Making $45,000 Profit in 30 Days with AI (What I Learned)

today I'm going to be sharing with you guys what I learned in making 45 000 profit within the last 30 days with my various AI businesses I'm going to be doing a deep dive on my various AI income streams and breaking down the revenue and profit numbers to give you guys an idea of where my money comes from and how much and then also more importantly sharing with you guys what I did differently over the past 30 days the edits I made sort of the pivots I made within my businesses that got me to this number and increased my profit margins and more importantly how you guys can take what I've done and the lessons that I've learned in this journey and apply it to set you replicate the businesses that I've created and how you can start to build your own AI businesses and scale them up to these numbers as well I'm really excited to be sharing this with you guys because I think what I've done in this recent pivot is actually tapping into a new and unaddressed Market that anyone can really set up a business and start addressing so I'm going to be showing you later in the video how I plan to scale to 100K per month from where I am now and then also how you guys can get started and what I believe is the easiest way to 10K per month as an entrepreneur who wants to get into AI using the exact thing that I've been tapping into over this past 30 days more on all of that at the end of the video so if you're new to the channel and don't know who I am my name is Liam otley and I'm an online entrepreneur I run my own AI development company called Morningside AI we build AI software for clients varying from Custom chat Bots to content creation system all sorts of things I'm based in Dubai but at the moment I am in beautiful Medellin Colombia out here for a couple more weeks and with all of that out of the way we can jump into the presentation so what I learned making forty five thousand dollars profit in 30 days with AI so there's a table of contents we're going to be going over firstly my AI income streams secondly the pros and cons of each and what I'd recommend for you guys and thirdly my plan to scale from where I am now to 100 000 profit per month the types of changes that I'm going to be making things I'm going to drop things I'm going to spend more time on and finally the easiest way to 10K per month for beginners from my perspective if I was to start again and I was in your position with potentially no skills or no money and you're looking to start an AI business then this is how I would do it myself so that's going to be at the end of the video make sure you stick around because it's really really exciting stuff so firstly going over my income streams what we can do is hop over to my strides this is a bit of goal tracking that I do just to sort of keep me on the ball in terms of where I want to be so as you can see I have my total AI Revenue which I'm aiming for one million dollars by the end of the year for my various companies my consultancy Etc we are not on Pace at the moment but that's kind of how I like to keep it we've done about 200 000 total and that breaks down into my Morningside AI Revenue which is my high ticket development company I've done about 185 000 so far YouTube income is about six thousand seven hundred so far I think there's a little bit not accounted for there and then my consultancy income as well I've done about 11 nearly twelve thousand dollars this year so far so for that I'm aiming for about 50K by the end of the year YouTube income also 50k and Morningside AI I'm going for 500 and overall we're going for 1 million in Revenue so that's a quick breakdown of where I am with my goals and the kind of numbers that I've done from the different aspects and now we can jump into the slideshow and you can see a bit of a breakdown of each so first of all as you can probably tell oh I do have a YouTube channel and that is bringing in some money through AdSense so nothing major here just it's nice to be getting paid essentially to to make videos for you guys and compensating me for my time so I have a few expenses here in terms of editors and thumbnails but we're making about three thousand dollars this past month and that up 30 from last month so first income stream is YouTube making me about three thousand dollars in the past 30 days secondly I have my AI consulting services and now this is pure profit thankfully I mean there's a little bit of stripe taking a cut there but I didn't bother including that in there because it's so small but I did about 20 calls in the last 30 days so that's about six thousand dollars of pure profit and that's up 15 on the month so consultancy a really great way to get in touch with new clients and basically have conversations with cool people and potentially sell them on my AI development services so speaking of AI development services I have my high tech and AI development which I'm sort of splitting it into high ticket and low ticket as you'll see in the next slide sort of a little bit different and and operates in in very different ways and I'm sort of more excited about the low ticket side of things at the moment so I have my own company as I mentioned Morningside AI we did about fifty four thousand dollars in the past 30 days and that was at a not so great profit margin as you can see but we're still making about twenty thousand dollars in the past 30 days so obviously expenses and here are going to be my developers my operations people managers Etc so month-to-month increase of about 31 there now finally we get to the most interesting part of this whole breakdown which is what I'm terming the AI automation agency or AI automation aspect of my development company and this is the low ticket development client and as for my high ticket development there's typically sort of 10 to 20 to 30 000 per client large clients that require very very specialized developers Etc I'll get onto the pros and cons of each in a second but just a quick rundown of it so what is an AI automation agency and how does it differ from my high ticket clients and high ticket development services with Morningside AI the key difference between these two and the reason that the profit margin is so much higher on the the AI automation agency client is because of how you can service these clients now I'm going to get into this more as we go through so I'm just going to give us a quick rundown twenty six thousand dollars in Revenue a nice much lower expenses of 9900 and the profit of Sixteen thousand and ninety two with a month over month increase of 530 this is what has contributed the most to the