, and events until 2021 when it was trained.
This combination of conversational ability, writing skill, and expansive knowledge unlocks huge money-making potential.
Anything that involves creating or working with text can potentially be automated by ChatGPT. And it can do so at scale, much faster than a human.
That means you can use ChatGPT to start lucrative online businesses in a wide range of verticals:
- Content creation: Generate articles, stories, social media posts, and other content.
- Coding: Get ChatGPT to build apps, sites, bots, extensions, and scripts for you.
- Consulting: Offer your expertise powered by ChatGPT's expansive knowledge.
- Writing: Create books, scripts, proposals, ads, and other marketing copy.
- Research: Extract insights for market research, product validation, and business strategy.
And so much more! The possibilities are truly endless.
The key is tapping into a monetization model that takes advantage of ChatGPT’s unique capabilities while solving a real problem for people.
Let’s look at 4 of the best ways to make money with ChatGPT in 2023:
1. Create Browser Extensions to Sell or Use as Lead Magnets
Browser extensions represent a massive business opportunity that you can capitalize on with ChatGPT’s help.
Popular extensions like Grammarly, Honey, and Dashlane are used by millions of people worldwide.
As of 2022, there were over 250,000 extensions available in the Chrome Web Store alone.
Many developers earn anywhere from $1,000 to well over $1 million per year from browser extensions.
Just to give you an idea, the guy who created this Adblock Chrome extension, according to the podcast My First Million, generated over $44 million in 2017 from this Chrome extension that he created himself.
The best part is that right now, you can create extensions even if you have zero coding experience. That’s where ChatGPT comes in.
Here’s a step-by-step blueprint:
Find Extension Ideas That Solve Real Problems
Start by brainstorming ideas for useful, unique extensions that will make people’s lives easier.
For inspiration, look at popular extensions and think about pain points in your life that could be fixed with a browser extension.
Some examples:
- Automatically translate text on foreign language sites
- Block distracting site notifications
- Voucher code finder for shopping sites
- Vegan ingredient swapper for recipes
- ChatGPT can also give you fresh ideas if you’re stuck.
Ask ChatGPT to Generate the Code
Once you have an extension idea, simply describe to ChatGPT what you want the extension to do.
For example:
“Can you generate the Javascript code for a Chrome browser extension called Veganize that replaces the word ‘milk’ with ‘almond milk’ when browsing cooking websites, for people with lactose intolerance?”
ChatGPT will then provide all the necessary code to create your extension, along with instructions on how to publish it.
It is that simple! ChatGPT eliminates the need to learn programming yourself.
Upload and Monetize the Extension
After you get the code from ChatGPT, follow the steps to:
- Save the files in the correct format
- Enable Developer Mode in Chrome, load unpack, and upload the extension in the Web Store dashboard
Testing the Chrome Extension Made with ChatGPT
So let's go and find a recipe and see where it works. So let's open up a recipe for rice pudding.
And as you can see here, this recipe is asking people to add in on the shopping list 700 mL of semi-skimmed milk. And it says 'Sugar here stir-fry the milk.' We're vegan, we don't want milk."
So we're going to turn on this Chrome extension on all sides, and it's changed – 700 mils of semi-screamed vegan milk alternative.
That means every time I view a recipe online, it's gonna have vegan milk instead of milk. And now we've got a tool that Veganizes any recipes.
From there, you have several options to monetize your creation:
- Charge for the extension - Set a price (like $4.99) and earn a sale each time someone downloads it.
- Add In-extension ads – Display ads inside your extension and collect revenue through services like Google AdSense.
- Lead generation – Offer the extension for free in exchange for user emails. Upsell other products later.
- Premium version – Offer added features or perks in a paid version.
The possibilities are truly endless when you leverage ChatGPT to remove the coding barrier to creating extensions.
Outsource Upgrades and Marketing
If your extension takes off, consider outsourcing any additional development work on Fiverr or Upwork to add features. You can also outsource marketing by hiring freelancers to help with promotion.
The passive income from even one popular extension can replace your regular 9-5 salary.
