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3-1-4
TRANSCRIPTION CENTER FRANSCHISE
Starting
an additional business can be a daunting task. It would be much
easier if you could recruit somebody who had done it all before
and been successful. A transcription franchise is just like that.
It is a turnkey business opportunity which can help your school
become more profitable by engaging in services related to your primary
business. The franchiser supplies the latest technology and proven
methods so you are able to offer automated transcription service
more quickly and with less risk.
One
example is a transcription franchise that specializes in medical,
legal, insurance, law enforcement and corporate clients. The franchiser
supplies the school with a Windows NT based digital recording server.
The clients dial into this server via telephone to record dictation
and meetings for transcription purposes. The digitally recorded
material is then accessed telephonically by transcriptionists working
from school or from their homes for transcription into a word processor.
At the end of a transcriptionist's shift, the typed reports are
then modemed back into the server and automatically forwarded to
the clients' electronic mailboxes. At the clients' convenience they
dial into the server via modem and retrieve all of the finished
work.
This
value-added opportunity will not only generate more revenue for
the school, but it will help diversify your court reporting program
to attract more students, and it will help encourage them and keep
them enrolled. It will also give them more options for career opportunities
and help them earn money while they learn.
Usually
a franchisee is furnished with an exclusive operating territory,
an unrestricted marketing territory, and the necessary recording
and computer equipment. After the initial training, the franchiser
usually provides ongoing operational, sales and technical support,
a proven business plan, and referrals and sales leads. This type
of foundation, coupled with the experience and strengths of fellow
franchisees, positions new franchisees for greater success.
According
to the International Franchise Association, the survival rate for
new non-franchised business in the first year is 38% as compared
to 96% for franchised business. After five years the survival rate
for non-franchised business is 23% as compared to 92% for franchised
business. The difference is that franchises are based on a proven
model and a relationship between the franchiser and the franchisee.
Although you own the franchise, you can consider your franchiser
as an extension of your staff ready to help ensure your success.
There
is a big and growing demand for outsourced transcription. It is
a $65 billion a year industry. As a general trend, more and more
companies are outsourcing a variety of business services for economic
reasons. By reducing staffing requirements, businesses reduce costs
associated with employee benefits, sick and down time, tax withholdings,
space requirements, management costs, etc. By outsourcing they pay
only for production. Furthermore, outsourcing promotes faster turnaround
time.
The
key elements of running a successful transcription business can
be broken into three fundamental requirements: operations/management,
production/labor, and sales/marketing. Aligning yourself with other
franchisers makes sense because they are familiar with and have
overcome many pitfalls found in running a transcription business,
and consequently can save you from making the same mistakes again.
Having
these tools and resources to help manage your business substantially
increases the likelihood of your success.
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