growth of the business and our profit over the past 30 days so this is really the interesting part that I want to bring the attention to now on the right here is actually a little hint of how you can service these AI automation clients but more on that later now here's a quick breakdown of everything a quick summary we have the sources Revenue profit the margin the time spent and difficulty so as you can see the high ticket development has low margins takes up a lot of time and is actually quite hard to service we have things like Consulting that are very easy and the AI automation side of the agency is pulling in a much juicier profit margin and it's actually taking up less time per week that number is actually due to come down in terms of time spent because of the highest that I'm able to make within the next 30 days and if I've done my maths right the final profit comes down to about forty five thousand two hundred and three dollars now jumping into the pros and cons I'm going to go quick fire through each of these give a quick rundown of what's good about them what's bad about them and whether I'd recommend you guys to look into building it as an income stream for yourself so YouTube we've got a profit of three thousand dollars the pros that it's semi passive ones created once I create a video it's up there and can sort of make me money forever it could pick up and get millions of views out of that a lot so it's semi passive once you've done the work you can leave it there forever secondly I'm getting paid to generate leads and awareness for my own personal brand so it's nice to be actually getting paid I'm getting enough benefit from YouTube through the leads and through the Consulting but I'm actually getting paid from YouTube to build my personal brand and to generate leads so it's kind of a win-win and of course it compounds over time my personal brand is going to continue to build more subscribers Etc more awareness finally the cons can be quite time intensive of being a YouTuber can be a full-time job if you're doing it right so it's very time intensive to continually be making new videos looking out writing scripts Etc and secondly the US somehow still is able to take like 30 of my earnings from us viewers so that bugs me a little bit considering I'm based myself in Dubai so that I can get away from taxes but yeah anyway secondly Consulting we've got a nice profit of six thousand dollars the pros is that by this 300 per 45 minute cap that I have on my Consulting it actually qualifies people before they even get to me so instead of people coming to me with hey I have this great idea have a talk to me basically only the people with 300 to spend and who are really eager to speak to me are going to make it through that sort of first qualification checkpoint so I do like that about the Consulting and that leads to sort of a 75 of calls leading to development inquiries with people wanting to build something with me and of course 100 margins because it's trading my time for for their money essentially now the cons is that it's obviously not that scalable because it's sort of directly tied to my time and it can break up my day if I'm trying to get a big workbook in and then someone books a call right in the middle I like to be as flexible as I can for people but sometimes it does interrupt the workflow so high ticket AI development with Morningside AI our profit was around twenty thousand dollars as mentioned the pros here is that the average aov is around fifteen thousand dollars so that's a nice high ticket High ticket product we're selling a lot of the time build some good case studies in terms of clients we've worked with and adds credibility to myself and the company and it's also great networking you meet some interesting people these guys with a lot of money to spend who are wanting to start a startup and potentially want to bring us on as partners which there's a whole bunch of great things that come from that if you're able to successfully service a client onto the cons it's actually very difficult to scope projects for these larger high ticket development clients because it's so experimental in a lot of cases when clients want to build some Cutting Edge AI technology that's never been done before it's not like a web development company where the agency owner could tell you within the nearest hundred how much that website is going to cost it's hard to scope and hard to actually nail down how much this is going to cost and ensure that we're getting covered enough and we've got a safety buffer and the client's also not being ripped off so it's a very very difficult to scope them because of this we tend to waste a lot of time on proposals for clients who can't actually afford the more expensive AI development services because it's not cheap to get custom things built out right now purely because the talent is in such demand and the price of AI Engineers is quite high low margins and we said before and it's actually as I said very hard to find adequate Talent so it's a very dry Market I've been fortunate enough to get some new highs recently which has allowed us to take more people on but still very very hard to find people who are real and know what they're doing and have experience on the stuff that's been around for a few months really and finally the AI automation side of things which is around sixteen thousand dollars worth of profit now before I go into the pros and cons I should probably explain what I mean by AI automation clients and how I'm distinguishing that from the high-tech clients that I service normally through Morningside AI key distinction here is that you don't need to build out an entirely custom coded solution for every one of these clients this allows you to essentially template it use low code or no code bot Builders or content generation systems zapier all these different things it's essentially taking it down from this custom bespoke solution that needs really high quality developers and bringing it down to okay let's make it use the existing tools maybe the client doesn't want an entirely bespoke solution they don't mind if it's done via a sort of no code a low code Builder let's actually use these chatbot builders that have been popping off everywhere and start to service them and give them a bit of experience I actually figured this AI automation model out by taking a look at all of these leads that we were saying no to on and Morningside AI that was sub 5K that we turn away because they're just not worth our time after all the meetings Etc and I thought okay there's so much money we're letting out the door here how could