How to Start a Transcription Service
Are you looking for a service that does not require much skill or knowledge to offer for money? Are you looking for the perfect business to start with zero or little capital? Then it would be best if you considered a transcription service, for you can kick start your business and get your first client as soon as you want. There is little involved in starting this business, for the required skills include knowledge of the language and how to write.
The transcription service involved listening to people and writing down all what they said. It is common knowledge that companies are looking for people to help them transcribe meetings, seminars, tapes and other forms of spoken words. These transcriptions are needed for proper filling of information, keeping information passing of the information from one place to the other. However, before starting your transcription services, there are necessary things you have to understand and set.
We are going to show you what to consider in starting your transcription business, how to find clients and how to keep the business going. Follow the instructions correctly and start running these services today.
What to consider in starting your transcription business
Plan Your Transcription Business
Now that you have decided to start a transcription business, the first step is to lay out a proper plan for the company. Every business should have a plan from which you have to determine your goals and objective, that will define your services to those that need it. The business plan will also be a suitable guide to drive you to your purpose of starting the business.
You should determine the scale of the business if you want to work from home as a freelancer, or you want to open an office, employ people and outsource work to these people while you pay them for their services. The determination of the scale of your business may depend on your capital, resources, experience and the number of people available to work for you.
Skills and Tools Needed to Start a Transcription Service
Anybody can provide this transcription service to any client if you understand the language and can write. It does not require any particular skill or talent, which makes it one of the suitable low budget businesses to start with excellent profit potential if you can handle many jobs. Anyone can do this business, and it is one of the easiest businesses to start, and if you are fast at typing, then you have an advantage, as the faster, you can deliver, the more you can earn in a short time.
The only tool that might be required for this work is your computer, and you can start today since it does not require much space. You will also need an earphone to listen to the record as you transcribe the words from what is recorded.
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Capital for Starting the Transcription Services
Understanding the requirements in providing the services, it is easily understood that it does not require much capital to start the business. If you have a computer, then you can start the business with no additional expenses, but just your time. However, if you do not have a computer, then you can get any computer, no matter the capacity to do this job. Then, you should consider the money you have to spend on internet connectivity, which may not be much, or you can get a free connection if available.
Furthermore, you can start the services with zero capital, and make 100% profit as a freelancer offering transcribing services. This business has high profit potential for a zero capital set up.
The Running Cost of the Business
It is essential to consider the running cost of the transcribing business in your business plan, for it will help you manage the company. Fortunately, this is one of the businesses that do not require much running cost other than the time you spent in getting the job done. Since you can run the company from your home, you would have saved the money you should spend on rent; and in addition there is no overhead cost unless you want to hire people to transcribe for you and place them on salaries.
However, you have to spend money on paying for internet connection, which is the leading running cost of the business.
The Targeted Clients
In any business, it is vital that you know your potential customer and what they will need to serve them effectively. The transcription services are required in a wide range of industry which makes it highly demanded, and some of your clients might be in the law, medical, academic or engineering field. There is a high demand for transcribers as companies are outsourcing these tasks outside the company.
And this makes the services highly demanded, and a tremendous potential business for making money. If you are good at these services, you will not be short of customers for there will always be work for you. The transcribing jobs can be done part-time or on a full-time basis, and those with regular jobs can do some freelancing transcribing jobs in their free time.
How to Charge for Transcribing Jobs
You must know the standard rate of charging when starting your transcription business. You do not want to overcharge or undercharge your customers, for you may end up losing your customer when you overcharge or being underpaid. So what is the proper pricing to help you stay on business and make a profit?
Furthermore, the standard rate for transcribing jobs for minute audio is between $1, 50 to $3. However, the prices may vary depending on the clarity of the sound, the number of speakers and non-native language speakers. It would be best if you understood that the job might become the demanding base on some of these factors, and in such cases, you may charge a little higher to compensate for the challenging tasks.
Moreover, you can make a considerable amount of money in this business if you are dedicated to the task. At the standard rate, you can be making between $60 to $180 per hour of transcription work, and you can multiply the amount you can make in a month with regular jobs at hand.