2. Develop Web Tools to Generate Traffic and Ad Revenue
Another great way to tap into ChatGPT’s money-making abilities is to create handy web-based tools. These types of tools attract targeted organic traffic that you can monetize in various ways.
For example, tools like:
- Document converters
- Image editors
- Calculators
- Plagiarism checkers
- Website builders
Just the common online tools that people search for on Google and are offered for free or on a freemium basis.
The beauty of web tools is they provide utility for users while requiring minimal ongoing development work.
Let’s explore how to use ChatGPT to build a lucrative web tool from scratch:
Creating a VAT Calculator Web Tool with ChatGPT
We can get ChatGPT to create one of these tools as well. And as you can see here, I asked ChatGPT to create this tool earlier, in two lines:
'Create me a VAT calculator with an add VAT button and also have a button where it says remove VAT.'
It gave me the script. I then just pasted it into a blank page on Kartra, which is a website builder I use, and it generated this:
I didn't give it any design query, you could do better and ask it to improve the designs, and you get something clean. You could also embed this into a nicer-looking website, or you could give it a bit more feedback on the fonts you want to use and the style and stuff like that.
Creating an OnlyFans Earnings Calculator Web Tool with ChatGPT
But if you can think of a newer trend, for example, OnlyFans is taking off, someone might want to know how much they can make on OnlyFans based on how much they earn. Someone has created an OnlyFans calculator, but that was someone jumping on something. Maybe you could rank above them because it's probably a fresh one.
It says, 'How much do you charge per month? How many social media followers do you have? What is the potential?'
There are loads of little things that you could create that someone might be able to work out if they did it the long way or with a spreadsheet or a calculator. But you can create a simplified thing that someone might search for, and you could come up with some really good tools. Then you could have adverts on that page where you make money from the adverts.
3. Using ChatGPT to Create a Trading Bot Indicator
Next up, you can use ChatGPT to create a trading bot indicator. Now, this one is epic. If you've ever tried to trade crypto or stocks, you might have used this tool called TradingView, which is a charting tool showing the price action of different coins and commodities like Bitcoin or stocks like Apple and other things.
People come here if they want to trade and buy and sell stocks and cryptos. I'm not going to go into too much detail on this one because I'm no trading expert and this stuff needs information from verified Financial advisors, but this is super powerful in terms of what you can do. And I just want to share how to build it
Inside of TradingView, one of the main features is the indicators. They have a lot of indicators here, which you can get for free, but there are also some that you buy. They add things onto the charts, giving you indications of whether to buy and sell and things like that.
For example, I paid for a trading indicator called MarketSpotter, which cost me around $300, just to show you how much money you can make from these if you were to create one. This one tells you when to buy and sell.
Now there's a big business in this because, as I said, I paid like $300 for six months of one of these indicators. So you could create an indicator and sell it using ChatGPT, and it's as simple as what we've done.
Creating a Trading Bot Indicator With ChatGPT
So you could come into ChatGPT and say, 'Can you create me a Pine Script indicator?' because that's the software that TradingView uses, that triggers a Buy Signal when the volume increases by five percent on the 15-minute time frame. I mean, I don't know if that's a good thing, but if there's a lot of volume, maybe that's a good time to buy. Other people are buying.
And then it will generate a script and tell us how to use it for TradingView.
As I said, you could create a website where you maybe sell leads to people who want indicators, or if you could think of a good thing that you want to keep for yourself and a good indicator, you might be able to use it to help you trade as well. It's spitting us out of this. We add it here, and it will appear in your indicators under My Script.
So I'm not going to go into too much detail, like I said, with this one, but it is really powerful if you are into the trading game.
The next thing that you can do with ChatGPT is mind-blowing, and I'm going to show you how to do it now. But also, stay tuned because I'm going to show you another epic AI tool, which I've not heard of until recently, and it is almost as mind-blowing as ChatGPT. So make sure you keep reading because it is epic, and we're going to use it with this strategy as well.
4. Creating Books with ChatGPT
We can get ChatGPT to write us a book, and what we can do is get this book published. The book that we're going to focus on is a children's book because it's quite easy to do. It's not that many words, and we can publish this on Amazon. I'm going to show you how we can do the images and everything using AI technology.
