Since, transcription is evolving rapidly; there is constantly something new, something unique that pops up. And this situation has culminated into stiff competition, further giving way to persistent efforts to create fool-proof and a consistent business plan to succeed in this extremely challenging transcription market.
While, a seasoned transcriptionist can give a long lecture on the importance of having business plan; however, many first-timers and start-up transcription service providers fail to understand its significance; and hence most of the time, they sacrifice the value of a business plan; making it difficult to streamline the processes.
A Good Business Plan has The Potential to Attract Investors.
Therefore, before moving to the elements of a successful transcription business plan; first of all, let’s understand the concept of business plan and its importance.
What is Business Plan? According to Investopedia; business plan is:“A written document that describes in detail how a new business is going to achieve its goals. A business plan will lay out a written plan from a marketing, financial and operational viewpoint. Sometimes a business plan is prepared for an established business that is moving in a new direction”.
In other words, a well-penned Business plan provides a blueprint sort of stuff that shows exactly where you are heading. In short – It shows the right path to your business. Okay, I guess, things about business plan and having one is clear; so let’s move further.
In this article, we shall concentrate on various elements that you can include in making a very robust and effective business plan for the growth of your transcription services.
Executive Summary Section A strong summation is the key element; an executive summary section gives a crisp explanation of whole purpose of your business.
Things that you need to include in your executive summary section are
- Your own personal qualifications relevant to this market and little more about what special thing attracted you to set your foot in this particular area.
- Exact Identification of common needs or problems in the sector, along with detailing the steps that can be taken to solve them effectively.
- Pinpoint in detail what you intent to offer and how will you promote your business.
- In short, this section has to act like a resume, highlighting the key facts in a lucid and comprehensible manner.
Company Description Section Primarily, this section should focus on the business goals –
- Successful entail details about your ‘mission and vision’.
- Describe what exactly you intend to offer – But this time, focus more on better transcription procedures, dedicated quality assurance practices among other things.
- Clarify your target market in great detail, along with your plans to hit the bull’s eye.
- Avoid dry descriptions of your profitable and specialized value service.
- Bragging is a No – Too much bragging about top quality, speed or accuracy might not be impactful.
- Consider the existing currents and undercurrents in the transcription market to understand what special, you can offer!
- Detail out areas where you would find the potential audience and how to reach them in the most effective manner.
Under this section; include:
- Financial projections of your transcription services business – Lay an estimate on the regular monthly or quarterly projections on total revenue, expenses, and miscellaneous trends for a period of initial 12 months of operation.
- Follow it with a quarterly or 1-year estimation.
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