Idea for a Business - Lack a clear market/niche

[YoungEntrepreneur]

I'm a highly skilled audio transcriptionst therefore am looking to start my own business, eventually looking to spend all my working time with business development and having a team of typists to deal with that side of things.

My issue is, how do I identify a clear niche or market to target? I'm struggling to identify markets beyond the obvious (Law Firms, Market Research/Focus Groups), but I'm ideally looking for a market that has strong potential and is unsaturated. One approach I looked at was entreprenuers, but I'm not sure whether they'd buy into the idea. Alternatively I looked at moving into total outsourcing of audio transcription for law firms, but I'm not sure whether it's feasible as just a small business.

Anyone got any good advice on identifying a strong niche for this type of business?

[Sam988]

I'm not sure if i'd go down this path; audio transcripting is being done more and more efficiently by computers and their capacity of doing it efficiently is increasing dramatically and exponentially.


I just don't want to see you spent a lot of energy in a business niche that in my view is doomed in a bit more than decade at most i'd say.

[YoungEntrepreneur]

Originally Posted by Sam988

I'm not sure if i'd go down this path; audio transcripting is being done more and more efficiently by computers and their capacity of doing it efficiently is increasing dramatically and exponentially.


I just don't want to see you spent a lot of energy in a business niche that in my view is doomed in a bit more than decade at most i'd say.

At the moment it just seems like the only idea I've got that has the potential to make me enough money to get me through university, which is my goal to save up around £20k over the next 3 years. It's not a long-term venture really so I'm still not sure whether to just go with it, knowing it will become defunct as technology improves. I'm just lacking somewhat in other ideas!

[Sam988]

Originally Posted by YoungEntrepreneur

At the moment it just seems like the only idea I've got that has the potential to make me enough money to get me through university, which is my goal to save up around £20k over the next 3 years. It's not a long-term venture really so I'm still not sure whether to just go with it, knowing it will become defunct as technology improves. I'm just lacking somewhat in other ideas!

Ah you're right, in this case you should go for it indeed!

[RT Wolf]

Hmm. Maybe try to get in touch with local entrepreneurs and brainstorm ideas with them?

Also, for uni, have you considered scholarships and bursaries and stuff? many of them don't require you to be an A student and many, many don't even get an application.