The year 2022 and 2023 brought in a sea change in the way we work, online or offline. These years saw the introduction of various easy-to-use Artificial Intelligence (AI) tools that automate countless tasks and help reduce the need for more manpower in various areas.
It’s not that AI didn’t exist before. Some of us might have heard about the famous game in 1996 held in Philadelphia between Chess grandmaster Gary Kasparov and the IBM supercomputer Deep Blue. In this game, it was man versus AI. Surprisingly, Gary Kasparov won the game since his moves were based on his own human intelligence.
However, AI has come a long way since 1996. In the year 2023, we have superb AI resources that can safely be used to start a small and profitable business.
Understanding Artificial Intelligence
A lot of us might still be wondering what’s exactly Artificial Intelligence. And why’s the world- especially the business world- going all gaga over it?
Therefore, I will explain what’s AI and its uses in business in the simplest possible manner.
To begin with, humans are believed to be the only living creatures on Earth that are gifted with intelligence. Regardless of whether you believed in Darwin’s Theorem of Evolution or the story of Adam, Eve, Satan and the Garden of Eden or anything else, it’s absolutely clear the human race advanced and became dominant on this planet due to intelligence.
In simple words, Artificial Intelligence is machines aping human intelligence in various fields.
Ancient Uses of AI
One example of ancient uses of AI is the Antikythera mechanism found in Greece. This complex machine, whose purpose remains unknown to date, is believed to have been made sometime around 100 BC.
Since ancient times, humans have made devices that could help them to do something easily. For example, ancient Mesopotamian, Chinese, and Indus Valley civilizations used the Abacus in different forms to make complex calculations as early as 3000 BC.
In the 20th Century, these were replaced by complex calculators, which can be said to be one of the earliest examples of Artificial Intelligence at work. You can key in any number and ask for a complex calculation. A good calculator will display the results within a second. It arrives at these results using the Artificial Intelligence embedded within.
Every machine we see around us was basically made to ensure we’re able to do complicated or arduous tasks with relative ease. This holds true for the blender-mixer-grinder in your kitchen as well.
In our modern world, we work on computers. Broadly speaking, each computer or even the smartphone we use, contains some level of artificial intelligence.
Therefore, in simple words, AI or Artificial Intelligence is a computer program that’s capable of doing things like a human and delivering results faster than humans. AI works on algorithms and complex programs that are fed into a computer. They try to copy human intelligence to a great extent.
Since 2022 and 2023, there are several AI-based applications available in the market. These can imitate human intelligence to some extent and provide results within a few seconds.
15 Most Profitable AI Business Ideas
The onset and advances in AI also mean that you’re able to launch a small home-based business with the technology. As a matter of fact, setting up a business that provides AI-based solutions is very simple and doesn’t need much investment. Furthermore, as businesses look at deploying AI solutions across their spectrum, you can expect a steady flow of customers and good profits, too.
In this article, therefore, I will write about the 15 best business ideas where you can use AI.
1. Financial Consultancy
Financial consultants are basically freelancers who provide tips on savings and investments and help people put their money in the right places to make it grow. Of course, they charge for this service as individual contractors or businesses. Using AI, you can provide excellent savings and investing guidance to customers.
AI is important for this business because hundreds of different savings and investment products are available in the US. Hence, knowing about all and calculating returns isn’t simply possible for an ordinary human.
2. Content Writing Services with AI
Content is something that’s always in demand. Simply check freelance work platforms, including Upwork.com. FlexJobs.com or Fiverr.com, among others. You will be amazed at the sheer number of buyers for content written by freelancers.
One of the greatest uses of AI is to get proper research for content writers. You can do some excellent research and structure your content with AI resources. In fact, millions of content creators around the world are successfully using AI for their business.
Also Read: 30 Best & High Paying Content Writing Jobs
3. AI Based Graphic Designs
There was a time when graphic designers had to depend solely on their creativity to make something wonderful. At the same time, they had to hope and pray hard that nobody else gets the same design ideas and theirs would remain unique in all ways.
Your prayers are now answered. You can create wonderful and unique designs with AI tools and get a lot of clients. Your creativity, matched with AI capabilities, is a winning combination. In fact, you will be amazed at the final results that delight your clients.
4. Legal Assistance with AI
Getting the right legal assistance is sometimes difficult. We need legal assistance in lots of our dealings, from signing mortgage contracts to claiming health insurance, filing lawsuits or even defending ourselves from any court cases. In such cases, you can provide AI-based solutions to both lawyers and citizens.
These solutions can search through large legal databases and find the right kinds of responses for your contracts or cases. It can save attorneys and citizens a lot of time, effort and money that would otherwise go to waste.
5. AI Courses and Training
Earlier, AI was something that only selected and qualified persons used. The latest advances in technology mean that almost anyone with basic knowledge of computers and some understanding of Artificial Intelligence can use these resources. However, to get this basic or even advanced level knowledge, we require the right kind of courses and training from reputed instructors in the field.
