Generally, all things are going digital and that trajectory is not going to stop. We’re also seeing the increased use of cloud storage services i.e. the storage or backing up of data online. Once upon a time, there used to be analogue media in various forms. I’m referring to things like vinyl records, videotapes, audiotapes, film reels, physical photos, physical documents (e.g. old original documents) and so on. Most people have stashed away such materials as things that are now obsolete – but they aren’t necessarily obsolete. The conversion of analogue media into digital media is sought-after for repurposing and preservation. Necessary technology exists that can convert all such analogue media into digital media. Therefore a business focusing on offering such services can be built.
The main thrust is to come up with a business that offers services that specialize in the conversion of analogue media into digital media. The business can also be diversified to also include digital to digital (i.e. one format to another) or digital to electronic (e.g. soft copies to CD copies for instance) media conversions. Multimedia productions such as image and video production and editing can also be included. Another related service will be duplication as the case might be that some clients might want several duplicate copies of particular converted media. This will help widen your prospective channels of revenue by offering more related services. The types of analogue media to convert are numerous so it means you’ll have to decide on which specific services you want to offer.
Key Components And Things To Consider
The choice of which services to offer will depend on certain factors. One of the key factors is the hardware and software required to convert particular analogue media into digital media. Some of the equipment required will be quite expensive whilst others will be relatively affordable. So that’ll have a huge a bearing on which services you’ll settle for. Another factor will have to do with the availability of required machinery and/or associated software. I know that most of the required machinery will have to be imported because it’s most likely the case that it’s not available locally. So you’ll have to do some homework to find out where to get the necessary hardware and software.
This will mainly be a function of your intended scale of operation. What I can hint on is that you’ll need specialized human capital since there’s a high likelihood of having to operate specialized hardware and software. The issue won’t so much have to do with the quantity of human capital but rather the quality thereof.
By now I bet you’ve already guessed that this business will be very capital-intensive to kick start. The need to acquire specialized equipment (most likely to be found outside the country), software and even specialized human capital will require lots of money. However, if everything is done in an empirical and structured manner invested funds can be easily recouped in due course.
Locally the possible services offered in this type of business might not appeal to people initially. Starting this type of business is akin to breaking a new market and so it requires rigorous brand awareness and making people see your value proposition. For instance, things like old original physical documents, physical photos or videotapes tend to depreciate over time. They are susceptible to wear and tear and so that’s one angle of enunciating your value proposition from. I would also advise that it’s wise to do thorough market research before starting this business just to be sure you’ll have sustainability and be able to scale the business over time. One thing I do know for sure is that you’ll have to do extensive marketing and brand awareness campaigns. That being said I do believe there’s a vast untapped market that can be unlocked if proper work and strategy are put in.
Register the business; I always and will always underscore that. Secondly, you’ll most likely be handling sensitive or very personal data items in this type of business. You must ensure you have checks and balances to guarantee the respect for data privacy and security. You wouldn’t want to lose or carelessly handle people’s personal data – that can get you into serious legal trouble.
I’m sure this is an interesting business venture that most of you might have never thought about. I believe it holds huge business prospects because any serious people to start this business venture locally will be somewhat breaking new ground. There aren’t any household brands known locally that offer digital media conversions services so the ground is quite fallow. It’s my challenge to you to consider setting up this business as it can possibly unlock a wholesome and huge market.