9 Best AI Business Ideas in 2024

Are you looking for new profitable AI business ideas to be ahead of the curve and grow your new or existing business?

Just like buying Bitcoin when it was $1,000, getting in on the potential of AI early can be a game-changer for startups.

With advanced deep learning, AI tools can help you automate tasks, improve customer experiences, and boost your bottom line.

And with the technology rapidly evolving and becoming more accessible, it’s essential to start thinking about how to use AI to make money before mass adoption makes it more challenging to stand out.

The future is here!

And that is why we will explore the 9 best AI business ideas in 2024.

Quick Summary 

In case time is of the essence, here is a summary of the best AI business startup ideas ever:

• AI Content Creation 
• AI Assisted e-Commerce
• AI Powered Smart Home Energy Saving
• AI Assisted e-Learning 
• AI Augmented Marketing
• AI Data and Workflow Management 
• AI Assisted e-Recruitment
• AI Language Translation Services
• AI Business Video Creation

As with ANY business, having the right lead generation strategy matters greatly when ensuring long-term success and significant returns; see this free masterclass on generating high-quality leads for a visual.

What are the best AI business ideas that can make money? 

1. AI Content Creation

Whether you are building a sales funnel or writing newsletters for businesses, you can use an AI writing tool to help you meet the increasing demand for these products. 

This is the perfect AI business idea for those with the creative flair needed for content creation. With the right AI lead generation tools you can even create unique content that converts leads into clients.

You can even use AI to provide YouTube automation services to other business owners..

With the power of advanced deep learning, these tools can help you produce high-quality, creative content faster than ever before.

Here are some pros and cons to consider:

Pros:

• AI tools can save you time and money by automating some of the content creation processes.
• They can produce a large volume of content quickly and consistently, helping you meet tight deadlines.

Cons:

• The content may lack a human touch and may not be as creative as content produced by a human writer.
• The initial investment can be expensive, as AI tools can be costly to purchase and implement.

Some popular AI content creation tools include:

• Chat GPT-3: This tool is known for its ability to generate human-like text that can be used for a variety of purposes.
• Surfer AI: This tool is designed to help writers generate high-quality SEO optimized copy quickly and easily.
• ContentAtScale: This is slightly more expensive than Jasper, but it can create much longer articles compared to Jasper by using artificial intelligence

Having a good business plan for attracting your ideal client base is important. Be sure to watch my free training video, where I show you how you can stand out from the vast competition when generating leads for your business. 

2. AI Assisted e-Commerce

Ever since COVID-19 disrupted our everyday lives, e-Commerce has seen exponential growth. 

The good news is, post-pandemic, people are continuously shopping online since adopting this new way of consuming!

So by leveraging AI technology to analyze customer data, predict consumer behavior, and automate various processes, you can create a competitive advantage and carve out a niche in the booming e-commerce market. 

Pros:

• AI can help you personalize your website and marketing efforts to better meet your customers’ needs.
• AI-powered chatbots can provide 24/7 customer service, answering questions and providing support around the clock.

Cons:

• The initial investment can be expensive, as AI tools can be costly to purchase and implement.
• There may be a learning curve involved in training your team to effectively use AI tools and integrate them into your existing systems.

Some popular AI tools for e-commerce include:

• Sentient Ascend: This tool uses AI to test and optimize website design and layout for maximum conversion rates.
• Shopify Kit: This tool is an AI-powered virtual assistant that can help with everything from social media marketing to email campaigns.
• GPT-3: This can help with 24/7 chat-bot services. 

Using a combination of AI and a brilliant marketing strategy (see this video for more) it is possible to generate income that could have you retiring from your everyday job. 

3. AI-powered Smart Home Energy Saving

Smart homes and AI are two of the most exciting technologies to dominate the future. 

With the trend towards sustainable living and the increasing importance of energy conservation, developing an application that can help smart homeowners save energy and reduce their carbon footprints is a remarkable AI business idea. 

By developing an application that can help smart homeowners save energy and reduce their carbon footprints, you can create a unique value proposition that sets you apart from the competition. 

Pros:

• AI can help you optimize your energy usage, reducing waste and saving you money on your utility bills.
• Smart home systems powered by AI can learn your patterns and preferences, automatically adjusting temperature and lighting to suit your needs.