we service these in a way that's cost effective efficient and benefits to clients and ideally doesn't involve me so much I don't have to get on all these calls neither does my business partner so that's actually where this came from and the way you service these clients is by using pre-made like bot building tools rather than creating a custom solution so in order to build a custom solution you need expensive devs you need a good scoping process and proposal process very long very weighty in terms of the admin Etc with this AI automation side of things you're dealing with clients who need a quick little job done to be able to use bot Builders like bot press and stack Dash AI to build these things up and you can deploy them on their website very quickly very easy so so more on that later I will go into a bit more in terms of the how to start your first business and get the 10K per month and go to go more on more depth there but that's basically AI Automation in a nutshell we have minimal admin as I mentioned I don't have to get on all these calls I'm actually able to pass it to my business partner or my head of operations who's able to handle all these calls without me needing to be on their High ticket clients obviously want me to hop on and say hi to them and be present on the call these guys don't mind they just want their things built out and they want it done for a good price so easy to scope we know how much to build this chatbot for a very very basic implementation and basic requirements for each project easier to find talent because you're using no code bot Builders like bot press and stack Dash AI you don't need to have a 10 years experience software engineer who's now recently specialized in AI That's charging 70 plus an hour so you can find basically anyone I've been teaching my friends how to do this and how to service these clients uh anyone with half a brain can figure out how to use these bot Builders if they give it enough time and follow the right training essentially and of course by doing that the talent is actually cheaper the talent is not going to cost as much maybe half the price or more fast delivery these are very quick turnaround projects less than one week typically very easy upselling because you use these chat Bots and sort of customer support chat Bots as a trojan horse to get you in and then people will go oh well I'd actually like to get this this and this building so you just continue to build them on more and more of these small little parts to improve their business and I'm going to do a deeper dive on this business model at another time so if you want more information on it be sure to subscribe because I I do want to do a full breakdown of this business and how I've been overrunning it and finally we have higher margin so as you can see back here the margins on my AI automation clients in the past 30 days was around 60 I actually expect that to increase further because I'm bringing on people full time in the near future and that is going to bring things down drastically it's going to also bring down the time I've spent on it drastically so margins are going to go up time is going to go down and this is just going to get sweeter and sweeter the better the systems I I built in so that's really the the magic Behind These lower ticket at clients is that you can systemize it far better because the ticket size is smaller the average order value is smaller it's less pressure it's more straightforward development You Can Build a Better Business around this because the high ticket development clients are specialized for every single proposal every single project requires a lot of oversight but these are basic they're straightforward and you can take on a lot of them at once now for the cons of the AI automation agency it is technically on paper lower ticket and you have to do more of them to make the same amount of money but I think that could almost more be put into the pro side of things because for the reasons I just stated easier to service it's less complex easier to scope and finally you're constrained by these no code or low code bot building platforms that you're creating so the functionality can only go up to a certain level before you're sort of capped by the platform when you have to bus out into a custom solution so those are the pros and cons I know it's a bit long-winded but I really really think you guys need to soak this up and I'm about to show you guys exactly how I would do this and how I'd start one from 0 to 10K in a second so how am I planning to scale this weigh 100K per month business now firstly I'm going to expand the AI automation team I'm not one who's afraid of pivoting when he sees a good opportunity so I'm going to be changing my resources and sort of bringing on more people and allocating my resources towards this AI automation side of thing rather than the high ticket development side of things before Morningside AI so to do this I'm going to be sampling people of different skill sets and sort of hourly rates and seeing if I can train them up so ideally I could get someone who cost ten dollars an hour and train them up on how to build these but I'm sort of slowly working down and saying okay this guy costs 30 per hour can I get them to build these Bots for my clients and if so I'm going to keep moving that down and expanding the team filling it out with more people who are costing less I'm actually in the process of hiring someone to come and work full time for my AI automation team and they should be able to service 20 to 30 of these clients in a month if we're able to give them enough leads so you do the mouse on that that's a lot of money coming in from just one employee and if the profit margins continue to be good then we're definitely pushing towards that 100K per month Mark so beyond that that I'm going to be expanding the service offering as I said there's so many different things you use chat Bots use content generation systems as a trojan horse to get you in the door with different clients and then once you're in there's so many different ways you can like zapier flows content generation system Etc there's so many different things that you can build and especially within different Industries it varies so we're sort of expanding and exploring different products that we can start to sell once we are in the door and finally we're going to be doing something that I've never really had to do but we've been doing recently which is to scale up our lead generation and cold Outreach now for some of the clients that we've been able to service for the automation side of things in the past 30 days some