Read Also: How to Make Customers Pay your Price
How to Make Money from Transcribing
As a transcriber, you will make money for the charges on the task done that is transcribing audio files. The money you get paid will depend on the negotiation you have with the clients. You may opt to get paid a flat rate or by the minute for the tasks, and you can agree on the pattern of billing you prefer.
It is vital that as a beginner, you charge as low as possible to attract clients, and you can start increasing your rates with more experience. Clients will be willing to pay more when you have a useful review from customers, and with your experience as a transcriber. That is, the client will be ready to pay more to a transcriber with over three years of experience, over 3/5 customer review than a new transcriber with no job experience nor rating from customers.
Thus, as a starter, apply for all jobs even if the fee is smaller than expected. As you grow your profile, you can begin to charge customers higher.
Starting Your Transcription Business
Now that you know the potential of the business, you can go ahead, taking the necessary steps to start the business. It is advised to always legitimate your business by making it a brand, no matter how small the business. There is no regulation for freelancing jobs, and you may not need to register the company with any government organization unless you are opening up an office. Those that will be working from home can easily skip the registration part of the business start-up.
Get your business legitimizes and started by taking the following action:
- Get a brand name
In business, your brand is your identity, and you must create a suitable and attractive brand name. To start your transcription service, the first step after a thorough understanding of the business requirement is to find an appropriate name for your services. You may use your name, or get something related to your service, but get a name that your client can easily relate to.
It doesn’t matter if you are using a freelancing platform, get a brand name for your business, for it will be easier to recommend someone with an identity. Also, in branding your business, you should consider using an appropriate image or logo for the company. You can get a graphic designer to do this for you, although it may not be compulsory.
As a freelancer, you can use your picture, to help create a personal connection with your client. It encourages using an image of yourself, for people will feel more comfortable giving a job to someone they can put a face to. Such consideration can be regarded as employing someone for a company, the company will want to know the person who will be working for them, so putting a face to the brand is ideal. It will increase the number of people that connect you for your services.
- Creating a professional profile
The transcription business is one of the demanding freelancing services online. Unlike other types of businesses where you have to register your business with government agencies, here you need to create a professional profile. Your profile can determine the number of jobs you get for this is what the client uses in evaluating you, especially as a starter with little experience.
You can take a cue from the profiles of top professionals on these platforms; use their format to create a suitable profile that is capable of attracting clients. The vital part about your profile is where you tell about yourself and the services you have to offer.
You must portray your best attributes and your skills, especially those relating to transcribing services. If you can type fast and are proficient in document associated issues, then you should highlight such details in your profile. Clients will be interested in what you have to offer along with your transcribing skills.
And if a business start-up is for a company that offers transcribing services, then you should include the professionalism of your workforce. Let your clients know that you have a recruitment process that ensures your employees are proficient in transcribing and other related services.
- Work experience
Now, this is a vital section you have to pay attention to the preparation of your profile. At this session, you are going to share all the related work you have done on transcribing. Clients focus on your rating and your job experience in determining your ability to handle the task at hand.
Some clients will not give specific jobs to a beginner or someone with no relatable experience, but you do not have to worry about that. There are enough jobs for beginners, although the prices may be low, you can use these low paid jobs to pad upon your experience and in time bid for the high paid jobs.
If you have the experience, you can place links to your previous jobs on your profile. And intending clients can go through these jobs to profile your ability to handle the tasks. For those that do not have the experience, you can use your qualifications to boost your profile. Let the client know that you are capable of carrying out the tasks at hand, and you will deliver the job correctly on time.
- Always update your profile.
We have always stated the importance of your profile, and it is advisable to update your profile after every task. Doing this will tell clients, especially those who have visited your profile to know that you are upgrading, and this will help increase your rating. In doing this, you should always encourage your clients to drop reviews about your services, which will encourage other clients to require your services.
