everything you need to know about work from home general transcription business opportunities

EverythingYou Need

To Know About

General TranscriptionBusiness Opportunities

Step by StepGuide

A

Transcription CertificationInstitute

http://www.transcriptioncertificationinstitute.org/

Index

1. Why has TCI created this free report?

2. What does this ebook contain?

3. Who is a general transcriptionist?

4. Required skills for a general transcriptionist.

5. Tools for a general transcriptionist.

6. How to get trained to become a transcriptionist?

7. Where to find transcription work?

8. How much can u earn as a general transcriptionist?

9. Does it matter what country I live in?

10. I want to become a work-from-home transcriptionist.

Should I work for other transcription companies to

become my own boss by working for my own clients?

11. How to find a transcription company to work for?

12. How do I build my own clientele?

13. How to market my services?

14. Do I need to form a company if I decide to become a

transcriptionist?

15. I am not a transcriptionist and do not care to be one.

Can I start a company that employs other

transcriptionists?

16. Some free advice and a few words of wisdom.

17. Resources.

18. Disclaimer.

I.Why has TCI

Created ThisFree Report?

First, congratulations on getting this report.You have taken the first major step in evaluatingwhether transcription work or running atranscription business isright for YOU.

Let us clear the air before you even start readingthis report. Our goal is to identify the ortranscription business owners so that they canenjoy a comfortable life. right people and makethem successful transcriptionists.

The principles of TCI have run a successful onlinetranscription company for over ten years withrevenue in excess of $2 million. During this periodof running the business, they have dealt with over20,000 candidates for transcriptionists.

Less than 3% of the people whocontacted for a transcriptionistposition qualified and went on tomake money working from home.

The remaining 97% failed mainlybecause there was no guidanceavailable to them.

The Transcription Certification Institute aims tohelp people looking for transcription work findout if transcription is the right business for them,and if the answer is yes, help them become skilledand successful transcriptionists, or transcriptionbusiness owners.

© 2016 Transcription Certification Institute. All Rights Reserved 4


II.What Does

This eBookContains?

Who is a general transcriptionist?

What are the required skills for a general

transcriptionist?

What tools do you need to become a general

transcriptionist?

How to get trained to become a general

transcriptionist?

Where to find transcription work?

How much can I expect to earn as a work-from-home

general transcriptionist?

Does it matter what country I live in?

I want to become a work-from-home transcriptionist!

Should I work for a transcription company or become

my own boss by working for my own clients?

How do I find a transcription company to work for?

How do I build my own clientele?

How do I market my services?

Do I need to form a company if I decide to become a

transcriptionist?

I am not a transcriptionist and do not care to be one.

Can I start a transcription company that employs other

transcriptionists?

Some FREE advice and a few words of wisdom

Resources

You will find the following topics covered in thisreport:



1.Who is a

GeneralTranscriptionist?

You may have heard of medical transcription, but haveyou heard of general transcription? Medical transcriptionservice is focused on transcribing physician and hospitalrecordings for their record keeping and billing. Generaltranscription covers all other transcription services, withsome exceptions of certain legal recordings done byattorneys.

Medical transcription requires extensive (and expensive)training before you qualify for a transcriptionist position.You need to be a really good typist in order to make adecent living as a medical transcriptionist because, whileyou do not need to comprehend what is being said, youneed to be able to transcribe it accurately.



On the other hand, general transcription requirescomprehension as the most needed skill. Plus, you have tobe good listeners, smart, informed, have good grammarand spelling skills, and be responsible. Fast typing is NOTthe most important skill when it comes to earning a goodliving as a general transcriptionist.

Here is the GOOD news – the medical transcriptionbusiness is shrinking because of technology that convertsspeech to words and then outsources the work to low costcountries like India and the Philippines. On the otherhand, demand for general transcription is growing giventhat digital recording and broadband availability ofinternet has made transcription services available to themasses.

Interviews: Students, writers, researchers, broadcastersetc. are always conducting and recording interviews andthey generally need to get them transcribed for theirarticles, theses, books, articles etc.

Conference: Conference attendees and speakers recordthe discussion and typically need it transcribed for theirvarious purposes.

Lectures: Professors, students, public speakers, etc.record lectures and get them transcribed.

Here are many examples of transcription worksthat fall under the “general transcription”category:



Interviews: Students, writers, researchers, broadcastersetc. are always conducting and recording interviews andthey generally need to get them transcribed for theirarticles, theses, books, articles etc.

