10 Great AI Business Ideas to Unlock New Revenue Streams

We are in 2024 and AI business ideas are literally everywhere.

This year has certainly been a big deal for artificial intelligence – or AI, for short, as it’s not just a fancy tech tool anymore. It’s now at the core of many businesses, changing how they do pretty much everything. With such a fast-paced evolution, smart companies and entrepreneurs are on the lookout for fresh, cool ideas.

It is possible to make money with AI business ideas in 2024.

However, as we look ahead to the future, AI isn’t just about making a quick buck. It’s revolutionizing the way in which businesses operate, and even how we live our lives.

For that, let’s explore 10 awesome and profitable AI business ideas that may really make you money in 2024 and in the future, too!

1. AI-based virtual personal assistants

Many startups today are turning to AI-powered virtual personal assistants as a key idea.

These assistants combine artificial intelligence with voice cloning technology, and they’re becoming increasingly popular across various industries.

The reason why it is among the list of great AI business ideas is simple.

It offers many direct benefits, like making tasks faster, helping you get more done, and making life easier overall.

Loads of companies are getting into this business as virtual assistants are real game-changers. They save money, improve customer service, and make everything run more smoothly.

2. Creating content with AI

Creating content with AI has become a controversial topic. We all know digital content is king nowadays, but coming up with fresh content regularly isn’t easy. And here’s where AI can help out.

Imagine a platform that can produce amazing written, audio, or visual content.

Sounds great, right? 

It is revolutionizing how journalists, bloggers, marketers, and even filmmakers work. These AI algorithms not only generate content but also refine it until it’s just right. It is not intended to do it for you, but it truly helps a lot.

Take tools like Arvin AI, for example. It’s a browser extension powered by GPT-4, and it can help you create text, images, or even translate content. But remember, these tools aren’t meant to replace human creativity. They’re there to assist, giving you a head start, so you can shape the content to suit your needs perfectly.

3. Automated financial advice

With more people becoming money-wise, the need for financial advice is on the rise. AI plays a big role here. It processes numbers superfast and dishes out practical advice quicker than a human advisor ever could.

Picture this: a smart advisory platform powered by AI. It makes personalized investment strategies, checks risks, and handles portfolios—all in one place.

It’s like having your own financial expert just a tap away, making managing money a breeze. The finance game is ready for a change, and diving into AI-driven advisory services might just be your golden ticket to financial prosperity.

4. Personalized health monitoring

The healthcare field (like pretty much every other field) is changing very, very fast and AI could be the key to transforming how we think about health and treatments.

It could be a wearable device, like the ones we already use daily, that does more than just track your basic health stats. It could also predict potential health problems before they become serious.

By using smart algorithms that study your lifestyle, genetics, and current health, you could create a subscription service that gives you instant updates on your health and alerts you to potential problems early on. So getting on health monitoring is among the best AI business ideas you can work on! Of course, if you have the technical skills for it.

5. Smart domain name recommender

Now, let’s try something that is not as difficult as the last idea.

Choosing the right domain name can really boost your website’s success. We all know that. AI can help you make smart decisions instead of just guessing.

For example, AI can suggest names based on what’s popular or check out what your competitors are using to spark some inspiration.

AI can even mix and match keywords to create unique names that aren’t already taken. And it’s frustrating when you think of a perfect name, only to find out it’s already snatched up. But with AI, you can check availability instantly, saving you a lot of time and inconveniences.

6. Machine translation and text-to-speech reading

AI has made huge steps in improving machine translation. You could start your own AI-based translation service that delivers accurate and speedy translations in multiple languages. This idea holds a lot of value for companies and individuals (perhaps as a freelancer!).

For content creators and digital marketing agencies, AI simplifies their work. With artificial voices, you can easily record scripts for videos and ads across different platforms without having to invest in pricey recording equipment.

This could really make a big difference for creators on YouTube, Instagram, TikTok, and beyond, since it would help them reach more people with their content in different ways.

Some AI tools that can be used for this purpose are:

• Arvin AI
• ElevenLabs
• Clipchamp AI

And many more that will for sure be created in the near future!

7. AI cybersecurity services:

As online dangers keep getting trickier and more common, safeguarding our digital stuff is a big deal for everyone, whether you’re a business or just a regular person. It’s becoming more obvious by the day just how vital it is to beef up our online defenses.

To meet this growing need, there’s a big opportunity to start an AI-driven business that focuses on top-notch cybersecurity services.

By using artificial intelligence and machine learning, your company can offer advanced solutions to:

• Spot
• Tackle
• And stop all sorts of virtual threats.

Also, by offering solutions made to measure each client, your business can provide personalized cybersecurity. Whether it’s setting up strong firewalls, checking for weaknesses regularly, or using threat intelligence tools, your AI-powered services can keep you safe from attacks.

8. Virtual tutoring

Virtual tutoring has become more mainstream since the pandemic. So why not take the opportunity to tutor online? It is among the great AI business ideas for a reason!

You can create a virtual tutoring platform powered by AI that’s all about giving students exactly what they need to learn. With AI on board, the platform figures out how each student is doing and dishes out personalized tips to help them do even better.

But wait, there’s more! This virtual tutoring platform doesn’t just throw information at you. It gets interactive, using all sorts of fun tools and simulations to make learning a blast. And with real-time feedback and smart learning tricks, you’re not just sitting back and listening—you’re diving deep into the subject and really getting it.

9. Advanced data analysis

AI helps businesses make sense of a lot of data. You can offer data analysis services to businesses. This helps them make better decisions and work better.

With AI, a company can dig into data and find patterns and connections that aren’t obvious at first. This helps businesses understand how they’re doing and what their customers want.

Your data services can also pinpoint spots where businesses could perform better and where they’ve got room for growth. By spotting such new opportunities, companies can fine-tune their strategies and really put everything in motion.

10. Legal and contract services

If you’re a lawyer or you own a law firm, you understand the struggle of going through contracts one by one. It’s a tough job that eats up a lot of time.

AI can quickly understand contracts and legal papers, finding important parts and possible issues. Using this tech, a business could offer contract checking and legal help faster and cheaper than regular law firms.

By using AI programs, the business can automatically check contracts, quickly looking through lots of documents to find the important bits. This makes things faster and makes sure they don’t miss anything important.

Also, the AI system can be changed to fit different industries and legal rules, giving specific advice to each client. This makes the service even better because each company gets advice that’s just right for them.

Key takeaway about the best AI business ideas for 2024:

AI offers incredible possibilities for businesses, and the options just keep growing.

Every year, we see new ways AI can change not only how we run businesses but also how we go about our daily routines. So coming up with AI business ideas in 2024 depends on your ability to improve any demand that the market has, and becoming better than your competitors by empowering your skills with AI.

One helpful tool to explore is Arvin, an AI browser extension designed to assist with generating text, images, or translations, making business tasks a whole lot easier.

What are you waiting for to try it out and see what it can do for your business?

FAQ

How can AI help businesses make better decisions?

Well, they can do a lot! AI and ML can automate repetitive tasks, make customer experiences more personal, improve how things get from point A to point B, and even predict future trends for better decision-making.

What ethical considerations should businesses keep in mind when using AI technology?

It’s important to watch out for biases in AI systems, make sure customer data stays private, and be transparent about how AI decisions are made. Using AI responsibly and ethically is a big deal.

Will AI take our jobs?

No. While AI might handle some tasks, it can also create new job opportunities and make existing jobs even better. To get ready for AI, businesses can help their team learn new skills and get better at what they do. Even if you come up with the most brilliant AI business ideas for 2024, people and services will still be needed as usual. It will just change how things run.