Many companies today are outsourcing their transcription services. This holds true not only for the legal profession but the medical profession as well. Instead of hiring office staff to handle all of the transcription work, many professionals are outsourcing those functions to freelancers who don’t require the benefits and high salaries that staff transcriptionists would require. While it is sad for those who depend on the nice salary they were formerly able to earn, it is an open door of opportunity for those who are looking for work at home positions that will bring in steady income.
One of the good things about being a transcriptionist is you can control the amount of work you take compared to working in an office where you may be required to finish all of that day’s projects before you leave for the day. You may also choose to outsource some of your own work if you happen to find you have an overload. With your own transcription services business you can hire some freelance transcriptionists and still make a profit by paying them less than your clients pay you. If you plan to have a staff of transcriptionists you need to keep that in mind when you place your bids with potential clients—you don’t want to price yourself out of the market, but you also want to be able to make a profit from each job as well.
One of the most important things to remember before you make any decisions about starting a transcription services business is you must be familiar with the terminology. Unless you have previously worked in the medical or legal field you will need to take some training. While court transcriptionists may see some written communication, the majority of both medical and legal transcription will be from a recorder. You will need to be able to recognize the terms—the person doing the recording will not always stop to spell the words for you.