Starting an Ai Business is Simpler Than You Think

AI will take millions of people's jobs in a very short window of time we are entering a replace or get replaced era now I know that sounds extreme but I don't say that to scare you I say it so we can prepare in this three-part series that is exactly what we will be doing we will be breaking down everything that you need to start your first AI business today from how to actually choose the right AI business to start to how to actually make a good product and then finally how to actually sell that product AI has shifted the entire landscape of how businesses operate due to the fact that people are going to be using open ai's API as their product but the fundamentals of selling AI products are exactly the same so today I'm excited to share with you the process that our agency actually takes to go from ideation to execution so instead of giving you a fish and feeding you for the day by just giving you a list of business ideas today I'm actually going to be teaching you how to fish AKA how to find the business that's right for you and how you need to specify specifically position that product to guarantee success I promise you after watching all three of these videos you're gonna feel confident you know exactly what you need to do the skills you need to learn and how to actually go from ideation to execution in less than an hour of content So today we're focusing on day one how to choose the right AI business for you specifically you excited Great Click the like button now this video will be very specific and it's going to take a lot of critical thinking so put your phone down give me five minutes I promise it's gonna be worth it my first online business was an e-commerce store on Shopify and though I didn't see a lot of success it was one of the best things I ever did to kick start my entrepreneurial Journey because I learned like what actually went into creating an online business from choosing a product buying a domain making a logo writing sales copy to even creating ads and marketing my first product I learned the actual process there was way more to it than I thought and the only way to truly know the entire process is by doing it first hand and going through each individual step and one thing that stands true is those skills that I learned are Universal no matter the business the skills I learned creating my first Shopify store are the same skills that led me to making my first million dollars Shopify was great because it was just so easy for me to make a store except payment and even like fulfill orders it was just so simple that like anybody could do it but this video isn't about Shopify at all it was just the first online business that I started and so I'm going to use that as an example in this three-part series just so it's kind of more relatable for you if you're just now starting your first business all right so let's get into it how do we decide what AI business to choose I'll start with this if you have never ran a copywriting business it probably isn't the best choice to start an AI copywriting business for two reasons one you need to know what good copy is to be able to distinguish if AI is writing good copy or not and two you don't know the ins and outs of the industry and most likely don't know the language to actually sell people on your service more on this later so it is very important that you choose a business where you have a unique advantage that other people cannot replicate now what do I mean by a unique Advantage by advantages I mean three things either your network your skills or your knowledge so maybe your network let's start there if you have a friend that has a gaming YouTube channel with like a hundred thousand subscribers you could then make a product that's targeted towards Gamers and then offer that product on his Channel or maybe you know like the CEO of a pet company and he'll let you use their customer service app as like a guinea pig that way you can learn you can test your AI chat bot so you can like learn the industry and then sell it to other similar companies in that industry so we're actually doing this now with one of our friends in the real estate industry and it's just so helpful because we don't know the problems that they face we don't know the ins and outs of his industry but he's actually opening the door for us we're going to try to solve the problem for him and then we'll productize it and then we'll sell it so that's what I mean by your network do you know people that have a big following do you know people who have access to an industry that you can learn from do you know somebody in your life that can give you some sort of Head Start or an advantage do you see an angle where you can actually make an N here so that's going to be different for everybody but you have to answer that for yourself next is going to be your skills what are you better at than other people if you don't have hard skills that's where you need to focus you're not ready to start a business if you're not good at at least one thing it's going to be either really expensive to hire all the people with the right skills or it's going to be really hard for you to find a problem to solve so what's your network what are your skills what are you guys good at that other people aren't and then what knowledge do you have in specific Industries so I kind of reference this with your network but do you know the ins and outs of any industry where you can identify like a niche inefficiency the AI can improve upon you're not making an AI model openai did that for us with gp23 but you're actually using the existing AI to solve problems in industries that you are an expert in so you want to be the AI guy for that industry because the product like I said is the same for everybody we're all using open ai's API but how we actually choose to use that API is our unique angle ultimately your goal is to identify a problem and then create a solution for that problem and then offer that solution to other people with said problem it's really simple so that's really step one what are your advantages do you have a network do you have a skill do you have knowledge about a specific industry where you can identify like a niche inefficiency now second thing to consider when choosing which product to sell or which Market to compete in is how high Leverage is the opportunity so we're going to go back to the chat GPT copywriting business as an example this is a low leverage opportunity because you still have to hop on sales calls to close clients that's very manual you have to hire writers even though they'll use AI you still need competent people and then you have to train them which again takes time whereas a software tool as an example may take more time up front to make but once you have a good product made you only have to make it once but then it will solve millions of people's problems without any more work and your only constraint is the size of the market AKA how many people have this problem so low Leverage is an opportunity that you have to continue to do work time and time again to solve the problem where high leverages you can make the product once and sell it a million times that's high leverage so it's really important to spend a little extra time to actually think about how high leverage your