Build A Natural Language Processor - Business Ideas

Updated: September 15th, 2022
Build A Natural Language Processor

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

Welcome to the frontier of AI technology, the development of Natural Language Processors. This exciting business idea taps into the expanding landscape of artificial intelligence.

In simple terms, a Natural Language Processor allows machines to understand and respond to human language, providing a seamless and interactive user experience. They’re the engine behind your vocal requests to Siri, Alexa, or Google Assistant.

Imagine being part of a crucial force powering the evolving relationship between humans and digital machines. The sector is burgeoning, with immense growth potential. Companies are tirelessly searching for ways to improve their AI, offering you a lucrative stage to showcase your creative and technical prowess.

While it does require a strong understanding of AI and its complex components, the rewards are gratifying. If you posess an innovative mind ready to shape the intricate dance between man and machine, consider diving into the world of Natural Language Processors.

Building a natural language processor requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell natural language processing service, or selling natural language processing service online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size
$9.9B
starting costs
$11.7K
gross margin
90%
time to build
210 days

Startup Costs

Min Startup Costs Max Startup Costs

Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

Successful Businesses

Business URL Rank

UPC Universitat Politècnica de Catalunya

upc.edu

18,747

Natural Language Toolkit — NLTK 3.6.2 documentation

nltk.org

81,111

Cortical.io

cortical.io

314,971

Priberam

priberam.com

1,042,605

BizNLP

biznlp.com

4,852,598

SyTrue

sytrue.com

8,039,998

Tinq.ai

tinq.ai

8,364,382

Pros & Cons

Pros Description

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!

Little startup costs required

The cost to start a natural language processor costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a natural language processor 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.

No overhead costs

To get your natural language processor started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Cons Description

Crowded Space

Competition is high when it comes to your natural language processor, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A natural language processor 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.

Work can be inconsistent

As a natural language processor, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a natural language processor, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a natural language processor, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a natural language processor, 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.