What it Will Take to Start a Home-Based Transcription Business

Even if the economy fluctuates, transcription businesses thrive. Starting a home-based transcription business is a great way to earn extra money. Learn what it takes to succeed as a transcriber.

If you are have an interest in being self-employed and making extra money, a home-based transcription business is a fast and simple solution. The reason a home-based transcription service is such a great idea in the recession is because companies are looking to downsize – and that means they are outsourcing a great deal of work.

You can take advantage of companies looking to lower their overhead costs by offering freelance outsourcing services. Legal professionals, medical professionals, and business professionals will have a lot of easy work for individuals who can provide transcription services from home.

With a home-based transcription business, you will be responsible for listening to audio recordings of voice notes, meetings and special events, and then typing out what was said word-for-word. For the right individual with a computer, internet connection and good typing skills, being a home-based transcriber is easy work that you can complete on your own schedule.

Your clients may include doctors, lawyers, think tanks, non-profit and for-profit organizations, just to name a few. The work is not physically or mentally demanding; all it takes is the right equipment and the right combination of technical skills.

Outsourcing of transcription work is becoming very common. Now is the time to start offering transcription services to businesses in your area and beyond. With the advances in technology, you do not even need to be located in the same city as your clients to perform home-based transcription services. You can work remotely with an internet connection and capitalize on the growing popularity of outsourcing.

Skills Required: advanced typing and computer skills, organization and time management skills

While transcription is easy work, you need to have superior typing skills and the ability to work with certain computer programs and audio files. You also need superior organization and time management skills to get projects completed on time.

Startup Expenses: $100-1000

In addition to a computer, you may need specialized equipment that you have to purchase, including a headset or foot pedal control. Depending on your existing skills, you may even want to complete a transcription course at a community college or through an online learning experience to enhance your skill set.

Monthly Revenues: $500-$3000 per month

Transcription services are in high demand because of outsourcing. As a self-employed transcriber, you may see earnings in the thousands of dollars each month.

Monthly Expenses: $50

Monthly expenses for transcription are easy. You may need to purchase office supplies from time to time, or spend money on postage if clients request paper transcripts instead of electronic ones. If you have many clients that live outside of your area, then you will need to invest in high-speed internet to communicate with them appropriately.

Time to Break Even: 2 months

Within two months, you should be able to get enough transcription assignments to start making easy money. Outsourcing is becoming so popular that you might find a home-based transcription business can become a full time job for the self-employed.

Working as a transcriber is lucrative and fun for individuals with the right combination of technical and organizational skills. Start exploring the growing demands of outsourcing and your potential for success in this home-based business opportunity today.

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