opportunity is instead of just choosing the easiest fastest one to start you might want to put a little more work up front so then you're creating a more High leverage opportunity so the problem that you choose to solve is very important that actually leads us into the next thing you need to consider is how competitive Will the Market be in business there is an important term called barrier to entry meaning factors that can prevent or impede newcomers into a market or industry sector meaning it limits competition for example the copywriting business has a very low barrier to entry because anyone can use copy AI to make content therefore the barrier to entry is very low and the market will be very competitive since so many people can do this therefore it will be hard to get clients since so many of your competitors offer the exact same service as you it's going to be really hard to stand out on the other hand a software company has a higher barrier to entry because you need to have a unique idea you need to hire developers and then you actually have to make the product so if you're like me you probably get really intimidated by the idea of finding and hiring a developer and that is why most people are likely to go into the copywriting business because it's less painful they don't have to put themselves in that uncomfortable situation meaning I don't leave my comfort zone but what most people don't realize is that by avoiding leaving your comfort zone and doing the the easier path in the short term you're actually choosing the harder path in the long term so I'd personally recommend choosing the hardest route because if you do figure out how to hire a developer and get the product made that means it's going to be a lot easier for you to actually sell and ultimately scale the product since very few other people were willing to go through that painful process that you did so basically you need to choose your hard low barrier to entry easy to start business but hard to grow or high barried entry business which is harder to start but easier to grow since there's less competition so personally I think a medium to high barrier to entry business with a high leverage opportunity is a great recipe to make a million dollars but again you have different goals choose your own path whatever you want to compete in so a few good examples of these medium to high barrier to entry High leverage opportunities are of course linza you had to make an app use the AI API and then Market a specific product the magic Avatar I have a whole video on that if you guys want to go watch that I'll link that in the description below or another one is name licks this one is really clever this is a tool that you could use to come up with your business products idea but that's what it is it's an AI tool that helps you come up with names for your business you just put in some keywords you describe your business and then it outputs hundreds of creative options that are completely free but the clever thing that they do is each name actually comes with like custom branding options and if you like the design fonts colors and logos you can choose to pay 65 dollars for the source files of all the branding assets which is really smart get people free names and then sell them on your design work genius another one that I think is really clever is a tool called tweet Hunter tweet Hunter is simple you connect your Twitter account it scrapes all of your tweets to gauge your tone and subject matter and then it's going to use AI to Output dozens of tweets that fit your style for you the first few tweets are free but if you decide to use it more if you like the tweets they're going to start charging you which is a great freemium business model like it is actually mind-blowing how accurate these tweets are if you put in your handle I highly recommend everybody go try it it'll literally generate very clever very unique tweets for you so those are some tools I think do a great job of making a little higher buried entry tool and have really good Revenue models of course you can always check out product hunt for other AI business tools out there so ultimately the best answer to how do you know what AI business to start is if you have a problem in your day-to-day life that you're facing you create a tool that you would use to solve that problem and then you just offered that solution to other people that probably have a similar problem before a price that is the best way to identify which AI business is right for you to start what advantages do you have how high Leverage is the opportunity and what are the barrier to entries AKA how competitive Will the Market be on top of that are you the expert in this field can you identify a problem that others don't see yet and can you be the first to fill that and then bring it to Market so though the idea isn't necessarily the hard part it is really important that you pursue the right idea because you're going to be spending the next three six 12 months building out this product and trying to sell it and grow it so it's quite a big commitment so you should be spending time making sure you're picking the right product for you and not just picking the easiest one that's top of mind so in my next video we're going to get it way more specific and actually talk about how to create the product we're going to talk about how to hire developers different pricing models what softwares to use what platform to use and much much more so if you are serious about starting your first AI business the time to take action is now the value Arbitrage that I've talked about my past videos that clock is ticking and if you wait a week you wait a month you're already behind so to make sure that we all stay on track I created a document on the actionable steps that you can take to make sure you are prepared for the next video so just click the link in the description below and I will send you a free outline on everything you need to do to identify the right business for you to start so you're ready for the next video If you're looking forward to it simply hit the Subscribe button and I'll see you there and again if you guys have any questions or looking to bounce ideas off of like-minded people or want to hear interviews of founders of current AI products we do this every day in my free Discord server I actually interviewed the founders of tome future pedia site kick and we have many more planned and lined up for the coming weeks so if that's something that you're interested in you can find a link for my free Discord server in the link below as well but other than that guys that's gonna do it for today's video I hope you enjoyed I hope you have a wonderful day and I will see you in the next one

Channel: Brett Malinowski

Views: 67,838

Keywords: artificial intelligence, make money online, chat gpt, web development, artificial intelligence course, artificial intelligence robot, artificial intelligence full course, ai business ideas, how to start an ai business, what ai do i use to start a business, how to make ai, how to start an artificial intelligence business, the best ai business, make money with chat gpt, make money with ai, open ai business model, how to get rich with ai, make money fast online with ai

Id: lOh5hNzfd4A

Length: 11min 30sec (690 seconds)

Published: Mon Jan 16 2023