This is one of the most profitable businesses that you could launch right now, with almost zero investment. You could offer online courses or offline classroom studies in AI and related fields.
6. Healthcare Solutions
As you would know, healthcare is a huge business in the US and elsewhere. This means that there are a lot of needs that the industry has, even as it continues to evolve daily. Sophisticated diagnosis, techniques for complex surgeries and the right blend of medicines are something that all physicians, consultants and clinics look for.
You can fill in this demand by providing AI-based healthcare solutions for diagnostics, techniques and prescriptions. Understandably, AI will never match human intelligence in this field it requires highly qualified professionals. Yet, your solutions can add some much-needed speed to the healthcare industry.
7. AI Blogger & Vlogger
There’s a growing demand for content- both written and visual- for content that speaks about Artificial Intelligence, its uses, advances and lots more. This is where the work of AI bloggers and vloggers comes in. Since AI is a trending topic, a superb and knowledgeable blog on various aspects of this technology can attract lots of readers and dedicated followers.
You can monetize the blog in different ways, such as Google AdSense and by accepting paid posts, among others. The same holds true for videos related to AI. Launch your own YouTube channel or a paid channel on other platforms to provide knowledge on AI for learners and professionals.
- How To Earn Money From YouTube – Step By Step Guide
- 25 Amazing YouTube Channel Ideas Without Showing Your Face For Beginners in 2023
8. AI-Based Digital Marketing Services
There’s always a fierce rat race between digital marketers to get the websites and social media posts of their clients on top of Google and other search engine results. With Artificial Intelligence, you can have a winning edge over all competitors.
AI-based solutions can provide you with the right information on how and when to boost or promote a website and give details about the best platforms available. AI can also help build good backlinks where possible.
9. Retail Solutions with AI
Smaller retail stores often struggle with issues such as inventory, competitive pricing, tracking highs and lows of the season, demand from customers and other such vital data. If they had such data, their store would be a runaway success.
You can provide a lot of AI-based solutions for the retail industry. This includes everyone from your neighbourhood grocer to the boutique in town or even the dealer of that expensive sports car you dream about.
10. Hospitality Solutions with AI
The hotel and restaurant industry also faces problems similar to retailers of all sorts. Basically, they’re unable to keep tabs on customers or generate leads that could help grow business. Additionally, they often face issues with counting drinks taken from a minibar, the right kind of offerings to clients and other such vital parameters.
Various AI-based solutions can rightly solve a lot of their problems. They can operate better with AI instead of deploying large manpower to do these tasks.
11. Inventory Trackers
Every industry in the world has to undergo seasons of high and low demand. The same holds true for organizations in the US, too. This means businesses, manufacturers and suppliers have to ensure they have sufficient inventory at any given point in time.
This becomes practically impossible when a company has several storage facilities or manufacturing units in place. It would require a really large workforce to maintain a proper count of everything. Therefore, you can provide some AI-based solutions to the industry for tracking inventory.
12. Fleet Management
There are lots of large companies with large fleets of trucks, cars, freighters, and sometimes, aircraft. While aircraft are easy to trace, it’s sometimes difficult to manage a large fleet of trucks or cars and freighters. Nowadays, this complex task can be made easier by using AI-based solutions. Create and sell AI-based fleet management solutions that matter to the transportation industry. Surely, you will find a lot of interested buyers.
13. Chatbots for Clients
You would know what chatbots are. They’re those popups that emerge when we’re on specific websites. They are meant to provide customer service and customer support. You will also find chatbots on customer care phone lines of banks and other service providers.
An integrated voice response system will answer your queries. An AI-driven chatbot can provide responses to complex questions from customers or would-be clients. As more and more organizations look at automation, AI-based chatbots will surely be in high demand.
14. Logistics Management
It is well-known that logistics form an integral part of the economy of any country. The same is true with the US. Consignees, consigners and fleet owners need to know where their cargos are at any point in time.
Often, this can prove to be an arduous task that needs a large number of personnel. However, AI-based solutions are known to assist all parties in easy tracking of their cargo. It also allows all concerned to find a date when their cargo would be available at a specific premises for production or other purposes.
15. Virtual Reality Shows
Virtual Reality shows are now replacing live concerts in many places. By combining AI with VR, you can create such shows for entertainment.
Additionally, you could also create online virtual conferences, events, weddings, parties and other such occasions. This is a very profitable business. Currently, there are few players in this complex field. Therefore, you can be one of the pioneers in this high-demand and low-competition field.
Over the coming years, we will see lots of advances in AI and related fields, such as Machine Learning. Therefore, companies and industries are already gearing up to meet future needs by introducing AI to some of their processes and automating tasks.
This means now is the right time for you to open a small business that provides AI-based services to clients. In fact, there’s a huge scope for US-based businesses to export their services and products to other countries where AI is in demand but providers don’t exist.