Cons:

• The initial investment can be expensive, as smart home systems and AI tools can be costly to purchase and implement.
• There may be a learning curve involved in training your system to respond to your preferences and usage patterns effectively.

Some popular AI tools for smart home automation and energy saving include:

• Nest Learning Thermostat: This thermostat learns your schedule and temperature preferences and automatically adjusts to save energy.
• Sense Home Energy Monitor: This tool uses AI to analyze your energy usage and provide insights on how you can reduce waste and save money.

If you already have a product similar to this and are looking to reach a new client base that will want to work with you, watch this free training video where I walk through a step-by-step process on exactly that. 

4. AI Assisted e-Learning 

As another ‘post-pandemic gem’, an AI-powered e-Learning business would capitalize on the growing adoption of online learning. 

This trend is set to continue in 2024, presenting a golden opportunity for entrepreneurs with an educational background. By integrating AI into ai based learning apps and e-learning community platforms, you can personalize the learning experience, analyze learner data, and automate various processes to allow for a mass client base.

You can use deep machine learning to help others learn anything from anywhere.

Pros:

• AI can help you personalize learning experiences for individual students, tailoring content and pacing to their unique needs.
• AI-powered chatbots can provide 24/7 student support, answering questions and providing guidance around the clock.

Cons:

• The initial investment can be expensive, as AI tools can be costly to purchase and implement.
• There may be a learning curve involved in training your team to effectively use AI tools and integrate them into your existing systems.

Some popular AI tools for e-learning include:

• Carnegie Learning: This tool uses AI to personalize math education, adapting content and pacing to each student’s individual needs.

• Coursera: This platform uses AI to provide personalized recommendations to students, suggesting courses and content based on their interests and learning history.

If you have another business, incorporating an educational experience around your niche is also a great way to sell socially.

5. AI Marketing Agency

Marketers often fear that AI will take over their jobs, but the truth is that AI can help marketers take their business to new heights. 

So if you’re looking for a new AI business idea, then starting a marketing agency could be a great one!

By using AI-powered marketing tools such as predictive analytics and natural language processing, marketers can automate routine tasks and focus on creative tasks, such as branding and customer relationship management.

If you’re a marketer looking to start or expand your business, don’t fear the rise of AI.

Instead, use it as a valuable tool in your marketing arsenal to gain a competitive edge and provide unique insights and creative vision that machines alone can’t replicate.

Pros:

• AI can help you analyze large amounts of data to identify trends and patterns that can inform your marketing strategy.
• AI can help you create personalized content that resonates with your audience, leading to higher engagement and conversion rates.

Cons:

• The initial investment can be expensive, as AI tools can be costly to purchase and implement.
• There may be a learning curve involved in training your team to effectively use AI tools and integrate them into your existing systems.

Some popular AI tools for marketing include:

• Kartra: This tool uses AI to automate and optimize your marketing campaigns across channels, including social media and email.
• Acquisio: This tool uses AI to optimize your ad spend and improve your ROI across multiple advertising platforms.

There are a lot of AI tools out there that can help you with your marketing business, see this video to learn how you can start getting clients for your marketing business.  

 6. AI Data and Workflow Management 

Another great AI business idea is to use AI to manage data and workflows.

Managing workflow and data can be a BIG headache for businesses of all sizes. H

However, by developing an AI powered application that combines these two functions, entrepreneurs can offer businesses a valuable solution that streamlines their operations.

By leveraging AI-powered tools, businesses can improve efficiency, productivity, and decision-making, enabling them to focus on their core competencies. So if you’re looking to develop a business application in 2024, consider combining artificial intelligence business data and workflow management to provide a competitive advantage to businesses in need of a streamlined solution.

Pros:

• AI tools can help you save time and reduce errors by automating routine tasks such as data entry and document processing.
• They can provide valuable insights into your workflow, identifying areas where you can improve efficiency and productivity.

Cons:

• The initial investment can be expensive, as AI tools can be costly to purchase and implement.
• There may be a learning curve involved in training your team to effectively use AI tools and integrate them into your existing systems.

Similar popular AI tools for workflow management include:

• Tallyfy: This tool uses AI to automate workflow processes, reducing the need for manual data entry and other time-consuming tasks.
• Automation Anywhere: This tool is designed to help businesses automate complex workflows, from data management to customer services. 

