Are you interested in machine learning technologies and seeking ways to monetize your knowledge? Or perhaps you’re an entrepreneur who recognizes the potential of ML and wants to learn more about it. Either way, you’ll find this post valuable.
We have compiled a list of 11 practical ways to make money with machine learning, which goes beyond generic suggestions such as “become a machine learning engineer.” Our list consists of concrete examples that will enable you to actively participate in the machine learning industry.
Let’s explore these opportunities further.
What’s the Difference Between Machine Learning and Artificial Intelligence?
Machine learning (ML) is a branch of artificial intelligence (AI), which has become indispensable in the contemporary digital economy. While these two domains share a close relationship, they differ significantly in their applications and techniques.
To put it succinctly, AI is a computerized system that emulates human-like cognitive abilities, such as decision-making, problem-solving, rule-following, and natural language comprehension. It involves designing intelligent agents that can perceive, reason, and act in complex environments.
ML, on the other hand, is an approach to building intelligent systems that can learn from data without being explicitly programmed. It focuses on developing algorithms that can identify patterns and regularities in large datasets and use them to make accurate predictions or decisions. This has led to the creation of numerous applications, including recommender systems, image recognition, natural language processing, and autonomous vehicles.
Therefore, while AI and ML are closely intertwined, they represent distinct concepts and applications within the field of computer science. By leveraging their respective strengths and capabilities, these technologies are transforming the way businesses and organizations operate and creating new opportunities for innovation and growth.
How to Make Money with Machine Learning
Fortune Business Insights projects a significant growth in the machine learning industry, from $21.17 billion in 2022 to $209.91 billion by 2029. This forecast creates an optimistic outlook and presents new opportunities for businesses and professionals who leverage machine learning technology.
To help you make the most of this potential, here are 11 ways to capitalize on machine learning in your business or career.
Teach Machine Learning on YouTube and Monetize the Channel
YouTube has become a hub for countless creative individuals who showcase their expertise in a broad range of topics. One area that has particularly gained traction is machine learning, with channels dedicated to this subject matter. These channels often feature content on topics such as artificial intelligence, science, and mathematics, among others.
One such channel is centered around machine learning and its related fields. This channel features popular videos such as “I Built a Trading Bot with ChatGPT,” “Learn Machine Learning in 3 Months,” and “How to Make a Prediction – Intro to Deep Learning #1.”
For those with an interest in machine learning or who possess above-average knowledge in this area, a YouTube channel can be a lucrative method of monetization. By leveraging the platform’s vast reach and monetization options, creators can establish themselves as authorities in the field, share their knowledge, and earn revenue through ad revenue, sponsorships, and other methods.
Develop an ML-Powered Mobile App
Machine learning has become a ubiquitous tool in today’s most popular mobile applications, ranging from social networking and dating algorithms to health and fitness recommendations. For example, social media and dating apps can use machine learning to analyze user profiles to provide personalized ads or suggest potential matches. Other apps can utilize chatbots and AI assistants to collect data to improve user experiences.
If you are interested in developing a mobile app that incorporates machine learning, here are a few suggestions:
One possibility is a personalized fitness trainer that generates tailored workout plans based on the user’s diet, activity level, and mood. The built-in algorithm can offer real-time feedback by monitoring the user’s progress.
Another idea is a smart meal planner that complements the fitness app. The app could analyze the user’s fridge contents and suggest healthy meals based on their preferences. This type of app can learn about the user’s eating habits and offer healthier alternatives to help them achieve their goals.
Self Publish a Book on Machine Learning
The third edition of a machine learning book available on Amazon has received thousands of 5-star reviews, making it a popular choice among many. However, with dozens of other machine learning books available, self-publishing on Amazon may be a viable option for those with extensive knowledge in the field.
To successfully self-publish a book on Amazon, there are several steps to follow. Firstly, research current machine learning books available on the platform and decide on a specific topic to focus on. It’s important to choose a topic that is valuable to the market and to avoid creating something too generic or duplicative.
Next, create a compelling book title that catches potential buyers’ attention and makes them unable to resist. After that, outline the book by reviewing other book’s tables of contents, articles online, or even Udemy courses for inspiration. Once the outline is complete, begin writing and try to write every day.
To ensure the book meets readers’ expectations, check Amazon reviews to see what they liked and didn’t like in other machine learning books. The final steps are to get a proofreader to edit the book and publish it through Amazon KDP. There are various resources available on how to self-publish on Amazon KDP for more details.
Start a Machine Learning Blog and Monetize with Ads
Blogging has been perceived by many to be on the decline, but it can still be a highly lucrative endeavor with a well-planned blog content strategy. Additionally, it can be an excellent choice for novice entrepreneurs since it only requires a domain name and web hosting.
However, if you intend to create content on machine learning, you must possess knowledge in this field, or at the very least, have a keen interest in learning and teaching others.
Blogging can be paired with a YouTube channel, which allows you to either turn your articles into videos or transcribe your videos into blog posts. This approach enables you to hit two birds with one stone.
Monetization is achievable in various ways. Initially, you could offer consulting services in the field of machine learning. Then, you could earn revenue from display ads. Eventually, you could develop and market online courses to your blog’s traffic and email subscribers.
