How to Make Money Using AI In 2024 And Beyond Based On Research

Artificial intelligence (AI) is revolutionizing how Gen Z and Millennial professionals, particularly freelancers and small business owners, increase their revenue streams. Since the launch of ChatGPT in 2022, the potential of AI to enhance productivity and profitability has become undeniable.

Though AI might not be a direct source of income, young professionals aged 18 to 34 view it as a comprehensive tool that streamlines various aspects of their work, thereby boosting productivity and, ultimately, revenue.

A 2024 survey conducted by American Express highlighted this trend. Over 1,000 Gen Z and Millennial professionals were surveyed, revealing that nearly 60% currently use AI in their business operations, compared to just 34% of Gen X and Baby Boomers. This survey, which included approximately 503 small businesses (defined as having 10 or fewer employees), underscores AI's growing role in the freelance and entrepreneurial sectors.

Read: The Best Top 10 AI Tools for Your Business

The survey also revealed differences in how AI is utilized across generations. Gen Z and Millennials primarily use AI for automating routine tasks and analyzing cash flow, while Gen X and Baby Boomers focus more on chatbots, virtual assistants, fraud protection, and workforce management.

Overall, nearly half of the businesses surveyed felt more prepared to outperform competitors due to their AI usage, increasing their chances of generating more income.

Here are the five most common ways AI is being used to make money in 2024:

1. Chatbots and Virtual Assistants

The rise of AI-powered chatbots and virtual assistants has significantly impacted customer service and administrative tasks. These tools offer round-the-clock support, ensuring rapid response times and higher customer satisfaction. As a result, the demand for traditional customer service roles has decreased, with a reported 5% decline according to the Bureau of Labor Statistics (BLS).

For freelancers and small business owners, integrating chatbots can be a cost-effective alternative to hiring multiple customer support agents. Chatbots can efficiently handle frequently asked questions and provide immediate responses, enhancing customer experience without the overhead costs of human staff.

Read: How to Create a Faceless YouTube Channel Using AI

In addition to customer service, AI productivity apps like Clara AI, Taskade, and ProofHub can replace virtual assistants for tasks such as scheduling meetings, organizing calendars, and managing emails. These AI tools help freelancers and small business owners manage their time more effectively, allowing them to focus on growth-oriented activities.

2. Social Media Management

Social media management oversees and maintains a company's online presence across various platforms. It involves strategically creating, publishing, and analyzing content to grow an audience and achieve specific business objectives.

Key responsibilities of a social media manager include:

• Developing and implementing social media strategies
• Creating engaging content for platforms like Facebook, Instagram, Twitter, etc.
• Scheduling and publishing posts.
• Monitoring and responding to comments, mentions, and direct messages.
• Analyzing social media analytics and reporting results
• Collaborating with marketing, design, and other teams.

To get started in social media management, building a strong personal presence on the platforms you want to manage for clients is important. Showcase your skills, creativity, and ability to engage an audience. 

Managing social media accounts for businesses, creating posts, and engaging with followers.

Earnings Potential: $20 — $50 per hour.

Time Commitment: 5–10 hours per week.

3. Analyzing Customer Data

Customer data analysis is a critical process for businesses at any stage, whether a freelancer or a company with hundreds of employees. Understanding how customers interact with your products or services, their preferences, and pain points is essential for making informed business decisions. AI tools can simplify and enhance this process by providing actionable insights that drive growth.

Read: How to Use ChatGPT to Create Content for Your WordPress Blog

For example, Insight7, an AI-powered tool, analyzes collections of interviews and uncovers key insights, enabling businesses to make data-driven decisions. Similarly, HubSpot’s Make My Persona tool allows you to quickly generate detailed customer personas, helping you tailor your services to specific demographics. This precision in targeting saves both time and money and ensures that your marketing efforts are directed at the right audience.

4. Graphic Design

Graphic design is a versatile field that allows you to express creativity while providing valuable services to businesses and individuals. You can work on various projects as a graphic designer, from developing a brand's visual identity to designing promotional materials that captivate audiences.

Earnings Potential: $25 — $100+ per hour.

Time Commitment: 5–10 hours per week.

Getting Started: Build a portfolio on platforms like Behance or Dribble and use websites like 99designs and Fiverr to find clients.

Key Responsibilities of a Graphic Designer

1. Logo Design: Crafting memorable logos that encapsulate the essence of a brand is fundamental. A well-designed logo serves as the cornerstone of a brand's identity.

2. Social Media Graphics: With the rise of digital marketing, creating engaging social media visuals is in high demand. These graphics help businesses maintain a consistent online presence and connect with their audience.

3. Marketing Materials: Designing brochures, flyers, and posters that effectively communicate a message is crucial for any marketing campaign. These materials should be visually appealing and informative.

5. Content Creation

Content creation is one of the most lucrative uses of AI, particularly for freelancers and small business owners. The content marketing industry is worth over $72 billion, driven by the increasing demand for quality information online. Customers today value insightful, well-crafted content more than traditional advertising.

Read: Top 8 AI Writing Tools: Enhance Your Content Creation in 2024

AI can significantly streamline the content creation process. Tools like ChatGPT and Semrush's AI-driven content planning and generation features help in drafting blog posts, social media content, video scripts, and more. These tools can generate ideas, outline articles, and even create full-length posts, allowing content creators to focus on polishing the final product and aligning it with their brand voice.

For freelance content creators or digital marketing consultants, AI not only saves time but also opens up more opportunities for creative work. Even if content creation isn’t the primary focus of your business, leveraging AI to enhance your online presence can attract more clients and boost revenue.

Artificial intelligence offers numerous opportunities for freelancers and small business owners to enhance their productivity, reduce costs, and increase revenue. Whether through customer data analysis, chatbots, or content creation, AI is proving to be an invaluable tool in the modern business landscape. By embracing these technologies, you can position yourself to stand out from competitors and capitalize on the growing potential of AI in 2024 and beyond.

Read:

The Best Top 10 AI Tools for Your Business

How to Create a Faceless YouTube Channel Using AI

How to Use ChatGPT to Create Content for Your WordPress Blog

Top 8 AI Writing Tools: Enhance Your Content Creation in 2024