Conference: Conference attendees and speakers recordthe discussion and typically need it transcribed for theirvarious purposes.

Lectures: Professors, students, public speakers, etc.record lectures and get them transcribed.

Business meetings: Board meetings and other discussionsat businesses are typically recorded and need to betranscribed for minutes and bookkeeping purposes.



Focus groups: Market researchers record focus groupdiscussions and need them transcribed for analyzing.

Seminars: People who give and attend seminars record theseminars and usually want them transcribed for futurereference or advertising purposes.

Sermons: Priests and attendees record sermons and wantit transcribed for members who couldn’t attend.

Tele Seminars: Businesses that offer Tele Seminars totheir clients and prospects generally tape them and getthem transcribed.

Podcasts: Many podcasters want their podcaststranscribed in order to post them on their website andsend it out to newsletter subscribers.



Talk Shows: All talk show hosts get their talk showstranscribed for delivery through email, and post them ontheir websites.

Video Conferencing: Businesses need their video-castsfor their clients and prospects transcribed for theirwebsites and marketing materials.

Web Conferences: Many web conferences are recordedand need to be transcribed.

Webcasts: Many businesses and churches regularlywebcast their presentations or sermons for broaderaudience viewing. These presentations and sermons needto be transcribed for their records, and for their websiteand other future use.

Insurance Industry: Insurance adjusters record details ofincidents when they visit accident scenes. These recordingare transcribed for their documentation.

Legal Transcription: Legal transcription is in demand.Some transcription work requires experts with specifictraining. However,much legal transcription work can bedone by general transcriptionists.

Spanish Transcription& Translation: There is growingdemand for transcriptionists who can transcribe Spanishto Spanish and then translate it in English. Spanish toEnglish translation is also in demand.

Mandarin Transcription: With the Chinese almosteverywhere in the global there is an increasing demand ofmandarin transcriptionists. © 2016 Transcription Certification Institute. All Rights Reserved 12


2. RequiredSkills for a


Successful transcriptionists need to have thefollowing skills:

Good Ears Fast Fingers – don’t worry if you don’t have themnow, it’s not a must-have to start. You will havethem once you start working Recognition of Terms Knowledge of Punctuation Patience Responsibility Be smart and informed Good grammar and spelling skills And lastly, a decent typing speed



Most people think that all one needs to become asuccessful transcriptionist are good ears and fast fingers.You do need good ears and your typing speed will improve, but you also have to be well rounded enough toknow to transcribe “Bear Market”, not “Bare Market”.

Youmust be able to recognise the difference between"discreet" and "discrete" – especially when it comes tomathematics.And you must be afflicted with an enthusiasm for punctuation that borders on fetish inorder to make people read as they sound.

We are hoping that this document will help you decidewhether becoming a transcriptionist is the rightprofession for you. If you decide that it is the rightprofession for you, TCI will have found transcriptionistswith the highest chance of success.

Having said that, successful generaltranscriptionists need the following skills:

Good listening and attention to detail

These skills should be obvious, given the job. Veryoften you will encounter recordings spoken withdifferent accents and a varied level of clarity. Goodlisteners will complete transcriptions faster andmore accurately.



Patience

Discipline & Responsibility

Given that your pay in this profession is determinedby your performance, this skill will result in highestincome for you. Also, typically transcription fees for“bad recordings” are higher,which means that youcan make more money for the same amount of workif you can pay attention to details.

Patience is a real virtue for a good transcriptionist.Very often (almost always for bad recordings), youmay need to go back few times to understand exactwords. Patient transcriptionists typically havehigher accuracy, resulting in more regularcustomers and fewer returns. Once in a while, youmay even need to contact clients to clarify if therecording is bad. This may sound cumbersome, butit will result in regular clients.

You need to meet deadlines. Clients rely on you andvery often they will not meet their deadline if youdon’t. Transcription is a profession that requiresdiscipline and responsibility to complete work ontime and follow client instructions. If you believe inunder-promise and over- delivery, you will be verysuccessful in this profession.



Smart and Informed

You will need to understand the context ofrecordings in order to consistently generate aboveaverage transcripts. We have seen transcriptionisttype“bare market” instead of “bear market” whendoing work for a Wall Street broker.As atranscriptionist, you will often need to make ajudgment call because the recording is not clear.You will produce better results, the better informedyou are about a subject.



