 Today we're taking up a tech business idea for you to start up today in the world of geeks Tech businesses are certainly the businesses of the future and hugely profitable if you get your business right So what are we talking about today? We picked up a chatbot builder today as a business model for you to start up The chatbot builders are actually AI powered virtual assistants Which is perhaps one of the biggest marketing trend in today's time And they are being used by big corporates banks SME businesses and lots of others for services Which have to do with customer interaction feedback online e-commerce and much more It is being predicted that by 2025 nearly 70% of the jobs which are in customer care cell will go to chatbots For human interactions and there's a reason behind it The reason is that chatbots can be 24 by 7. They are faster and they can store all the data for analysis Which are and as I say data is the real oil today So how do you get started to build a bot business today? You need to have thorough knowledge of two things one is artificial intelligence and NLP which is actually neuro linguistic programming and this of course is together with computer coding Which you essentially need to know if you're building a bot business You essentially need to have a very clear direction as to who you're building this bot for and who is your target customer There is a great need of bots which are coming in sectors like health care in banking in education And so many others that again can be looked at So you need to have a business plan in mind and of course with the full stack business model that you will need You will also need developers and you will also need a data scientist who will understand the neuro linguistic results That you will receive from your data But my biggest advice to you is that whenever you're building a chatbot business You need to keep it simple because eventually our objective is really to service the customer and not confuse him with too many features You would need an investment which will be anywhere between rupees one to three crores 80% of your monies would actually be used in getting the right workforce Into your group now this would need a battery of data scientists machine learning engineers AI and NLP Experts about 20% of the monies or the investment would actually go in buying the more equipment and hardware Which is about buying servers glu marketing and other miscellaneous costs required to run the business One thing that you need to now know is that chatbots are still in very early days in India and Customers while they come and use chatbots once but they are still not completely used to it So by the time they really warm up to the idea of using the chatbots You really need to make sure that you find some solutions that can help you earn revenues now Whether you get your clients paid or unpaid, but that is really the key for making your business sustainable So that is something you need to work on as soon as you build the chatbot ready for business If you're an existing marketing agency You can also look at chatbot as a plus that you can add into your already existing stack of services because truly It will be something that will help you get a great retainer with your existing clients and also at the same time It can give you the revenues which on other down times like an off-season or something They are not able to you're not able to generate enough profits So the chatbots are actually a retainer based business model where you work with a client over a long period of time And therefore you're able to get the right money So are you ready to get started in building your chatbot model? Remember the business is great as long as you know what your customer is looking for You want to know more about the chatbot business? Come to www.entrepreneur.com to find out more