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The next gold rush: how to get rich with GPTs 🤖
Welcome to a fresh edition of eBiz Insider, my free newsletter packed with tips, insights and opportunities to build your online business.
Today...
How To Get Rich With GPTs
Launch a VA Business From Scratch in 30 Days
His $500,000 Exit After 6 Failed Businesses
$100,000 Selling 💩 In A Box
$50K/Month From Only 8 Customers
$1M/Year Asking People How Much Money They Make
He Landed A $100K Freelance Client
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How To Get Rich With GPTs
OpenAI recently announced the launch of the GPT Store 🥳
That's an app store for ChatGPT, where anyone can create their own apps that enhance ChatGPT's functionality.
Example: there's a GPT called YouChat that lets you chat with any YouTube video 💬
(Note that ChatGPT Plus is required to build your own GPTs and use those created by others. That costs $20/month.)
👉 Here's an 81-minute video from Liam Ottley breaking down the significance of the GPT Store and showing how you'll soon be able to make money from it.
Liam says in the video...
Looking back to 2008, when Apple unleashed their App Store, only those with app development skills got a slice of the millions the App Store generated.
The difference for us today is that the skills required to create for the GPT store and start making money can be learned in an hour or two, rather than 3 years of software engineering at college.
GPTs can't actually be monetized yet, but OpenAI plans to launch a “builder revenue program in Q1. So hopefully within the next few weeks 🤞
Liam again…
Since there's going to be tens of thousands of people rushing to this new opportunity, the challenge is not knowing how to create GPTs, but how to create actually valuable GPTs that will stand out from the competition.
Liam lists 5 skills you'll need to accomplish this…
Market Research and Use Case Identification
Data Sourcing, Preparation, and Curation.
Prompt Engineering
Developing tools that enable your GPT to perform functions.
Marketing
In the same video, he goes on to create a "stock investing assistant, based on the wisdom of Charlie Munger," showing every step along the way 👀
To give you a better sense of what's possible here, here's another GPT that blew my mind 👇
Grimoire is "a GPT coding wizard" created by Nick Dobos, a former Twitter engineer.
Examples of use:
Someone tweeted…
I've been using the GPT Grimoire… which is incredible… I've been relearning Ruby on Rails with it as a teacher and it's been phenomenal.
While creating and monetizing your own GPTs sounds awesome, I reckon the fastest way to make money here is to become a GPT creator for hire 😎
In other words: help businesses create their own GPTs to increase productivity.
Or even just show them how to use existing GPTs, set all that up for them.
Check out OpenGPT.com for inspiration, lots of crazy GPTs listed there 🤯
Launch a VA Business From Scratch in 30 Days
Today's email is brought to you by The Savvy System.
That's a top-rated course for building a virtual assistant business 🏆
We've collected 25 ratings and reviews from students.
Here's what one student had to say…
I bought the course 9 months ago, and now have a full-time business with 17 clients and 5 employees. The program offers step-by-step instructions on building a business and the options to scale. They cover everything from branding to taxes.
His $500,000 Exit After 6 Failed Businesses
Ash Read founded a niche website called Living Cozy, described as “your go-to source for modern homeware and furniture brands” 🏡
Per a recent profile, the site was earning “tens of thousands of dollars per month” – so $20K+ monthly revenue – before Ash sold it last year.
He apparently sold it for a "6-figure deal," and I'm guessing that amounts to at least $500,000 🤑
How it all began…
Read started at age 18 with his first software company and kept trying businesses as side gigs over the next decade.
For his day job, he worked in content marketing and SEO for software companies.
Ash ended up launching 6 software companies before starting Living Cozy, but none of them took off 😕
He writes…
It seemed like software was the easiest route to go from zero to 1 and build something but in reality playing to my strengths was the best route.
His strengths were content marketing and SEO, skills he honed at his day job.
So…
In 2020… he started a new [side] project: compiling a curated list of e-commerce brands in the home goods space…
In one weekend, he built a website using Webflow, a no-code platform. He called it Living Cozy.
And…
He made his first revenue 6 weeks later when a user purchased bedding through an affiliate link on his site.
📝 Ash writes…
That was a really big moment. It made me believe, if I can get more traffic to this website I can drive revenue.
Then…
After about six months, Living Cozy was getting tens of thousands of pageviews, and by the end of 2020, Read felt like it was truly taking off.
Ash ran Living Cozy as a side project for a couple of years, which was tough…
The time constraints were a huge challenge, he said.
“The way I got over this challenge was by being ruthless with prioritization and only focusing on the tasks that I knew would scale the business”
🥳 He finally quit his day job in November 2022…
That shift enabled him to focus on building deeper relationships with brands. The company already had affiliate relationships with about 100 brands
Ash tweeted last September…
Living Cozy has been acquired.
The internet is flooded with content and Living Cozy managed to stand out by doing things the right way and taking no shortcuts.
Last words from Ash…
It took me quite a long time to learn to actually just lean into your strengths when you’re building a business.
His strengths were things he was already doing well at his day job.
Do you have a strength like that you can lean into? 🤔
🗂 $100,000 Selling 💩 In A Box
From the archive, published May 2022…
That’s ShitExpress.com, a service that lets you anonymously send different kinds of animal poop to “the people who annoy you the most.”
It launched in 2014 and got some early coverage by VICE, which reported that the business did more than $10,000 in sales the first month.
Crazy thing is, payment was only accepted in Bitcoin, which has gone up about 120x in value since 2014 🚀
3 years after launch, ShitExpress blogged: 2 Tonnes of Horse Shit, $100k in Revenue and 6,000 Happy Recipients
There’s also a blog post about starting the business, which contains lines like “Shit Explosion on My Vacation” and a commenter asking…
I’ve got 4 horses that produce 8-12 piles a day. Can I become a drop-ship distributor for you?
More recently, ShitExpress is trying to sell NFTs, and grow their TikTok with models singing and dancing about the service 🤣