Bear in mind that blogging requires a long-term commitment to reap the benefits fully. To get started with this approach, you can read our guide on how to start a blog. Alternatively, if you prefer a video course, consider checking out The Affiliate Lab by Matt Diggity.
Create a Web App
Web applications have become a popular means of generating income online, particularly for those with programming skills. This business model can be quite lucrative, and incorporating machine learning can take it to the next level.
Many websites utilize machine learning to learn about user behavior and provide personalized recommendations. For instance, Netflix and Spotify employ algorithms that analyze users’ consumption patterns to suggest related content.
While it may not be feasible to create the next Netflix or Spotify, it is still possible to develop a smaller-scale app. For example, you could create an app where users input their favorite musicians, songs, and albums and receive a list of similar music. A similar concept could be applied to movies.
Even a plugin for WordPress, such as Link Whisper, which uses Natural Language Processing (NLP) to recommend better internal links between web pages, falls into this category.
Incorporating machine learning offers endless possibilities, making it an exciting prospect for those interested in web application development.
Create a Chatbot
The popularity of chatbots has surged in recent years, and with the advent of ChatGPT, creating your own chatbot has never been easier. A prime example of this is Shawn Hill, who managed to create a simple chatbot using ChatGPT and subsequently sold it to Originality.ai for $10,000, in addition to receiving a bologna sandwich. Other chatbots are being utilized for various purposes, such as customer service, sales, marketing, or lead generation.
Regardless of the type of chatbot you create, you have the opportunity to drive traffic to it and monetize it using display ads. You could also package it as a WordPress plugin and sell it on CodeCanyon. To inspire you, here are a few chatbot ideas:
- Personal fitness coach chatbot: This chatbot can offer advice on workout routines and diet plans tailored to your fitness goals.
- Travel planner chatbot: This chatbot can plan your entire trip, from booking flights to suggesting accommodation and even providing recommendations on what to pack.
- Foreign language teacher chatbot: This chatbot can assist you in learning a new language by pairing words with images and guiding you through more advanced levels as you progress.
Start a Machine Learning Podcast
Starting a podcast focused on machine learning could be a lucrative opportunity to generate income. By inviting guests from the AI and ML industry, you can explore various aspects of the field and delve into engaging conversations.
One such successful podcast host is Lex Fridman, who frequently discusses AI’s impact on humanity on his YouTube channel with close to 3 million subscribers and over 422 million views.
Once your podcast gains popularity, you can monetize it through sponsorships. For instance, sponsors for Lex Fridman’s podcast include companies offering home security, VPNs, MOOC platforms, and project management tools.
To learn more about podcasting for business, you may want to read our article on the topic.
Apply for Machine Learning Jobs on Upwork
A company is seeking a Natural Language Processing (NLP) Specialist to join their team and work on an AI-powered writing tool similar to Quillbot. If you possess the necessary skills and qualifications, this job presents an excellent opportunity to earn income through machine learning.
In addition to gaining hands-on experience, this job will also allow you to showcase your work on Upwork, a popular freelancing platform. To build a strong reputation on Upwork, it’s advisable to start with smaller projects and charge lower rates.
As you complete more projects and receive positive feedback, your visibility on the platform will increase, enabling you to gradually increase your rates while establishing a trustworthy brand for yourself.
Create and Sell a Machine Learning Course
Selling a course can be a profitable way to leverage your machine learning expertise. If you’re already sharing your knowledge through a blog or YouTube, why not expand to a paid course? Udemy already boasts a robust market for machine learning courses, but how can you differentiate yours from the others?
The first step is to research the challenges learners face when studying machine learning and develop ways to address them. Rather than attempting to cover every aspect of machine learning, consider teaching learners how to complete specific projects.
To build your audience, start by sharing free content on social media platforms. Once you’ve established a clear outline of your course, create a list of all the lessons and record them using slides and screencasting software.
You can then market your course on Udemy or your own website through blogs, YouTube, or social media. With the right approach and targeted marketing, your machine learning course can stand out in a crowded market and become a successful source of income.
Join a Startup or Start Your Own
Entering the machine learning industry through a startup can be a lucrative career move. You have two options to pursue: either join an existing startup or start your own. In both cases, you will gain valuable experience and increase your chances of earning more income in the future.
If you choose to start your own startup, you can select from the list of ideas provided and transform them into a thriving ML business. On the other hand, if you decide to join an established startup, you can follow these guidelines to increase your chances of being hired:
- Build your portfolio: Having a portfolio that showcases your work and level of expertise is crucial to demonstrate your capabilities as a machine learning professional.
- Network with other professionals: Attend conferences and workshops to meet and connect with other professionals in the industry. LinkedIn is also a great platform to expand your network and explore potential job opportunities.
- Research potential startups: Identify startups that align with your skills and interests. You can research their backgrounds, missions, and cultures to determine if they are a good fit for you.
- Update your resume: Tailor your resume to highlight your relevant experience and expertise in machine learning.
By following these steps, you will increase your chances of landing a job at a startup in the machine learning industry and advance your career.