We could just come to ChatGPT and say, 'Can you write me a children's book about a shy bear called Timmy who was scared to go to school?'
One really important thing about doing this with children's books is we don't just want to say, 'Can you create me a random book about a bear that went on a day out?' That's not interesting. We want to try and create a book that touches on kind of a social issue or has an educational element to it because there's a much better chance of parents wanting to buy it. They might recommend it to other people as well.
So rather than just going, 'The bear that had a day out to the shops,' you're not going to recommend that to someone. But if this book has an underlying message about a shy bear because there are a lot of shy children who are scared of going to school, this could be a good present for a child with their first day of school coming up. It can have a little important message in the book as well.
Now, what we can do is, if we want some images for this book, we can use AI technology to generate those images. And this is where it becomes mind-blowing because we can say, "Can you give me a detailed description of what Timmy looks like?" So I can get an AI image creator to draw him, and then hopefully, it's gonna give us an image description that we can then plug into this other tool which I'm going to show you.
I'm going to show you how we can get this published on a print-on-demand basis, so we don't have to invest in any books or anything like that, and we can sell this on Amazon. It's a mind-blowing great way of making money with ChatGPT.
Creating AI Images for the Book with MidJourney
What I'm going to do is I'm going to take the description, from ChatGPT and then the next tool that I'm going to use is something called "Mid Journey." Now, this looks like super beta technology, and it is. It's actually in beta, it looks like something from the '80s or something, but it's unbelievable.
It's free at the moment, there's a free trial, and you join a Discord group. In the Discord group, you paste in your description, and then it draws you images from AI, brand new images. It's mind-blowing.
This is How It Works:
We just go on its Discord bot, we type in "/imagine," and then we just need to paste in this little description of what Timmy would look like, and then we click.
And then what it does is create an image within 60 seconds of four images of potentially what this bear can look like.
And then we can upsize one of those images, and then what we can do is we can actually use that image and then create more images that go along with this scene that we can add into this children's book, all using AI technology.
So these are the images that it has created of this bear. That is amazing. These do not already exist as well. It's not like it's stolen a photograph from somewhere. These do not exist. And are all created from scratch.
I love the 4th one:
I didn't know it was going to be this realistic because you can put in prompts like "cartoon bear," which I didn't do, or "Disney-style bear" and things like that, and it will draw you one. But that's quite cool there.
This one, so we can upscale version four, it's created this image here:
So what we can do now is we can take this image, then we can "/imagine" prompt, you can actually paste in that image address, and we can add in that description there.
So we added the description, but I've said setting in a classroom because we want to create an image of that bear in a classroom.
So then we created some more images:
I don't know what this text is here because it is AI-generated, so we could put in the words "no text" and we won't get any text. But now we've got a similar-looking bear in a classroom setting, so that could be one of the images that's on the page where he makes it to school.
You can play around with this and build out a children's book and the images using AI generation. Then you can add those images alongside the text into a document that you can now upload to Amazon.
So you can use a program like "Book Bolt," which is mainly for low-content books, but it's got a Studio Builder where you can build out the cover of the book and the pages inside and format all of that.
And it'll give you the perfect dimensions for an Amazon book, so you can use that. You can also try and do it on your own from scratch, but you'll have to do each page individually and then download them as some kind of PDF. Then you can come over to Amazon KDP, which is Amazon's self-publishing section.
You can upload a PDF of your book, and they will host it on Amazon for sale. And then if someone buys it from Amazon, they will print it on demand, and then you take a cut and they take a cut. It's a fantastic business model, and you could do this so many times because it's so easy to create that children's book.
You could create 10 children's books or 20 children's books all around different issues that are affecting children.
And if one of them takes off, you can make a lot of money.
Conclusion
So that’s it for this article. I believe we have presented you with practical information that you can take on and make lots of money, thanks to ChatGPT. Stay tuned for the updates on our Telegram channel as we shall be sharing real case studies from online entrepreneurs who have taken these ideas of working with ChatGPT, created actual products, and made money out of them.
Thank you for reading this article. Hope you enjoyed it. Until next time, cheers!