of those actually came through our own lead generation because I wanted to not do it all through my personal brand I wanted to see can I actually generate this through through lead generation and cold Outreach and the answer is yes we've been able to do it on a small scale but I'm going to get my business partner who also has a marketing agency to really drill down and and figure out how we can generate more leads through cold Outreach and and sign more clients so that that new personal hide has constantly got work and then if we get a scalable system we can continue to hire more people on build up the team and then we just need to increase the ad spend and increase the the highs we have essentially so between all of those different strategies I think we're going to be able to push to this 100 000 per month Mark within the next few months I will keep you guys updated on it but now what you've all been waiting for which is more important than me talking about my my business and how much money I'm making which is what is the easiest way to 10K per month for beginners from what I've learned in the past 30 days what I believe to be the easiest way to 10K per month as a beginner is to create your own AI automation agency as I've explained in this video which is servicing smaller clients who need basic chatbot functionality content generation system AI automations zapier flows Etc I'm going to be doing a video on the full deliverables that I'm currently serving I know you may not be able to fully comprehend exactly what I'm talking about here but just know that this opportunity is real and I really really think that this is the opportunity you've all been waiting for and terms of AI business models which is you don't need skills because you're able to hire Freelancers to do the work for you all you need is a high level understanding of their kind of services that you can provide and how they come together secondly the zero startup cost because this is a service based business you only get need to Dish money out as soon as you've got money in so you assign the client they pay you then you can start delivering the service and hiring and paying your employees Etc so thirdly this is an untapped Market we are in the start of a a new world in the same way that the internet had to sort of take 10 to 20 years for Brick and Mortar businesses to adapt websites and for all the productivity gains of the internet to trickle down and the World Wide Web to trickle down through the entire economy we now have a time where every business on the planet pretty much can Implement some sort of AI functionality to improve their productivity and to improve their business and stay ahead of the competitions everyone's also scared about it so it's not a hard sell either so imagine every business on the planet could do with some of these Services there's not many people basically no one who knows how to service them so that's why this is the biggest opportunity right now and why you need to move on this as soon as possible and finally these sort of nail in the coffin for me on why this is so good is that it has high margins I've been running the high ticket side of Morningside AI for six to six to eight months now and it was just sort of a bashing my head against the ball sometimes I'd go through so much effort and the profit margin would be like 30 or something and it's just crippling when you've done so much work and you've been on so many calls and you've managed projects for you to get 30 of your money out of that so for these four reasons I believe that this is the opportunity for many of you guys and I'm going to be doing a ton more content on it and I'm going to be explaining what I'm doing how I'm running it and likely be sharing some more information within my Discord and talking to some of you guys in the Discord about how you can actually get started and maybe taking on a couple of you guys as case studies so that I can start to share results that I'm getting now that's all the information I can jam into this video guys that's probably already way too long and I'm sorry if I've dragged things on here but as you can tell I'm really excited about this I've had a great month with me and my team over the past 30 days and we've stumbled across something that I believe solved all the problems in my head that were like how can I scale this AI software development agency when everything is so difficult everything's so custom and bespoke but using these no Code and low code bot Builders and AI system creation tools you can scale this much more aggressively you don't have to be as involved it's more profitable that everything is just pointing towards this so be sure to subscribe to my channel to stay up to date on the latest information regarding this business model also be sure to head down and subscribe to my newsletter in the description I'm going to be sharing more information and sort of gems on this exact business model and what I've been doing and how I've been servicing these clients that's going to be available in the description so subscribe to that if you want to talk to myself you want to talk to my community and any other guys who are in the space doing the same sort of things be sure to join my Discord and start having a chat about it in there I'd love to speak to you guys and get your thoughts and answer any questions you guys have as well now of course if you've enjoyed the video please hit down below and leave a like on the video it would mean the world to me and while you're down there I'm going to run a giveaway for a 20 minute Consulting call with me where you can talk about your business ideas your startup ideas your thoughts on AI Automation and how you can start your own agency if you go down below and leave a comment talking about what you think of AI automation I want to hear what you guys think be sure to head down there leave a comment I'm picking the winners within the next seven days so while you're down there leave a comment and I'll see you in the next one foreign [Music]

Channel: Liam Ottley

Views: 50,115

Keywords: ai startup ideas, ai business ideas, chat gpt, how to start an ai business, ai startups, artificial intelligence startups, ai beginners guide, learn ai for beginners, ai crash course, make money with chat gpt, what is artificial intelligence, artificial intelligence startup ideas, best ai business ideas, how to make money with chatgpt, chat gpt to make money, ai income streams, how to make money with AI, liam ottley, ai automation agency, ai, ai automation, ai agency

Id: _G7EI7APSaI

Length: 20min 58sec (1258 seconds)

Published: Mon May 29 2023