This may be a competitive idea to follow but the good news is that the majority of competitors are not using the right lead generation strategy, be sure to check out this free training where you can learn how to gain that competitive edge. 

7. AI Assisted e-Recruitment 

Another great AI business idea is using AI in the recruiting industry.

Recruiting can be time-consuming and resource-intensive, involving multiple processes such as analyzing resumes and matching credentials. AI can make this process more efficient for businesses.

By creating an AI-based recruiting tool, you can help businesses find and hire the right people easier. With tailored search results and qualifications/experience screening, this business will likely see great success. 

Pros:

• AI tools can help you identify the best candidates for the job, based on their skills, experience, and other factors.
• They can automate repetitive tasks, such as resume screening and candidate follow-up, saving you time and effort.

Cons:

• The initial investment can be expensive, as AI tools can be costly to purchase and implement.
• There may be a learning curve involved in training your team to effectively use AI tools and integrate them into your existing recruitment process.

Some popular AI tools for e-recruitment include:

• Ideal: This tool uses AI to automate resume screening and shortlisting, helping you identify the best candidates quickly and efficiently.

Do you have a business similar to this but can not seem to find clients? See this free training for a visual on attracting your ideal client base. 

8. AI Language Translation Services

In today’s globalized world, the ability to communicate in multiple languages is more important than ever. This makes AI translation apps an excellent AI business idea.

AI technology can be leveraged to start a business that offers real-time document translation services to individuals and businesses looking to expand into foreign markets. This provides an efficient way for companies to break down language barriers and reach a wider audience. 

With the help of AI-powered translation tools, you can help businesses easily communicate with customers and partners from around the world.

Pros:

• By automating the translation process, AI-powered translation services can save you time and money.
• They can handle a large volume of content quickly and consistently, helping you meet tight deadlines.

Cons:

• The accuracy of AI-powered translations may not be as high as human translators.

Some popular AI-powered translation services include:

• DeepL: This tool is known for its high-quality translations thanks to its use of advanced neural networks.

You can already use AI tools to help you translate for business on a freelance basis, see this video to learn how you can gain clients who will want to work with you.

9. AI Business Video Creation

As businesses increasingly recognize the power of video content, the demand for quality video creation and editing services is skyrocketing.

AI video editing platforms can help you create professional-looking videos for your clients by automating the tedious editing process.

This makes an AI video editing business another great business idea.

With features such as automatic voice-over, text-to-speech, image recognition, and music selection, AI video platforms can help businesses save time and money while creating engaging and impactful videos.

Pros:

• AI tools can save you time and money by automating some of the video creation process.
• They can help you create consistent branding across all your videos, making your business look more professional.

Cons:

• The content may lack a human touch and may not be as creative as videos produced by a human videographer – you can mitigate this by offering vision.

Some popular AI video creation tools include:

• Descript: This tool uses AI to turn text into engaging video content.

The power of video can go even further by helping people generate and convert leads in their sales funnels, see this video where you can learn how this is done. 

Honorable mentions

There are almost no end to the types of AI business ideas you can start. Here are some additional honorable mentions that can get your creative juices flowing:

• AI healthcare app: Connect with health related wearable apps to make suggestions on how to improve your health
• AI personal shopper business: Uses artificial intelligence to see what others are buying and tailors suggestions of products that you specifically will be interested in
• AI marketing tools: Automate most of your marketing and use AI to split test different marketing ideas quicker than ever before
• AI entertainment startup: Use AI to create music, videos, AI generated avatar images or AI video avatars other fun AI applications
• AI butler business: Automate some tasks a human would do with an AI-powered virtual assistant.

In Conclusion

Building a successful business is no small feat. It requires a unique combination of skills, knowledge, expertise, and a solid marketing strategy to guide you along the way.

It is crucial first to identify a viable business plan that aligns with your goals and skill set. 

Whether you’re interested in chatbots and personalization tools, predictive analytics and machine learning, artificial intelligence businesses or content creation and e-commerce, the opportunities for growth and profitability are vast.

By staying informed and embracing new technologies, you can position yourself for long-term success and create a truly future-proof business.

