Most transcriptionists start their businesses without a business plan.
The easiest way to fail in your transcription business is the lack of a lean business plan.
Writing a lean business plan for your transcription business means knowing what your strengths, weaknesses, opportunities and threats are in a transcription business.
A transcription lean business plan also means knowing who you are as a person and as a business owner.
You become a serious transcriptionist earning good money because you know how to run a business or what the essential skills are for running a business.
A transcription business is an online business or work from anywhere in the world business.
Any work-from-home/anywhere business and people undermine/overlook the importance of having a business plan.
Take time to write a lean business plan in order to understand your clients, your business and yourself before starting a transcription business.
Through lean planning, you will know how to get clients and who your clients are/clients in need of your services.
How to Start a Profitable Transcription Business
The following are tips to make running your transcription successful and they include
Before starting a transcription business, know the different types of transcription available (verbatim, edited and modified).
Develop necessary skills like being patient because some audio files are hard to understand.
You have to be a good typist with a keen ear.
Be fluent in the language you want to transcribe. Have good knowledge of punctuation, grammar and spelling skills.
Practice transcription to get confident.
Get the tools necessary for a transcription business
Know the different people in need of your transcription services to get more leads/customers.
Ensure you invest in good-quality sound.
Price your transcription services for profit – according to your expertise level.
Because transcription is freelance work, ensure you turn in your work before deadlines. The faster a freelance transcriptionist works, the more money they make. Clients are hunting for the best quality work in a short amount of time.
The transcription job is done online so ensure you have a strong internet connection.
Be mindful of time differences and time zones which may affect your turnaround times.
Earn your customers’ trust by remaining professional always (don’t ever mix up client assignments).
Have working hours and stick to them.
Acquire business skills which are undermined by many transcriptionists because they believe transcription is just a side hustle to make a few hundred bucks.
Listen to your customers and offer genuine feedback – your customers can feel when you’re not sincere.
Always have records of transactions to keep things professional between you and your customers.
TAKE NOTE: Any business idea has the potential to flourish
A business plan gives you passion for your vision
I want you to adopt a new mindset with a business plan = planning to success.
6 Powerful Reasons for Writing a Transcription Lean Business Plan
A business plan lean or traditional forces you to be:
Realistic = not overcrowded with excitement you forget that a business must make a profit. You have to know how to sell
Take steps = not shelve your idea
Ask = what are other ways/available options of doing something?
What are the obstacles? Like legal requirements, patents, competitors
What are resources required e.g financial, human, physical, or industry know-how
What does the customer want and how do you fulfil customers’ wishes?
How to Use The Transcription Lean Business Plan
- Use this plan for any startup
- If you have had troubles understanding or writing the traditional plan, this plan makes businesses a breeze
- A lean plan isn’t static so adjust and change according to your business needs
- I use this lean plan as a template = adjusting it according to your business. Check the blog for full guides on any business you want to start to get more ideas
- I use questions to make work easier for you. If something is unclear, I expound on it. Have an answer sheet ready
- I recommend downloading this template so it’s easy for you. The download is 500 shillings. Whatsapp me on 0721616366. Pay then I will send the PDF file. Or email: gertrude dot akinyi at gmail dot com
- Using the Mpesa payment method is the best option for Kenyans. If outside the country, I use Paypal and it’s $10 – further instructions on this one coming.
- I am also simplifying the traditional business plan with simple questions, for each component. And the price is $10 worldwide.
The One-Page Transcription Lean Business Plan
- What does your transcription business do? /What do you plan to do and why?/ What are your products/services or both?
How does your transcription business plan on creating value?
What’s the main solution to the problem?
What are other potential solutions?
Is there a business in your idea?
NOTE: Businesses can have more than one problem/solution.
A BUSINESS = PROBLEM (S)+ SOLUTION (S)
Does your business idea solve a problem?
What are customers going to use this product for?
Does your product improve the customer’s situation in any way?
Why is your product valuable?
How will the product help in solving an existing issue?
What gap is the product filling in the market?
In what way is your product better than existing products in solving this issue?
Will people pay for the product?
