Starting a Transcription Business the Right Way
Business Overview:
If you are an experienced transcriptionist looking to go out on your own and be your own boss, you should look into starting a transcription business. There are many different types of transcription from transcribing interviews, video recordings, and even meetings. There is a huge demand for transcription services as companies are making every effort to digitize their information. This is why you should find out how to start a transcription business. If you have the skills to do transcription, you’ll also likely have the skills to hire well-qualified transcriptionists to work for you. Experienced transcriptionists are always looking for online transcription jobs so advertising your recruiting efforts on online job boards is a smart move. To execute this business idea, you don’t need any office space because the majority of transcriptionists are looking for home transcription jobs. With this online business idea, you will be managing your staff virtually as they work from their homes around the world. This requires a special skill set since you will need to be able to motivate them and keep track of their productivity without being able to meet with them in person. Once you get your staff in place, you will need to market your business to companies looking for quality transcription. You will market your services to different types of businesses depending on the types of transcription services your business will offer. If you will offer corporate transcription for events such as meetings, seminars and interviews, you will market to corporations. If you’re targeting videos needing to be turned into transcripts, you might want to market to online entrepreneurs. And since this type of business can be done virtually, you can work with any business regardless of where they are located. As you can see, for the qualified transcriptionist entrepreneur, starting a transcription company can be a great opportunity.
A Day in the Life of a Transcriptionist Business Owner:
If you are just getting started, you will spend your day recruiting transcriptionists, reviewing resumes and performing interviews. If your staff is in place, you will check in with them to make sure they are on track for project deadlines. You will also spend a portion of your day marketing your business to other businesses. You will place ads online, make phone calls or work on direct mail advertising. You will check in on your finances to see if you have enough clients to maintain your bottom line.
About Your Customers:
Your customers will be businesses needing quality transcription services. These businesses can range from large corporations to small business to academic institutions.
What You Need to Start:
- Transcription experience—or the willingness to learn
- Computer with headset and foot pedal
- Finance software
- Staff of transcriptionists
- Marketing plan and materials
The Good:
- The startup cost for this business is very low.
- The demand for quality transcription is high.
- You can charge top dollar for your services.
- It should be simple to find well-trained transcriptionists to work for you.
The Bad:
- It can take some time to grow your client list.
- It can be difficult to manage your staff remotely.
Resources:
- American Transcription Association
- Bureau of Labor Statistics for Medical Transcriptionists
- Wikipedia on Transcription
About The Author
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