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essay relating to idea of creating a company specializing in providing transcription services to its customers appears to be quite reasonable.
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#A Business Idea Worth Exploring: Multi-Language Transcription Services Essay
Subtitles are vital for any video for numerous reasons, from its target audience belonging to different cultures to people experiencing difficulties hearing or being unable to play the video with audio in full volume. Therefore, the idea of creating a company specializing in providing transcription services to its customers appears to be quite reasonable. By using the hybrid business model as the tool for transferring from the traditional business context to the digital one, a company will be able to promote the described service successfully to the target audience.
To map the key aspects of the business described above, a business model canvas was utilized. The process of filling it out has led to important insights, particularly, a better understanding of entrepreneurship’s goals and the ways of achieving them. Specifically, the insight into the partners, activities, and resources has allowed understanding the significance of different aspects of starting a business and creating a unique business model (Vukanović 3). Namely, the necessity to contextualize the delivery of transcription services to a wide range of customers, as well as the need to deploy different marketing approaches to cater to diverse audiences, have been recognized with the integration of the said business model.
The focus on customer relationships and customer segments has been a particularly important issue to address, especially given the specifics of the digital market. Since determining the characteristics of customers in the online environment is quite difficult, the integration of the communication channels, primarily, social networks and the related tools is instrumental in improving the quality of feedback analysis and the further introduction of improvements. The emphasis on customers’ unique characteristics has been essential in adjusting the business strategy and especially the marketing approach so that people from different backgrounds could consider the specified business as a trustworthy organization with a high-quality product (Iankova 174). Indeed, since the entrepreneurship in question offers transcriptions to multiple languages, it will need to appeal to a very diverse demographic. Consequently, making the product look relatable and attractive to the target population is quite a challenge, which can be met by integrating a culture-based customer segmentation approach.
The assessment of the cost structure is, in turn, another crucial part of the business plan. In the context of the selected business model, a vast range of costs can be avoided due to the integration of the frameworks such as the monthly recurring revenue (MRR). The inclusion of the MRR into the cost management process and the project’s financial issues, in general, will help to define the range of expenses that the company will be able to afford (Cohen and Neubert. 12). In addition, the current approach to cost management will serve as the incentive for seeking investors and attracting new sources of income, thus securing the company’s financial position in the digital market.
Overall, there are strong indications that the proposed business model will help to propel the organization to the top tier of the selected market niche. Moreover, with the adoption of a culture-driven marketing framework, the firm is likely to expand, which will allow targeting a wider range of options and collaborating with a greater variety of organizations. With the focus on the possibility of a merger or an acquisition in the future as the method of increasing the company’s competitive advantage, one can contribute to the rapid development of the business in question. Overall, the feasibility of the business project in question appears to be quite high given the effective framework for addressing financial issues and marketing the service.