How to Source for Transcribing Jobs Online and Offline
You can find transcribing jobs online and offline, and as a starter, you have to be upfront in getting clients. What is meant is that there are times you have to approach those who may need your service, that is market yourself upfront to these potential clients. The initial hurdle in proving transcribing services is getting the first job, and when you have crossed that hurdle, it will become easier.
In searching for jobs, you should take the following approaches:
- Write a proposal to potential clients.
After you have set yourself up, you have to source for clients because you are relatively unknown at this stage. You can start with families and friends if they need these services and build your customer base from that point. However, the best approach for your first step will be to find those companies that need your services. After thorough research, you can determine which of the companies in your locality will need your services, write a compelling proposal to each of the companies.
With the research carried out, you would know some of the needs of the company and use that in your proposal letter to tell them how you can be of help. In the proposal, you should highlight your skills and provide proof of the skills if you can through job experiences, work is done and so on. Remember that with this proposal, you are selling your services to the companies, so try to be persuasive.
- Freelance platforms
There are several freelance platforms (such are (freelancer and upwork) where the services of transcribers are being searched for, and you can join most of these platforms for free. While some of these freelancer websites offer premium services where you can get extra assistance, be able to bid for more jobs and better exposure to potential clients. This premium or paid platforms are suitable for those that are running a company with several professional transcribers available for their services.
As a starter, who is new to the business, you can make use of the free platforms to promote your services. All you have to do is create an appealing profile, one that will tell more about what you have to offer. Please take note that on these freelancing platforms, it is a competition, and you have to set up a professional profile and prove to the clients that you are capable of.
- Find clients through social media platforms.
You can get transcribing jobs on social media platforms by connecting with potential clients and promoting your services. Facebook and Twitter are one of the suitable platforms to use to help your transcribing services online. These two platforms are designed to support promoting such services where you can reach out to those that need your services quickly.
Create a business profile on these platforms and build such buzz about the handles that people become aware of the platform. Nowadays, you cannot do without social media in promoting your business, and building awareness about your brand. For it seems everyone is on social media and you should take advantage of this to promote your services to those who need it.
A platform that needs to be taken seriously is LinkedIn, which is a professional platform where you can meet experts in different fields. For your professional services, you should have your profile on this platform, where you can meet other professionals, socialize with them, learn more about the transcribing services and also get contacts for gigs. The platform is suitable for professionals and newbie’s, and it is the perfect place to learn and improve on your services while connecting with top professionals in the field.
- Recommendations
The fastest way you can get a gig as a transcriber is through recommendations. You can get recommended by a client to another one when you satisfy that client with a good job. As since the old days, word of mouth can promote your business faster than any other way of getting a job. The person will not waste time in asking you if you can deliver because your work has spoken for you with the other client. It would be best if you endeavored to take every task essential for may be recommended to other clients.
How to Keep Your Transcription Business Going?
You should look at the long term when starting a transcribing service, and ensure that you keep the business going on for a long time. To achieve this, you should consider the following:
- Check for innovations
We are in a technology age where they are an innovation in different fields, and you must check out for the latest change in your industry. Check for innovations that will improve your work, make you perform your task faster and conveniently. There are better audio devices that will aid you transcribing, computers with a faster processor to help you accomplish your tasks more quickly.
- Put the clients first.
To succeed in the transcribing business, you should put the clients first. You should ensure that you provide quality work to keep the clients happy and satisfied. Do not take action that will over stress yourself and make you deliver a poor job. Take your time to finish one task before accepting another task, because you will get a good review of each quality task you submitted.
- Invest in promoting your business
One thing you should consider from the onset is to invest money in promoting your business. It would be best if you considered spending money on Facebook and Twitter adverts, paying influencers to promote your services and other paid promotional methods.
Conclusion
With the internet, you can work from anywhere in the world, which makes the transcription business suitable for anyone. Note that you should consider payment methods with clients before you proceed with the transcription job. However, with freelance platforms, this has been made easier with the availability of a trusted and verified payment method which makes these platforms the perfect place for getting online jobs. Starting a transcription business service is not as tricky as other business start-ups, for you do not need any particular skills or talent to get the job done.