Good Grammar, Spelling & Vocabulary

When transcribing, you may need to fix thegrammar & spelling of the recording. Goodgrammar and spelling skills will increase yourtranscript quality, resulting in loyal customers. Veryoften, you will encounter not-so-common wordswhile transcribing. Thus, a good vocabulary willhelp you complete the transcription quickly.

You may also need to learn some terms when youare transcribing for specific markets (like sports,business etc.). Microsoft Word, which is thepredominant software for typing transcripts, hastools that will help you in reducing errors, but goodspelling/grammar/vocabulary skills will make you abetter transcriptionist.



And lastly, Typing Skills

This may come as a surprise that this is listed lastbecause you would think that a transcriptionistneeds to be a fast typist. It helps if you type fast, butyou do NOT need that skill to start as atranscriptionist. You are paid by production, so slowtyping will result in less income, but you will stillmake a decent income so long as your transcript isaccurate and your speed is moderate.

Accuracy is your client’s only requirement, sinceyou are paid by performance. Your speed willincrease with some practice. You can go to for FREEtyping lessons and improve your typing speed andaccuracy.

Microsoft Word/Excel Knowledge

Proficiency in MS Word is required for a goodtranscriptionist. Clients not only expect accuratetranscripts in MS Word format, they quite often askthat the transcript to be sent in the specific formatthat they use. You will need to be able toconvert your transcript to customerpreferred formats. Knowledge of MS Excel will helpyou when you bill for your work.



3.Tools for a


You need the following equipment & services towork as a work- from-home transcriptionist:

Computer, Software, & Work Station You will need acomputer with a printer hookup and a comfortablespace for working. You will spend many hours at thework station, so make it comfortable.

Your computer needs to either have speakers orhigh quality headphones for listening to therecording that you will transcribe. We suggestheadphones, because it will not disturb other peoplein your home. You will need at least Microsoft Wordand Microsoft Excel software. MS Outlook is desiredfor communication with your client and for settingalerts about the impending deadlines of yourprojects. You will need Windows Media Player/iTunes to play the recordings for transcription. Thisis usually available at no cost to you, if yourcomputer does not already have one.

You will be downloading and uploading files fromthe TCI website and other FTP sources. Many of thefiles will be large. Unless you have a high-speedinternet connection, you will be unable todownload voice files and transcribe them in time,especially with tight deadlines.

High Speed Internet Access

© 2016 Transcription Certification Institute. All Rights Reserved 21© 2016 Transcription Certification Institute. All Rights Reserved 21



You will need a foot pedal control speed, reverse,and fast forward digital recordings. You do notneed it when you are taking the test to see if this isthe right profession for you, because yourWindows Media Player comes with some of thefeatures.

However,you will need this if you decide to becomea transcriptionist. Check the TCI website fortranscription tools available for purchase.

Transcribing Equipment

© 2016 Transcription Certification Institute. All Rights Reserved 22© 2016 Transcription Certification Institute. All Rights Reserved 22



4.How to Get

Trained to Become a Transcriptionist?

If you are diligent and patient, then you may notneed any specific training to become a generaltranscriptionist.

You can self-train by purchasing transcriptionequipment and practicing transcribing differentvoice recordings. You will need someone else tojudge your work.

Another option is to take lessons and get certified. Ifyou have never transcribed before, or if your workwas rejected by any professional transcriptioncompany, then you probably require training.



5.Where to Find

TranscriptionWork?

You haveseveral choices when starting out inthe transcription business.

1. Become an independentcontractor transcriptionist forend users – businesses, researchcompanies, etc. in your area.

2. Work for brick & mortartranscription companies inyour area.

3. Work from home for online transcriptioncompanies worldwide.

4. Become a virtual-transcriptionist for end usersworldwide.

5. Start your own transcription business.



Many clients want to hire transcriptionists asindependent contractors (IC), and pay byperformance. You may be able to work from yourhome or go to your client’s location.

You will need to demonstrate your qualificationand experience in order to get hired as an ICtranscriptionist. Create your profile and highlightyour experience on your resume. Network on socialmedia sites like linkedin.com, facebook.com,elance.com for job openings. You can try and findclients on transcription oriented websites likeTranscriptionVendors.com or by uploading yourresume on TCI job boards.

If you are new to the transcription profession, youmay have a better shot at finding transcriptionwork as a transcriptionist at online transcriptioncompanies. These are typically work-from- homejobs, where companies pay by performance or evenper minute of the audio. The only thing that countshere is accuracy and timely delivery.

