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Start a Transcription Business

By Lisa Paredes

Republish: EasyPublish™
Published: 01Feb2008
Word count: 469
Viewed: 343 time(s)

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For many people with typing skills who want to work from home, starting a transcription business sounds like an ideal solution. They believe the advertisements that shout quick training and easy work but unfortunately, more often than not, do not take the time to do the research about the transcription field and so, end up paying out hard-earned money for training that is of little value. Some things to consider when looking at a transcription business as a career move include the cost of the initial investment, the training needed, the market for the type of transcription in area and the going rate for such work.

Cost

Depending on the scope and location of your transcription business, you will almost certainly need some or all of the following equipment: voice recording equipment, computer, foot controls, printer, microphones, and telephone recording devices. You will also require standard office equipment, as you are likely to be sitting for long periods of time. If you are doing specialized transcription work such as medical transcription, you'll require dictionaries and reference materials should you need to look up terms and spelling of words used by others.

Training

Although transcription can be done by working from MP3 or other audio files and typing a phrase or sentence at a time, learning to operate more specialized equipment makes the job much easier and faster. A foot pedal for example to start and stop the audio file and headphones for the benefit of others within earshot is helpful. Beyond the physical equipment though, training is often touted in order to learn medical terms. The field of medical transcription has long been a popular one in print.

Market

Transcription is more widespread thanks to the internet. Many of the freelance sites buy and sell transcription services for specific jobs or for long term relationships. Teleconferences are often transcribed in order to become materials for further books, articles and training courses. Testimony or interviews can be transcribed for a matter of a written record. Medical transcriptionists often prepare a written record of doctor's notes, medication reports and other information by the medical community.

Because the materials can be sent via audio files and transmitted to the buyer via internet or email methods, this type of service business lends itself very well to a home-based business.

Revenue

Transcriptionists are typically paid either by the audio hour or by the page. Often, the freelance transcriptionists will bid jobs ranging from $10 per audio hour (in rare instances) to $30 per audio hour or even higher when an understanding of medical or legal terminology is a requirement for the job. Another factor to keep in mind is that transcription firms based in India or the Philippines are becoming much more common and these firms typically work for much less money.

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