How much are they willing to pay? – NOTE: PUT YOURSELF IN YOUR CUSTOMER’S SHOES
Is your product capable of generating value for the business?
NOTE: The price customers are willing to pay should be below the cost incurred by the company to develop and deliver the product.
How substitutable/optional is your product? – Aim for uniqueness, always.
Is there a sizeable market for your product?
How is the value you create with your business delivered?
How is the value captured by the business?
NOTE: Value is created when a customer cannot live without your product.
Value is created by providing a smarter, more effective and more efficient way of doing things.
Value is created by usefulness.
Why should others work with you?
KNOW: Make the benefits of your products/services clear
What do you want your customers to experience?
- Who are you as a person?
NOTE: Revealing or understanding yourself helps you to uncover values within yourself. These values help you stand out from the competition.
ASK: Why did I start this business?
What breaks me?
What do I love the most?
What drives me?
What am I great/good at?
What motivates(d) me to start this business?
Why do I feel motivated to start this business?
How do I handle crises?
Do I know how to sell my idea to myself and then to my prospects?
- Who are your competitors as a transcriptionist?
Why are your competitors preferred by customers?
What’s the marketing message your competitors use?/How do they win customers over?
How and what’s the response on social media or Google about the marketing message your competitors use?
How do your competitor’s customers receive the marketing message or products/services? Are customers getting converted/buying?
Is there a market your competitors miss?
Are your competitor’s prospects converted into buyers?
What’s the call-to-action your competitors use?
Call-to-action = ‘BUY NOW’, ‘SUBSCRIBE FOR MORE’.
Are customers clicking on the call-to-action your competitors use?
- How’s your transcription business structured?
Do you understand the business environment and how to use this environment to choose partners?
NOTE: Business Environment = processes/chains and all involved organisations e.g suppliers, distributors, competitors, government agencies and customers.
What are the permits required before, during and after starting your business?
What are the regulations?
Do your products meet specified health standards?
Are there zoning laws?
Do you need financing?
Will you get subsidised interest rates?
Are the suppliers ready?
How vulnerable are you as a firm?
NOTE: knowing your weaknesses help you solve problems before they arise.
What non-key activities can you outsource?
What are time-consuming tasks to outsource?
- Do you have a marketing strategy for your transcription business?
A strategy = describes how you will accomplice a particular mission or goal.
What campaigns/content or marketing software will you use to reach your target customers?
Who buys your products/services?
Do you understand how to motivate target customers to buy your products?
Do you know your competitors and what they do?
Do you know how to measure the success of your marketing campaigns/efforts?
NOTE: Marketing strategies include SEO, public relations, internal marketing, digital marketing, editorial, content, inbound, email and social marketing.
Do customers know about your marketing strategies?
What marketing strategy converts customers into paying customers?
Why did customers choose one marketing strategy over another?
What do customers say about different marketing strategies?
What marketing strategy is affordable, long-term and flexible and preferred by customers and you?
Do you have a marketing plan?
Do you understand consumer resistance and how to deal with it?
How will you conduct market research?
Do you understand that coming up with a product means working with a product development team?
Do you have a marketing plan? Aligned to the business goals?
Do you have a sales team to create and develop leads and convert these leads into sales?
Do you have a strategy to ensure customers who purchase products are retained?
- Will you advertise your transcription business on digital platforms?
Which digital platforms are your customers using?
How will you sell to them/do social marketing?
Do you have the budget?
Do you understand how to use this platform preferred by your customers?
- What are the accounting services?
NOTE: Accounting services are crucial for creating financial forecasts
Understanding cash flows patterns
Maintain up-to-date bookkeeping records
Creating flexibility to scale up or down
Receiving financial advice that’ll steer the company toward success
- How do you choose the right key partners for a transcription business?
What are your business goals?
Will your partnership appeal to the target market?
What’s your partners’ industry experience?
Do your partners understand industry best practices, rules and regulations?
Are your partners competent to complete the project?
Do your partners understand you? Consider industry(industry jargon) language barriers/language barriers in general
Will the time zone affect your partners’ productivity?
Does your partner’s work agree with yours?
- Does your transcription business understand activities it must not outsource?
