Business Overview

A transcription business can serve a wide variety of clients. This is because transcripts are necessary in fields such as law, medicine, and business. The nature of the work means that it is manageable with limited time, as one can easily start doing it in their spare time or as a part-time job before undertaking it as a full-time endeavor.

Who is this business right for?

This business is great for those who like to work at their own schedule and pace. While certain transcription services, such as court reporter, may require stricter scheduling requirements, most of the work involves transcribing audio or video that has been provided to you. As such, the job is also ideal for those who type fast and are comfortable using computers and other related software and technology.

What happens during a typical day at a transcription business?

The most basic day-to-day activities of a transcription business are to transcribe speech, edit the document, and then deliver it to clients. Beyond that, most activities would include things like making contact with prospective customers, corresponding with existing customers, and advertising and managing your business.

What is the target market?

One of the benefits of a transcription business is its variable clientele. Depending on your area and any fields that you may specialize in, your ideal customer types will vary. Generally, though, major businesses and corporations make for good, steady clients. This is because they have a larger number of employees and a larger number of projects which may require your services. And, of course, your own quality service to them may result in a steady stream of work.

How does a transcription business make money?

A transcription business makes money by charging its clients for the act of transcribing the documents. The exact payment arrangement may be negotiated between yourself and the client, such as receiving a flat fee for the amount of minutes transcribed or billing them according to the number of hours that it took you to complete the transcription.

What is the growth potential for a transcription business?

The growth potential for a transcription business is variable. Specializing in a certain kind of transcription can actually maximize job security; for instance, medical transcription has been a field that has truly boomed within the last 10 years. However, the general growth potential comes down to the persuasiveness of your marketing and the speed of your typing, as the more work you do and the more clients you take on results in steady growth.