1. Become an Independent ContractorTranscriptionist

2. Work for Online TranscriptionCompaniesWorldwide



Most successful online transcription companies arealways looking for qualified transcriptionists. Here iswhat you do:

• Get certified for your typing speed and accuracyfrom a website like typingtest.org• Get certified as a general transcriptionist by takinglessons and tests atwww.transceriptioncertificationinstitute.org.• Create your online profile at websites likelinkedin.com.

Post the online link of your certificate to yourresume(its very easy to do it on LinkedIn) and sendan electronic version of it with livelinks to onlinetranscription companies. They will contact you fornext steps.

You will typically need to take their test and pass it inorder to get work from online transcriptioncompanies.



Check out if there are brick and mortartranscription companies in your area. They may belooking for general transcriptionists. You will havea better shot at any opening when you go therearmed with your profile, certification of yourtyping speed and accuracy, and certification as aGeneral Transcriptionist from TCI.

If you apply for a job that pays an hourly wage,then you will be hired based on your typing speedand accuracy. You can practice typing for free attypingtest.org. Go prepared to take their test –these companies usually test for speed andaccuracy before they will hire you. Search foronline transcription tests and take them beforeyou go the the company.

3. Work for Brick & MortarTranscription Companiesin Your Area

A good portion of transcription customers preferto work with one transcriptionist instead ofdealing with a company, so that thetranscriptionist gets used to their style and specialrequirements.

4. Become a Virtual Transcriptionistfor Clients Worldwide



It usually takes some time before you can catch onto their requirements, but afterwards you canexpect an ongoing flow of work. Your chances ofgetting a Virtual Transcriptionist job will increasedramatically if you can also provide VirtualAssistant services to your client.

You can also start your own transcription servicebusiness. You will need to do the following to startyour own business:

1. Build a website2. Market your website3. Do local direct marketing by mail and phone4. Execute the work

Starting your own transcription business requiresjuggling several balls at a time. You will need tohave a business plan (especially if you are going toapply for a business loan), a website for yourbusiness, internet and offline marketing, actualexecution of work, and perhaps a need to hirequalified transcriptionists depending on how muchyou want your business to grow.

5. Start Your Own Transcription Business



You should think about starting your own businessif you plan to become a large transcription servicesprovider.

We suggest that you contact businesses that focuson helping entrepreneurs to explore if starting anonline transcription business is the right decisionfor you.

If you know that the transcription business is rightfor you, then contact companies that can help youbuild your transcription website and market it. Youshould be able to find them by searching for onlineconsultants at search portals like Google, Yahoo orMSN. Make sure that the company has developedand marketed transcription websites. One companythat has built several transcription related websitesis www.gmrwebteam.com.



Whether you work from home as a generaltranscriptionist, or run a full-service transcriptionbusiness, below are some marketing activities thatwill bring more customers:

1. Start with aggressive rates and offer 100%satisfaction or money back guarantees. This willmake your customer feel like a fool if they decide notto use you for their transcription work.

2. Advertise your services on Google, Yahoo & MSN.Depending on your plan, you can advertiseworldwide, countrywide, statewide, citywide or evenat the zip code level. Local level advertising can beinexpensive and could cost you as little as $100 amonth or even less for certain areas.

3. List your business on search engines like Google,Yahoo & MSN.

4. List your services on yelp.com, craigslist.org

5. Create profile on social media sites likelinkedin.com, ling.com, facebook.com, etc.

Marketing



6. Direct mail to the target customers of your area.TCI will help you with advertisement slicks for itsregistered members.

7. Register with freelance services like elance.com,guru.com, etc. and bid for jobs posted on those site.

8. Ask existing clients for referral.

We suggest thatyou allocate a marketing budgetwhen you start your transcription business, and letprofessionals handleyour marketing. A professionalmarketing company will help you accelerate yourrevenue dramatically.



6.

EARN as a GeneralTranscriptionist?

How muchcan you

How much you earn as a general transcriptionistwill depend on your skills, marketing success,and perseverance.

Below are some earnings estimates for generaltranscription work (PLEASE NOTE – THESE AREJUST ESTIMATES, NOT GUARANTEES)

Work-from-home Transcriptionist:

You can charge for your services by hour,or byperformance.

