The simple answer to this question is YES. Several successful transcription company owners have never transcribed a word. Starting a transcription company requires a low investment of around $15K for web design, $500 a month running cost, and a marketing investment of typically $3,000 a month. While there are no guarantees, business owners with good a business plan and excellent execution can typically start to break even by the 3rd month onwards.
It is easier if you have a business partner or an employee who knows about the transcription business. If you do not have access to an experienced transcriptionist and are not sure how to get started, contact business coaches to help you get started.
Web consulting company GMRWebTeam.com has helped several transcription companies build websites and market their services. OnlineBizHQ.org has helped several startup companies become successful, including transcription companies.