Make Money in the Records Management Business

In the information age where massive amounts of data are generated and stored for quick access there are naturally vulnerabilities. What happens if computers crash? If natural disaster strikes? Or in case of fire or theft? Statistics show that most companies that suffer a catastrophic loss of data never come back.

In addition, new Federal regulations regarding privacy in electronic fund transfers have placed responsibility on companies for securing and or destroying transaction records. Companies that fail to do so are subject to fines and litigation. This climate leads to a very real need in the marketplace for secure, off-site backup of data and archiving of hard files. Virtually every business has this need, which makes it an opportune time to invest in or start such an enterprise.

Pricing in records management includes two components: storage and services. As a rule of thumb, you can expect service revenue to be approximately 60 percent to 100 percent of storage revenue, depending on market size and competition. Typically, a records-management company charges for pulling, putting away and transporting items to and from the client; adding new items to inventory; destroying items; and faxing, copying and indexing items into a computer system. Records management companies also charge consulting fees for working with customers to solve their records-management issues and establish regular procedures. At any rate, the records management business is on the rise and will be for the foreseeable future. To make money in the records management business a company should carefully assess and structure their service offering and fee schedule as well as focus intensely on customer service.

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