By hour fees could be any where from $10 to $35and up, depending on your skill set and your client.Please note that you will need to demonstratesuperior typing speed and accuracy of typing inorder to get transcription jobs that pay hourly.Wesuggest that you certify your typing speed andaccuracy at www.TypingTest.org and send theinternet link of your certificate to your prospectswhere you are applying to be a paid-by-hourtranscriptionist.

Pay-by-Hour transcriptionist:



You can become Pay-by-Performancetranscriptionist where you get paid for the workcompleted. Below are some typical generaltranscription rates:• By minute of recording – $45 to $100 for one-hour of recording transcribed.• By lines of the final transcript – 5 cents to 10cents per line transcribed.

A good transcriptionist will normally take 2-4hours to transcribe one-hour of recording. Anewtranscriber could take up to four hours.However,we have noticed that transcribers start toget close to the two-hour level after someexperience.

This rate is generally based on what transcriptioncompanies will pay you. You can expect to earn 25%to 40% more than the above numbers once youstart to build your own customer base and cut outthe middleman (transcription companies). Thisalso means that you can easily undercuttranscription companies’ rates significantly, andstill make more money for your transcription workthan what you will make working for atranscription company.

Pay-by-Performancetranscriptionist:



So which payment method should you select?Fee by minutes of recording transcribed isbecoming the norm for general transcriptionbecause customers know the total cost oftranscription upfront versus guessing the per linefee. The pay-per- line transcription model is morepopular for the medical transcription business.

You will find it easier to sell your services andultimately make more money by working as a pay-for-performance transcriptionist.

Given that your pay-for-performance customer isfocused on the accuracy of the transcript ratherthan your typing speed, it allows you to become asuccessful transcriptionist even if your typingspeed is slow. You will earn less in the beginning.However,as your typing speed improves withpractice, you will gradually increaseyour earnings.

If you start your transcription business:

Owning your transcription business can be a oneof the most rewarding work-from-homeendeavors, for a modest investment. There areseveral online transcription companies grossingover $100K annually that started with a modest$15K investment.



Online businesses do not need expensive offices tostart; hence your monthly running cost can beabout $500. This gives you time to fix any problems(which will happen) and still financially survivewhen you make mistakes when starting yourbusiness.

You can hire remote work-from-hometranscriptionists anywhere in the world. Manytranscriptionists would rather just transcribe fortranscription companies,than try tobuild their own businesses. Your gross margin istypically 25% to 50% of the fee you charge yourclients when you use an independent contractortranscriptionist.



Also, using independent contractors helps yourecruit hundreds of transcriptionists withoutdealing with any fixed payroll, and you can positionyour business as a large company.

You will need to own a website, market yourservices, hire transcriptionists, manage customerservice, and generally stay on top to make yourtranscription business succeed. You will need asupport team if you are going to be successful.Anyone who tells you that you can do it all has noidea what they are talking about.



7.

What Country I Live In?

Does it matter

The answer of this question is different for differentpeople. Familiarity with culture and subject you aretranscribing helps, thus local transcriptionists haveadvantage over transcriptionists living on differentcountries or regions of the same country in terms ofquality. However,this can be overcome bytranscriptionists residing in low cost countries bybecoming familiar with the clients’ location andoffering their services at lower cost.

Here are some suggestions for positioning yourselffor a transcription job:

•Experienced Local Transcriptionists – Showcaseyour certificates and highlight your experience andtestimonials when applying for work-from-hometranscription projects. If you are pitching for a localproject, highlight your level of understanding of thearea and the subject matter in your pitch.

•Experienced Transcriptionists not Local – If youare not local, then you will need some more work tohave a good chance when applying for a project.Your testimonials and certificates will be mosthelpful in this instance. Highlight your experienceand offer “Guarantees” for accuracy of your work inyour pitch. If done right, you can bid for and getprojects anywhere in the world.



•New Local Transcriptionists – Highlight yourunderstanding of the issues and your certificate inyour pitch. Offer references of the company(companies) where you completed your internshipprogram of Transcription Certification Institute(Internship Program). You will need to providesatisfaction guarantees to instill confidence in yourclient.

•New Transcriptionists not Local – YourTranscription Certification Institute Certificate andinternship experience, along with satisfactionguarantee and low cost (at least for the first fewclients)will be most important while applying for atranscription job in a new place (Country/City).Select a transcription company in the country forinternship program where you want to get clients.For example, if you live in Philippines and would liketo get transcription clients in USA, find a companyin USA for completing your internship.