- What’s your competitive advantage as a transcriptionist?
NOTE: Competitive advantage = attributes that enable you to outperform your competitors
Competitive advantages are short-lived because of changes in technology and the business environment.
- Is a transcription business capital intensive? = requiring large sums of money?
- What kind of human resources does your transcription business need?
How can these resources be acquired?
Is it better to lease resources or find a business partner with access to these resources?
What resources do you need to make it possible to deliver the product?
What resources do you have that will give you a competitive edge?
Is it possible;e to develop the capabilities of some of these resources and make them unable to be replicated?
What’s the best way to develop these key resources?
NOTE: RESOURCE = stock/supply of money, materials, staff and other assets that can be drawn on by a person/organisation in order to function effectively.
Resources include physical assets, essential intellectual resources, human resources and financial resources.
- Why are customer segments important in a transcription business?
NOTE: CUSTOMER SEGMENT = breaking a market into subgroups of customers with similar characteristics and as a result may have the same product needs.
Are you going to sell to the mass market or niche market and why?
Is your segment big enough to be measured?
Is the segment profitable?
Is it stable? Can you profit from it or is it a short-term market?
Are you aware of factors like geography, demography(gender/age groups) or psychographics (social status and lifestyle) that can be used to segment a market?
Where do your target customers live?
What do they do?
How much can they afford?
Where do they shop?
How are the services/products where they shop?
What do these customers say about where they shop?
What’s the disposable income of your target market?
Are they men, women, teens, or kids?
Are there enough customers fitting your criteria? Are these criteria profitable and sustainable?
Will your target customers see a need for your product/service?
Will they benefit from your services/products?
Do you understand what makes your customers make a BUYING DECISION?
Can you reach the market with your marketing message?
NOTE: The users of your products grow over time due to marketing, word of mouth, customer service, and customers’ changing buying preferences.
- What are the different ways/channels your customers can access your transcription services/ products?
Is your product reaching the end-user in the most efficient and cost-effective manner?
Will you sell directly to customers without intermediaries/middlemen?
If you’re selling directly to customers do you have the capacity to produce, and package in a timely manner?
what/which channels are preferred by customers?
What channels are my competitors using?
What are the strengths, threats, weaknesses, and opportunities of each channel?
NOTE: CHANNEL = different ways that customers can access your products.
- How do you get customers/initial customers as a new transcriptionist?
How do you manage and retain them?
How do you maintain and grow these customers?
How will the target group become aware of the business and its products?
How do customers evaluate whether to buy the product or not?
What needs to be done to make the first procurement and maintain the product after purchase?
Do you know your customers and why it’s important to know them?
a). Are customers prepared to pay for the product?
b). Which customer segments are likely to pay the most?
c). How much are they willing to pay for the product?
d). Are customers willing to pay a premium for this customisation and how much are they will willing to part with?
e). How does serving these customers impact the business’ vision, mission and core values?
- Do you know what your costs are in your transcription business?
Does your budget cover all the expenses?
Do you need external funding?
How will you get the funding?
Do you know the terms and conditions for the funding?
How will you get the money to pay back the money?
How will you advertise your business to get more customers and grow your business?
How will you encourage investors and venture capitalists in the future?
- What are your revenue streams?
Think will you use subscriptions, asset sales, leasing, usage fees, licensing, advertising and brokerage?
NOTE: REVENUE STREAMS = cash originating from customers as opposed to the profits
What products will you offer to generate your revenue?
What’s the value a business is going to deliver to achieve this revenue?
What’s the price the product is going to be offered?
Who are the customers and are they willing to pay for the value?
What if the business has resource constraints or a limiting factor?
What if operating costs increase?
What if demand increases/decreases?
What are the risk analysis e.g political, economic, exchange risks and business risks?
What are the types of revenue streams? E.g recurring, fixed pricing =stable pricing
Transactional = produced from a one-time purchase and payment for service/product e.g an ordinary sale
- Sales Strategy
Will you sell online or physical or both?
Will you sell to companies?
Sales strategy = communicating a value message
What differentiates you from competitors in terms of positioning your product/service?
Why should customers buy from you?
