Posts

Starting a Business with AI in 2024

4 Businesses You Can Start Using AI

  1. Ecommerce Business

Starting an ecommerce venture has never been simpler with platforms like Shopify, connecting freelancers via Upwork, and companies such as Printful handling inventory and delivery. Introducing AI to this mix accelerates the process further, but its potential surpasses mere content creation.

For instance, AI tools like ChatGPT can draft comprehensive documents such as privacy policies or terms of service. Going a step further, AI serves as a brainstorming partner. Say you're envisioning a streetwear brand centered on extreme sports. Why not enlist ChatGPT's help in naming it?

Consider the result: "Stunt Style Clothing," a name promptly validated through a web search and domain availability check. AI can extend its assistance to crafting taglines, establishing company values, and beyond.

Expanding your brand, consider imagery. Tools like Midjourney aid in logo design, providing initial concepts to refine.

AI's potential in ecommerce transcends content generation, a fact critical to note given its impact on website traffic, as discussed later.

2. AI Consultancy Brand

AI's disruptive potential isn't confined to ecommerce; it extends to consultancy. Corporations, albeit slow to embrace new tech, will seek AI expertise for profit-driven insights. Aspiring AI consultants can capitalize on this demand by honing skills and leveraging freelance platforms for visibility.

Consider branding. AI-powered tools like Looka generate a range of logo options swiftly, facilitating a professional image.

Becoming an AI consultant entails continuous learning, subscribing to newsletters, attending summits, and upskilling.

Another burgeoning field is AI prompt engineering. Though currently niche, it promises high demand. This role involves crafting prompts to maximize AI tool output, crucial for future content creation and marketing endeavors.

For those inclined toward innovation, creating bespoke AI tools presents an exciting avenue. Leveraging platforms like ChatGPT's code, with unique selling propositions, could establish your tool as an industry standard.

3. Create Your Own Chatbot or AI Tool

AI consultancy might fit the bill for some, as they enjoy getting others up to speed with the new technology.

But for some, getting others up to speed won’t satisfy their needs. They want to be at the forefront of driving technology.

And for those of you who just read that sentence and clapped your hands together as a small feeling of opportunity and excitement washed over you, why not consider building your own AI tool?

Rather than becoming a master of the tools already out there, why not create your own with an innovation that helps drive the conversation forward?

Since ChatGPT was thrust onto center stage over a year ago, many different iterations have come to the market, as the OpenAI code is easy to access.

With the right skills and expertise in your ranks and a unique selling point that sets you apart from other chatbots and tools already in existence, there is still time to become the go-to AI platform for certain needs.

For example, tools like Instantly.ai have risen to prominence, as they have used generative AI to create a tool designed to speed up the cold email process.

Even though AI is flashy and new, the same business principles that we teach here at foundr apply: Identify a problem, solve it for a target market, create a unique selling proposition, and get to work promoting your new invention! The beauty of this business model is that once your platform has been created, you can make minor tweaks, all while taking a tidy profit from your monthly subscribers.
3 Common AI Business Pitfalls to Avoid Now, while all those options sound extremely exciting (as they should; they took me a long time to pull together!), there are some caveats to be aware of.

But remember, there are caveats for everything in life! While you should certainly bear these common pitfalls in mind, don’t let them stop you from creating your brand-new AI-focused business.

4. Create Your Own Chatbot or AI Tool

AI consulting may be a good fit for those who enjoy helping others adapt to new technology. But for those who seek to pioneer technological advancements themselves, why not consider developing your own AI tool?

Rather than mastering existing tools, why not innovate and create something unique to propel the field forward? Since ChatGPT emerged, numerous iterations have surfaced, given the accessibility of OpenAI's code.

With the right skills and a distinct value proposition, there's still an opportunity to establish yourself as a leading AI platform. Take, for instance, Instantly.ai, which gained prominence by leveraging generative AI to streamline cold email processes.

While AI is trendy and innovative, the foundational business principles—identifying a problem, catering to a target audience, offering a unique solution—remain relevant. Once your platform is launched, you can continuously refine it while generating revenue from subscribers.

3 Common AI Business Pitfalls to Avoid

While the possibilities presented may be exhilarating (and rightfully so, considering the effort it took to compile them!), it's crucial to acknowledge the potential drawbacks.

Nevertheless, it's important to recognize that challenges are inherent in every endeavor. While it's wise to heed these common pitfalls, don't allow them to deter you from establishing your new AI-centric business.

1. Don’t Get Google’d

In late 2023, Google rolled out major algorithm updates, altering the criteria for ranking content on its first page. This had a profound impact on the strategies of SEO experts and businesses across various industries.

Some website and business owners reacted dramatically, questioning why these changes were made and how they would affect their online presence.

The primary objective of these updates was to prioritize content that adds value, stimulates meaningful discussions, and demote content that appears generic or uninspiring. This shift aimed to future-proof Google's search results against the rising tide of AI-generated content.

The days of simply inserting keywords into articles are gone. Now, content must be well-crafted, insightful, and engaging to earn Google's favor.
You must offer your audience well-crafted, thought-provoking, and entertaining content if you want to capture Google's attention.
There's also speculation about a secondary purpose: preventing AI model collapse. If AI learns exclusively from AI-generated content, it risks becoming ineffective. It's akin to speaking to oneself in a mirror until one breaks down, an analogy highlighting the importance of diverse inputs.

Since AI models, like Google's Gemini, learn from top search results, human-generated content continues to be promoted to maintain balance and advance technology.

While it may seem unsettling to contribute to AI development, the fact that human-created content still holds value is reassuring.

In light of these considerations, it's essential not to fall into the trap of merely churning out content filled with keywords. Such outdated tactics won't suffice in the evolving digital landscape.

2. Quantity Over Authority

If you decide to specialize as an AI prompt engineer, offer AI content consulting, or utilize AI to expedite content creation, do so with caution. Always infuse your work with a personal touch and authenticity.

In its significant November 2023 update, Google emphasized the importance of promoting content that advances discussions, adds value to existing knowledge, and demonstrates authenticity and authority.

For instance, if you intend to leverage AI to streamline content creation for your ecommerce venture, feel free to utilize tools like ChatGPT for generating content ideas and outlines. However, ensure that you always inject your own unique perspective, opinions, and value into the content you produce.

3. You’ve Still Got to Put in the Work

As evident from this article and our recent AI Summit, AI made significant disruptions in 2023, poised to be transformative in 2024. When utilized effectively, diverse AI tools can greatly enhance the speed and, in some cases, the quality of production, marketing, and sales processes.

However, success still hinges on hard work. Merely having access to these tools doesn't equate to taking things lightly. Remember, your competitors have access to the same resources. Moreover, the proliferation of these tools will attract more competitors to your industry, as they lower the barriers to entry for aspiring entrepreneurs.
These tools are not solely at your disposal; they are also accessible to your competitors.
BUSINESS