Medical transcription is as old as transcription itself and most of the Indian transcription companies offer medical transcription services.
Therefore, the new start-ups and small transcription businesses (STBs) should consider other (new) niches to explore and expand their business.
With so many transcription companies in the medical transcription business its frankly difficult to differentiate - which is very important in business.
To differentiate you either have to price your services very cheaply or hire cheaply. Both are not the best options for any business.
The best way forward would be to specialize in a new market or niche. Even with only 4-5 employees excelling in this new niche your transcription company could carve a niche of its own and stand its ground.
You will be able to price competitively and therefore hire generously. In turn attract better talents and personnel. And, thats always good and sound for business.
Lets look at some (relatively) new transcription niche you could explore (and laugh all the way to bank!)
Podcast Transcription
Podcast transcription is a relatively new transcription niche. It may include transcription of audio podcasts and videos that are (or have been) published online on websites and blogs.
Although the BBC, for example, has been providing transcripts of its TV and video contents online for years other content producers like webmasters, bloggers, affiliate marketers, the make money online brigade etc are still catching up.
Media Transcription
Media Transcription
Media transcription involves converting documentaries, films, podcasts, television shows, reality shows, news, talk shows, radio broadcasts, interviews, video taped events, raw footage etc into text.
Although very similar to podcast transcription media transcription is also a new transcription niche. This niche is like an unexplored goldmine. Huge media houses will be the clientele here and the rates will be the best in the business.
Do you know of any transcription business catering to these two niche transcriptions in your city? If not, why not you?
I believe these two niches are relatively easier for transcribers too as audios or videos are professional recorded in studios for public consumption they should definitely be easier on the ears. As long as you read news and watch news channels their context will be easy to grasp too.
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