Did you know that you can start your own transcription business or company like GoTranscript, Scribie, or even Transcribio? Well, most of the freelancers are used to working for companies that they overlook the possibility of starting their businesses and hiring transcribers to work for them.
Transcription is the process of converting audio recordings (like phone calls) into written text. It’s an important part of many industries, including law enforcement, medicine, education, and journalism.
To start your own transcription business, you have to know what you’re getting yourself into.
You have to find out more about the industry and understand how the industry works.
Here are 8 helpful tips that you should consider before starting your own transcription business.
1. Know Your Audience
If you want to make money with your own transcription business, you need to understand who your customers are. This will help you determine how much work you should expect from the client and whether you’ll be able to charge enough to cover the cost of running the business.
Look for clients who are easy to work with and who are willing to pay you on time so that you can sustain your business.
2. Create a Professional Website
A professional website is an essential part of any transcription business. It’s where people go to find your services and learn more about you. It also serves as a place to showcase your skills and attract potential clients.
You can as well use the website as a work portal for your workers, where they can create their accounts to access the jobs and also submit the completed transcripts. Every transcriber should have a working account to make work easier for you and them.
3. Start Building Relationships with Clients
If you want to build a successful transcription business, you need to start building relationships with clients right away. This means meeting them face-to-face, sending handwritten thank-you notes, and staying in touch via phone calls and emails.
4. Learn About the Industry
There’s no shortage of people who want to make money by transcribing audio files. However, there are some things you should know before starting your own transcription business. First, you’ll need to find a reliable source of work. Second, you’ll need to learn how to do the job well. Third, you’ll need to understand the legal requirements of the industry. Finally, you’ll need to develop a plan for scaling up your business.
5. Research Pricing
If you want to start a transcription business, you’ll first need to research pricing. It’s not uncommon for companies to charge anywhere between $10-$20 per hour. This means that you’ll need to figure out how much you can charge per hour, considering that you will be subcontracting someone else to do the job.
There are so many to consider when researching for the price like the audio quality, the number of speakers in an audio file, the length of the audio, and also the accent.
To determine this number, you’ll need to consider several factors. First, you’ll want to take into account the cost of hiring proofreaders or Quality Assurance staff. Next, you’ll want to factor in the cost of supplies and running your office. Finally, you’ll want to add in any costs associated with training and the onboarding process.
6. Where and How to get clients
At first, it can be a rigorous process to get clients, but nothing is impossible. You can start by approaching your current direct clients and requesting for referrals. They may have friends or even business partners who might be interested in your services.
Also, freelancing sites like Upwork can be a great place to start where you can get a well-paying client. Cold pitching is also another technique that you can use. You can reach out directly to business owners to see whether they might require your services.
After securing a client, you must make sure that your workers are delivering quality work on time.
7. Hiring Transcribers
To deliver quality work and to have a dedicated team, you need to hire experienced transcribers. Make sure that you have set your business’s style guides that have to be followed strictly. These guides may differ depending on the client’s needs.
You can have training sessions after onboarding the transcribers to make them understand what is needed of them. Also, make sure you agree with your payment cycle.
8. Running the business professionally
To succeed with your transcription business, you need to run the business professionally. You should have set a Standard Operating Procedure (SOP) for onboarding both the clients and the workers.
You should also have an agreement with your clients and also with the workers. Let everyone understand the terms and conditions of the business by having a written document that has to be signed.
Accounting has also to be done professionally to track the cost of running the business and also to know whether you’re making a profit or a loss. You need to make sure that the clients are paying on time and that you’re also paying your transcribers on time without any delay. This can be weekly, bi-weekly, or even monthly depending on what will work for you.
If you’re an entrepreneur, running your own transcription business is a great business opportunity, as the industry is growing very fast and there are so many transcribers looking for work.
Being a business owner is not hard as long as you have a workable business plan, and you’re persistent in what you’re doing, and you have the passion to succeed.