People who may believing in a foreign country, buthave experience living or working in anothercountry could easily become a generaltranscriptionist and enjoy a superior standard ofliving. For example, people who have relocated fromUSA to low-cost countries can easily become asuccessful transcriptionist and earn a comfortableliving.

People living in another country who have theexperience of interacting with people of say USA canbecome a successful transcriptionist for US projectsafter completion of certification and internship. Callcenter operators based in the Philippines or Indiacan easily do simple general transcription work forAmerican customers because of their experiencestalking to Americans as part of their call centerwork. A typical call center operator in India caneasily quadruple their income and still undercuttheir competitors by getting certified and trained asa work-from-home general transcriptionist.



8.

Should I work for other transcriptioncompanies to become my own bossby working for my own clients?

I want to become a work-from-home transcriptionist.

YOU are the right person to answer this question. It’seasy to just transcribe for another company and getpaid for your work, versus managing client lists,handling their issues directly, and marketing yourservices and other such business matters.

The first option is easy; it comes with no hassles, butit also has limited earning potential.

The second option comes with more responsibility,hard work and higher risk, but it rewards you with asignificantly higher income because you haveessentially cut the middleman.

If you are just starting, then we suggest that youstart working for transcription companies as anindependent contractor, and gradually build yourcustomer base. You will know if you want to manageyour customers once you have one or two customers.



9.

Transcription Companyto Work for?

How to find a

•Get your typing speed and accuracy certified byTypingTest.org.• Get your transcription skills certified atTranscription Certification Institute(www.transcriptioncertificationinstitute.org).• Create your professional profile at LinkedIn,Elance, the TCI job board. Post live links to yourcertificates from both institutes on your profile.

This will build your credibility and help you get work,and also give you a chance to build your owncustomer base. Go to www.google.com• Type“transcription services” on the search bar.You will find number of transcription companies inthe organic and sponsored sections.• Make a list.• Apply at the companies. You may have to give a test.• Send your resume with a copy of both certificates toonline transcription companies that you find on thewebsite.




10.

Build my ownClientele?

How do I

1. Create your profile on Linkedin.com,facebook.com, elance.com, freelancer.com, the rightsection of Ling.com, and transcription portals likeTrancriptionVendors.com. Post live links to yourcertificates from both institutes on your profile. Makesure that links to your certificates are posted on theprofile. 2. Advertiseyour services on FREE websites likecraigslist.com. 3. Advertise locally on Google, Bing and on FacebookTwitter through their pay-per-click program4. Register with local agencies as a transcriptionist.Many government and non-profit agencies require ongoing transcription work. 5. Wow your customers and ask for referrals!

PLEASE NOTE THAT THESE ARE OUR SUGGESTIONS.THERE IS NO GUARANTEE OF ANY RESULTS.



11.

Market myServices?

How to

•The most successful work-from-hometranscriptionists are the ones who start with buildingclients locally first, starting from their owncommunity, and growing outwards if there is notenough business.

•Once you have the credentials based on your twocertificates*, you should start contacting your localbusinesses. With your profile at TranscriptionCertification Institute and your ability to providefeatures to your clients like secured FTP upload,credit card processing, guarantee of accuracy, you areready to launch your business.

•You can advertise your profile to the localcommunity on Google for typically less than $100per month. If you are unsure how to do that,then contact a web marketing companylike www.gmrwebteam.com with experience ofmarketing for transcription companies.


https://www.gmrtranscription.com/


•A typical web marketing company will help youmarket your services by:

•• Setting up your Google pay-per-clickadvertisement if you are not sure how to do it.

•• Optimizing your profile so that you are found inlocal searches for transcription services.

•• Periodically providing you with standard salesletters and postcards that you can mail to prospectiveclients.

•• Providing you with tools to popularize your servicesover the internet.

•We suggest that you DO NOT try to become a websiteexpert if you are thinking about creating your ownwebsite. You may have seen other reports that makebecoming a website expert look easy, but it’s not thatsimple. Internet business is fairly sophisticated, andyou will need both expertise and hours of marketingwork to succeed. Make sure that the web companycan demonstrate successful transcription websitework.



12.

If I Decide to Become aTranscriptionist?

Do I Need to Form aCompany

We always suggest that you register your company asa business entity. This provides some tax benefits(talk to your CPA or Business Attorney about how),and positions you as a serious company in the eyes ofyour customers.