FAQs

What business can I start with AI?

Fundamentally, starting a business that revolves around solving a key problem/inconvenience will guarantee you success. 

So, instead of listing off business ideas that may or may not suit you specifically, here are some problems that we all face in our businesses:

• Repetitive tasks: AI can automate tasks that are repetitive or mundane, such as data entry or scheduling. This frees up time for individuals to focus on more complex tasks or for businesses to streamline their operations.

• Inefficiencies: AI can identify inefficiencies in a process or system and provide recommendations for improvement. This can help businesses save time and money, and improve their overall performance.

• Personalization: AI can analyze vast amounts of data to create personalized experiences for individuals, such as product recommendations or personalized content. This can lead to increased engagement and loyalty.

• Security: AI can detect and prevent security threats, such as fraud or cyber attacks, that may be missed by humans alone.

Develop a business idea that uses AI to solve the above problems (or problems alike) and you are on the right track to starting a successful business using AI. 

Once you have a business idea up and running you then will need to secure clients, this can be trick without the right approach (and there is no AI that can do this for you). Be sure to watch my free masterclass training for more. 

How do you start a business with AI?

Starting a business with AI from scratch can be a daunting task, even ai startup ideas but it’s achievable with the right approach. Here are some practical steps to consider:

• Start by identifying a problem or opportunity that can be solved using AI. Look for areas where AI can improve efficiency, accuracy, or customer experience. You can also think about how AI can create new business models or revenue streams.
• Research the market to assess the demand for AI-powered solutions. Look for gaps in the market where there are no competitors or areas where existing solutions are inadequate. Consider the potential size of the market and the potential for growth.
• Develop a business plan that outlines your goals, target market, marketing strategy, and financial projections. Consider the resources you’ll need to get started, such as talent and funding.
• Acquire the necessary expertise to develop and implement AI-powered solutions. You may need to hire data scientists, AI engineers, or other technical experts. You can also consider partnering with a technology provider or outsourcing app development to a third party.
• Build a prototype to test your AI-powered solution. This will help you identify any potential issues and fine-tune your product before launch.
• Launch your business and continue to iterate and improve your AI-powered solution based on customer feedback and market demand.

Starting a business with AI can be challenging, but you can create a successful venture with a clear plan and the right expertise. Remember to stay focused on your goals, be open to feedback, and be ready for change. 

What are some good AI projects?

There are ai startups and many new AI projects in the making as we speak. However, the below AI technologies are worth noting as some of them are resting in the ‘pre mass-adoption’ zone:

• Image and speech recognition: Develop an AI model that can recognize and classify images or speech. This could be applied in fields such as healthcare, finance, or security.
• Chatbots: Create a chatbot that can answer common customer service inquiries, improving efficiency and customer satisfaction.
• Personalized recommendations: Develop an AI model that can analyze user behavior and provide personalized recommendations, such as products or content.
• Fraud detection: Use AI to analyze transaction data and detect patterns of fraud or other suspicious activity.
• Predictive maintenance: Develop an AI model that can predict when a machine or system is likely to fail, allowing for preventive maintenance and reducing downtime.
• Natural language processing: Use AI to analyze and understand natural language, allowing for improved language translation or sentiment analysis.
• Autonomous vehicles: Develop AI models that can enable autonomous vehicles, such as self-driving cars or drones.
• Medical diagnosis: Use AI to help diagnose medical conditions based on symptoms and patient history.
• Virtual assistants: Create an AI virtual assistant that can perform tasks such as scheduling, sending reminders, or answering questions.

• Music composition: Develop an AI model that can compose original music.

How could you use any of the above to solve a problem/inconvenience that you see in your everyday?

Can you start your own AI company?

If you don’t have the technical know-how to develop your own AI, you can still start your own AI company. One approach is to use existing AI technology and tools to create a product or service that meets a specific need. This strategy can be particularly effective for entrepreneurs who lack the resources to build their own AI from scratch.

Take Prisma AI, for example. The company behind the popular photo editing app, Lensa, used pre-existing AI models and technology to develop their app. By creating a user-friendly interface, they were able to help users enhance their photos with AI-powered filters and tools. The result was a hugely successful product that has garnered millions of downloads and dollars. 

The opportunities for starting your own AI company are endless!