AI businesses you can start in 2024 and make money

When AI went mainstream, everyone wanted to make some $$$ out of AI businesses. It’s still a bit weird to think of all the schemes people devised to sell you, “You can make a million bucks using ChatGPT in just 24 hours!”

Oh, the horror!

A few got lucky with it and made money — that is, the ones selling everyone else courses on how to make money using their “AI gazillion cashflow bot.” The rest quickly realised making money through AI alone was a bit of a hassle.

Is possible? Yes! Absolutely. ChatGPT, Midjourney and hundreds of AI apps generate millions of dollars by selling their services to people. Content creators, designers and many others in the artistic world generate income using AI.

Here’s the catch, though: (1) they don’t use AI alone. I’m sorry to break it to you; there’s as much bit of a human element going into AI businesses as you wouldn’t expect. AI machines don’t work without human elements. They made things easier. (2) Those making money with AI offer real solutions to real-world problems.

As we step into 2024, entrepreneurs like you and I are looking for potential ways to leverage this new technology to create not only groundbreaking solutions but also lucrative returns. That’s a noble course to chart; I tell you, AI is here to stay! But we must realise that it takes work and the provision of real value to society using this technology to make any real money.

So, if you’re ready to rumble down that road, let’s delve into some compelling AI businesses that hold the potential to thrive in the year ahead.

#1 AI-Powered E-commerce Personalization

Everyone and their grandma is opening an e-commerce business. Don’t get us wrong, we love e-commerce and think it’s one of the best businesses anyone can start in this age of online stores. 

But with so many online businesses stiff competition in certain niches, how do you, another sneaker store in a crowded online market, stand out? The key is personalisation. That is, delivering products that speak to your customers and stand them out.

To do this, you need to know and understand your customers well. To do that, you need customers data. This is where AI comes in. Imagine an e-commerce platform that tailors its recommendations based on user behaviour, preferences, and past purchases. E-commerce Nation wrote an interesting article about it you might want to read.

By leveraging AI algorithms, entrepreneurs can create a seamless and personalised shopping experience, enticing customers and boosting sales.

#2 Healthcare Diagnostics Revolution

The healthcare industry stands poised for transformation through AI-driven diagnostics.

AI can help integrate and analyze multiple data sources, such as clinical notes, laboratory tests, medical images, pathology reports, genomic data, proteomic data, metabolomic data, and microbiome data, to provide a holistic view of a patient’s health and disease status.

Entrepreneurs can make money creating these AI-driven diagnostic tools that utilise machine learning to facilitate faster and more accurate diagnoses and selling to medical practitioners. Even the e-commerce giant Amazon got their tentacles in this one with their AWS Health Data Portfolio.

The race is on!

#3 Automated Content Creation

Content is king, and with AI, content creation can reach unprecedented levels of efficiency.

Automating content creation means relying on AI tools to partially or fully create textual, visual, video or audio content. In any case, these tools require some human input to generate texts, images, or videos you envisioned.

You’re already familiar with everyone’s favourable errand boy, ChatGPT, but many AI content automation tools exist, like Dall-E for images/graphics, Podcastle for podcasts, Synthesia for video creation, Designrr for ebook creation, and so on.

As a business owner, you want to look at what areas in the content creation process aren’t yet automated and design AI tools to automate them. You will probably not be able to compete with ChatGPT or Midjourney, but there are a lot of other manual processes content creators battle with.

Figure out what you can automate and do it.

#4 Smart Home Integration Services

As homes become more intelligent, there’s a growing need for seamless integration of various devices. Entrepreneurs can establish businesses that specialise in AI-driven smart home solutions. From voice-activated assistants to energy-efficient systems, the possibilities are vast.

#5 AI in Education Technology

The education sector is ripe for AI innovation. Entrepreneurs can create AI-driven educational platforms that offer personalised learning experiences, adaptive assessments, and intelligent tutoring systems. This could revolutionise the way students engage with educational content.

#6 AI-Powered Cybersecurity Solutions

With the increasing threat of cyber-attacks, businesses are seeking robust cybersecurity solutions. Entrepreneurs can develop AI-based cybersecurity platforms that employ machine learning to detect and prevent cyber threats, providing a shield against evolving security risks.

#7 Virtual and Augmented Reality Enhancements

The marriage of AI with virtual and augmented reality opens up new dimensions of user experience. Entrepreneurs can explore creating immersive experiences through AI algorithms that enhance gaming, training simulations, and virtual tours.

#8 AI-Enhanced Agricultural Technologies

Entrepreneurs can harness AI to optimise agricultural processes in pursuing sustainable farming practices. Smart farming solutions utilising AI can provide insights into crop management, precision agriculture, and resource optimisation, contributing to increased yields.

As we navigate the terrain of AI business opportunities in 2024, it’s evident that the possibilities are vast and varied. Entrepreneurs with a vision for leveraging AI to solve real-world problems stand to make a meaningful impact and reap the rewards of a rapidly advancing technological landscape.

AI is brimming with potential for those willing to seize it. Whether it’s transforming healthcare, revolutionising e-commerce, or enhancing educational experiences, the time is ripe for entrepreneurs to embark on AI ventures that align with future demands. As we enter 2024, the stage is set for businesses embracing AI and harnessing its power to drive innovation and profitability.

---

Stay tuned to this page for more business nuggets like this, and watch out for our business education, financing and mentor-matching platforms launching soon.

We’ve also built a community of entrepreneurs who are either turning their passions into businesses or already building their empires. Click here on our waitlist to know when we will launch this.