Office Space Expenses

$0

$7,000

App Creation Costs

$1,099

$20,099

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$2,500

Website Costs

$13

$215

Training & Education Expenses

$0

$850

Total Startup Costs

$1,274

$33,558

Vantage Circle

vantagecircle.com

21,238

SmartCompany

smartcompany.com.au

34,044

CreativePro Network

creativepro.com

35,001

i2OCR

i2ocr.com

35,058

Fireflies.ai

fireflies.ai

37,863

GSMA

gsma.com

41,699

Identifont

identifont.com

55,158

Deepmind

deepmind.com

74,683

Google Research

research.google

82,157

DeepLearning.AI

deeplearning.ai

83,084

Amelia

amelia.com

90,314

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Rewarding work

Starting a AI based voice and image recognition tool can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Traffic to your website

A AI based voice and image recognition tool gives people a reason to visit your website and to keep coming back to you!

No overhead costs

To get your AI based voice and image recognition tool started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

Competition is high when it comes to your AI based voice and image recognition tool, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A AI based voice and image recognition tool can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Security Issues

With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.

Isolation

Often times, as a AI based voice and image recognition tool, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a AI based voice and image recognition tool, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.