A Unique Opportunity: An Abstracting Service Business

Business Overview:

If you have superb writing and comprehension skills and are looking for a unique way to help other businesses, you should start an abstracting service business. An abstracter gathers information and reads various publications on a particular subject and creates a document of no more than 10-15 sentences that summarizes the key points of the original. Many industries employ abstracting service companies to go though the enormous amount of information available on the internet and in numerous industry publications. The most common professional fields that use abstracters are the medical, legal, technical, real estate and scientific industries. It’s important that before you get started in this business you decide what your area of expertise will be. You need to be able to understand and communicate effectively in your particular field. If you don’t have any experience in the medical field, you’d have a hard time understanding medical terms and wouldn’t be able to filter out which information was most important. Once you determine your niche, you need to set up a website that explains your business and gives your pricing structure. You will reach out to businesses in your field letting them know you are available and direct them to your website to see some samples of your work. Your clients will contact you when they need your services or you may work on a contract basis and be a company’s go-to abstract service whenever they need information. If your client is a law office, they may ask you to research cases that are similar to one they are currently working on. Once your abstract is completed, you will add it to a database and apply keyword techniques so your clients can easily find particular topics at a later time. Although the start-up investment for this business is negligible, it does require a lot of work. You can run an abstracting service from home and can work as much or as little as you like but keep in mind that the faster you complete work, the more work you will get so be sure to dedicate a few hours a day to your reading and writing. If you are not confident in your internet research skills but see the value and potential in this business, you can always hire a staff of abstracters to work for you. This would give you the flexibility to offer abstract services in a variety of fields. Your staff can also work from their homes anywhere in the world which is why this is such a great online business idea. As long as their work is of high quality and they produce on deadline, you can concentrate on marketing your business and maintaining your database. As information continues to flow on the internet, an abstracting service will continue to be one of the most popular business ideas that you can start from home.

A Day in the Life of an Abstracting Service Business Owner:

This article brought to you by Business Ideas! If you enjoyed this article, make sure to subscribe to the Business Ideas Newsletter to get ideas sent straight to your email inbox.As the owner of an abstracting service, you can work any hours you like. If you are writing abstracts, you will need to dedicate a few hours a day to make sure you turn in your work on deadline but you don’t need to work any specific hours each day. If you have a staff of abstracters working for you, you will check in with them daily to monitor their progress. You will spend some time updating your website and marketing your business to other businesses in your area of expertise.

About Your Customers:

Your customers will be businesses in a variety of fields looking for someone to distill large amounts of information into manageable synopses.

What You Need to Start:

• Expertise in a particular field or a staff with expertise in a variety of fields
• Database management experience
• Marketing plan
• Computer with finance software

The Good:

• This type of business will continue to grow in popularity as information continues to be added to the internet each day.
• Companies can save money by outsourcing this type of service.
• The start-up investment is negligible.
• You can charge top dollar for excellent and timely abstract services.
• You can easily run this business part-time and from home.
• You can hire abstracters in a variety of fields of expertise to widen your client base.

The Bad:

• This work is mentally challenging since you will be reading and writing a lot.
• Some deadlines and clients may be difficult to work with.

Resources:

• The National Association of Land Title Examiners and Abstracters
• Editorial Freelancers Association
• Association of Internet Researchers
• Bureau of Labor Statistics on Title Examiners, Abstracters and Searchers
• Wikipedia on Abstracts

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