How will you connect with customers?
Sales strategy = developing a means of telling customers to choose you.
What motivates your target market? Money, lifestyle or change? Note: focus on the problems your products and services solve for customers.
What are those things/needs you never considered your product/services to meet? Are they helpful to the customers?
- If you are thinking of having a team in your transcription business, who are they?
Why did you choose this team/person?
What are the qualifications you checked to know you preferred one person over another?
Do you know the tasks your team has to complete?
TIP: DON’T hire people because they’re the cheapest or because of their educational qualifications only.
Hire people that believe in your company values.
During the hiring process, ask potential employees, if they love what your mission, vision and business goals are.
If you have them on the website, test them to see if they know what they are.
The best employees don’t necessarily have degrees; the best employees carry passion, enthusiasm and belief in what you do and want to be a part of the change.
Are you prepared to train your team?
Do you have the resources to help train your team?
How much will you pay your team while they’re in training?
Do you know the means you must use to retain a staff member?
What happens when an employee quits?
Do your employees understand what values you hold close to you?
Where will you get these employees?
NOTE: You will hire, train, and lose employees.
Some employees will become your competitors. Plan on how to deal with such eventualities.
MY MANTRA: I don’t hold onto anyone no matter what; I’m happy when an employee leaves. It’s a loss you plan for but cannot be prevented.
Train the next person or best yet train members of staff.
- What’s your location?
Do customers know of your existence in this location?
If customers disagree with your location, how do you intend on reaching them?
Will you use door-to-door delivery?
If customers love the chosen location, is the parking sufficient?
Do they love this location?
- What are the financial projections?
The most confusing part of the traditional business plan is answering financial forecasts.
Why? If you don’t understand your target market, and your pricing then, it’s hard to project.
Remember your projections will never be true. Remain realistic.
How will you price your products?
Will your customers afford the prices you set?
Have you done enough market research to know if your customers are willing to pay this money?
Are customers asking for a price adjustment?
Do you offer quality unique products to pay what you ask them to?
Are the customers enough to help your business turn a profit?
Do you need more customers?
Are customers asking for additional services?
Do you need funding?
Do you know your numbers?
Do you know why you need the funding?
What will you do to appeal to investors or venture capitalists or banks?
NOTE: Asking for additional services is a cue for expansion. Customers need more.
- What are you planning for the future?
What, how, and where do you see yourself in 5, 10 years?
What were your plans for getting started?
- Review your plan monthly
Understand the milestones you achieved.
Are you where you wanted to be?
Have you achieved the number of customers on the date you set?
What will you do differently if you haven’t achieved your milestones?
Do you need to add your target customer?
Do you have the funding to get more customers?
Is the source of funding from your pocket/profit or from investors?
Do you have the plan to repay them?
Are your sales growing according to plan?
Do you need to change your plan?
What marketing and sales strategies must you test?
Where do your customers come from? Website traffic, landing pages, foot traffic, tweets, subscribers, contacts made?
- What will happen when you decide to close shop or start other ventures?
Plan an exit strategy always.
Train others and let your business run while you’re away.
A business is like a lego house – beginning with a foundation.
A foundation = a business plan
The more you learn about your business, the more the success
A lean or traditional business plan doesn’t guarantee success.
Business plans are guides that help you not deviate from your business goals.
Starting a business requires passion, commitment, technical expertise, business knowledge, willingness to listen, observe, learn and the ability to adjust to market prompts.
Keep in mind you have to recreate, tweak and change things.
Having a lean plan means you get to understand your business and customers get to understand you and your business.
A lean plan focuses on key factors that bring opportunities to your transcription business.
The lean business plan helps you answer questions like the organisational structure of your transcription business and financial projections in an easy-to-understand way.
Are you planning on starting a transcription business from home?
Why did you decide to start a transcription business?
Is it because of the growing demand for transcription services online, for the money, is transcription a new skill you acquired, or is it for the digital nomad lifestyle?
Whatever the reason for beginning your transcription business in Kenya, ensure to take your time to genuinely answer this simplified lean transcription business plan.
Change/tailor this lean transcription business plan to what you want to achieve/what your business goals are.