In this guide
ChatGPT burst onto the scene in November 2022 as an artificial-intelligence-powered chatbot that was capable of answering questions, writing essays and much more. It has since evolved into something much more powerful, so is it possible to make money with Chat GPT?
While the AI-driven software can be handy for answering questions, replying to emails and settling arguments, a wave of new entrepreneurs have found ways to monetise its impressive capabilities.
According to research firm Finder, 44% of Brits currently have a side hustle. We look at six ways ChatGPT can give you another stream of income.
In this article:
- What is ChatGPT?
- Is ChatGPT free?
- Should I pay for ChatGPT?
- How to make money with ChatGPT
- Will ChatGPT take my job?
Read more: Will AI take my job?
What is ChatGPT?
ChatGPT – or “Chat Generative Pre-trained Transformer” – began as an artificial intelligence chatbot made by a company called OpenAI, that users could interact with.
You can ask it questions, and it uses a vast database of “knowledge” to answer them. It’s worth noting that ChatGPT is not always accurate; if the source the bot uses to answer your question has got something wrong, the answer it will spit out may be false. This means it’s worth verifying information it generates before you rely on it.
For non-paying users, ChatGPT’s database is limited to information from January 2022 and earlier. However, paid subscribers to ChatGPT are able to use the latest version of the software. This has been updated to be able to browse the internet for up-to-date information.
What is ChatGPT used for?
ChatGPT has a vast range of possible uses, including but not limited to:
- Simplifying a complicated document or body of text
- Writing code for an app, a website or software
- Writing emails
- Creating spreadsheets
- Writing essays – however, accuracy is not guaranteed, and educational institutions tend to use software that detects work that has been written by AI. This option therefore isn’t recommended for academic purposes
- Writing a CV or covering letter for a job application
- Explaining topics and answering questions
- Education
- Generating prompts and ideas for songs, films, books and more
What can I ask?
You can ask ChatGPT almost anything. Ask it to help you with facts and trivia; for example, what languages people speak in India. You could ask it to give you a detailed account of a political or historical scenario, such as the First World War.
If you need help with an essay, it could generate one about the character of Miss Havisham in Great Expectations in seconds. If you’re in a creative mood, the software can give you ten ideas for a rom-com about two Premier League footballers.
As you can see, there’s not much of a limit to what ChatGPT is capable of helping you with. However, the following topics are generally not broached by ChatGPT:
- Subjective political issues
- Hate, violent or discriminatory speech
- Issues of a sexually explicit nature
- Financial advice regarding investments
- Predictions regarding the future
The best way to gauge the vast potential of ChatGPT is to try it out. As a rule, the more information and detail you give the software when you use it, the higher the quality of the results is likely to be.
Is ChatGPT free?
Yes, there is a free version of ChatGPT, though you’ll be limited to using a previous, less advanced iteration of the software called ChatGPT-3.5. It’s worth noting that this version suffers from not-infrequent outages due to its popularity, so you may choose to upgrade to the paid version.
Should I pay for ChatGPT?
You can upgrade to the paid version of the software called ChatGPT-4 for $20 a month, or just over £16. If you do, you’ll get access to the following:
- The latest and greatest version of the software, ChatGPT-4, which is more advanced in its capabilities than its predecessor
- Browse with Bing. This lets you search for up-to-date information, with ChatGPT scouring the internet using Bing to get you an answer. It theoretically means greater accuracy of answers.
- DALL-E 3 (Beta). This is a powerful AI image generator, which will bring to life almost any prompt you throw at it. For example, I asked it to show me a giraffe scoring a goal during the World Cup – the result is pictured below.
How to make money with ChatGPT
ChatGPT creates myriad opportunities for making some extra cash. Here are six ways you could potentially make money with ChatGPT.
Set up a blog
You could pick a niche or popular subject and set up a blog on WordPress, Medium or another content-creation system. You can monetise your blog with adverts, and have ChatGPT craft the content. But here, it may be best to just use ChatGPT as a starting point. The text that it generates can be a little clunky at times, and if you’re going to have lots of eyes on your blog they might spot the AI behind the scenes.
Create an e-book or children’s book
ChatGPT is capable of penning entire novels, if you ask it to. Think about the prompts you want to enter into the software. The more creative you are with what you tell it, the better and more original the results will be. You can even sign up as an independent publisher with Amazon and sell eBooks on its Kindle store.
Again, it’s worth refining the text after it’s been generated, or potential readers may be put off by the slightly derivative quality of the book they’ve bought.
You could go a step further, and generate a whole illustrated children’s book using a combination of ChatGPT-4 and the DALL-E 3 image generation software you can access with the premium version of ChatGPT.
Data analysis
ChatGPT is an incredibly intelligent computer, capable of processing vast amounts of data much quicker than a human. You could provide data analysis services for companies, and use ChatGPT to speed up the process.
With the premium version, you can upload documents and spreadsheets and ask questions about it. Again, be wary of inconsistence when it comes to accuracy, and be careful to check results.
Code an app or website
ChatGPT can write code in various programming languages, including C++, Java and Python. If you’ve an idea for a new app-based or web business, ChatGPT can help you code it. Bear in mind that this will be significantly easier to pull off if you already have at least some programming knowledge. If not, you could use ChatGPT as a companion to help you learn to write code much faster.
Generate business ideas
If you don’t have an idea for a business, ChatGPT can help you come up with one. Again, the more information you give the software, the better its answers will be. Tell it what your strengths are. What qualifications and work experience do you have? Do you have any particular skills or passions that could lend themselves to running a business? Are you based in an area with a particular opportunity that may not exist elsewhere?
If, for instance, you’re a fully-trained medical professional, ChatGPT may give you ideas for healthcare-oriented businesses that you may find easier to succeed with than other people would.
Language translation
You could approach websites or businesses and offer to translate their content for an overseas audience. ChatGPT is able to translate languages more intuitively and naturally than some other existing software, so can come in really handy here.
Read more: 13 ways to boost your income
Will ChatGPT and generative AI take my job?
This is a difficult question to answer, so I put it to ChatGPT:
“The impact of ChatGPT and generative AI on employment is a complex issue,” the chatbot said. “While AI can automate certain tasks, potentially displacing jobs that are routine and predictable, it also creates new opportunities.”
“AI can be a tool that complements human skills, leading to new job creation in AI development, maintenance, and oversight. The key is adaptability and continuous learning to work alongside AI effectively.”
We’ve more about whether or not AI could take your job, including the roles which are likely to be the most and least vulnerable.
Read more: The highest-paying jobs in the UK
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