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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