You have the following options for registering yourcompany:1. Sole proprietor2. LLC or Corporation

Once you have registered your company, you willneed the following to start your operation:1. Federal Tax Id Number2. City or County (or both) business license3. Bank Account4. Accounting system5. Credit card processing6. Resale license number

You may also discuss with your insurance companyabout any need for additional insurance, given thatyou are starting a business from home.

We have listed resources where you can find theseservices on your own. However,we encourage you todiscuss this with your CPA or Attorney to make sureeverything is done correctly.



13.

Can I start a company that employsother transcriptionists?

I am not a Transcriptionistand do not care to be one.

The simple answer of this question is YES. Severalsuccessful transcription company owners have nevertranscribed a word.

Starting a transcription company requires lowinvestment of around $15K for web design, $500 amonth running cost and marketing investment oftypically $3,000 a month. While there are noguarantees, business owners with good business planand excellent execution can typically start to breakeven by the 3rd month onwards.

Here is what you need to start a transcriptionbusiness:

• Form a business.• Build a website with abilities for fileupload/download, file assignment, and online creditcard processing.• Recruit independent contractor experiencedtranscriptionists.• Market your service and get projects.• Start the business.It is easier ifyou have a business partner or anemployee who knows about the transcriptionbusiness. If you do not have access to an experiencedtranscriptionistand are not surehow to get started, then contactbusiness coaches to help you get started.



14.

And a Few Wordsof Wisdom

Some FreeAdvice

Congratulations to you for reaching the end of theeBook! You have shown more commitment than 95%of people looking for a work-from-home solution.Here is some free advice that most of the peopleignore:

•Success in your endeavor requires hard work anddedication. This is real work that comes with majorresponsibility. You should be able to make a decentearning as a transcriptionist, but it is real work. Youwill not be able to work for one hour a week andexpect to make thousands of dollars.

•Success, either as a transcriptionist, or as atranscription business owner,will take longer thanwhatever time frame you have in mind. If you arelooking to become a success in this or any business ina short period of time, chances are that you will fail.Make sure that you are in it for the long haul if youwant to be successful.



•Focus on making your customers successful, and youwill succeed. This means 1) accurate transcription, 2)on time delivery, and 3) great customer service. Youwill find that many of your clients’ computer skillsare lacking, and you may need to walk them throughprocesses that a 2nd grader can easily handle. Youneed to be courteous and treat them with respect (orat least pretend to).

•If you outsource some work to othertranscriptionists, something you may need withinmonths after starting your own business, never hireone unless you have seen their work. Better yet, askfor certificates or experience before you hire them.

•ALWAYS proofread your transcripts,especiallytranscripts done by sub-contractors, before sendingit to your clients.

•The only “magic” for any business is perseveranceand innovation. You will need both to keep workingon your business and adjust to road blocks that youwill encounter.

•And lastly, manage your stress. Make sure that youlike this work and running this business. No businessis worth it unless YOU enjoy doing it.



Resources•Free typing training –typingtest.org•Typing accuracy and speedcertification – typingtest.org•Online transcription training &certificationtranscriptioncertificationinstitute.org•Transcribing equipment –StartStop.com•Websitedesign and marketingsolutions –www.gmrwebteam.com•Transcription services job board–www.TranscriptionCertificationInstitute.org•Low cost business registration –www.legalzoom.com•Employee identification numberonlinehttp://www.irs.gov/businesses/small/article/0,,id=102767,00. html•Freelance transcriptionist sites oflistedproject leads (you may need to payfor the leads at some site•elance.com•guru.com•ifreelance.com•shelancers.com

•quotecatcher.com•quote-it.com•vendorseek.com•buyerzone.com •craigslist.org•Marketing Resource•www.gmrwebteam.com –websitedesign, maintenance and marketing•www.transcriptionvendors.com –matchmaking websitefortranscriptionists and clients•www.gmrhq.com –marketingstrategyand business consulting for smallandstartup businesses•Free FTP for largefile transfer (fortranscriptionists not usingTranscription CertificationInstitute platform) –•yousendit.com•Dropbox.com•Social media websites forcreating profiles•facebook.com•linkedin.com•transcriptionvendors.com



Disclaimer•ALL INFORMATION PROVIDED IN THIS REPORT IS BASED ON THEANALYSIS OF TRANSCRIPTION CERTIFICATION INSTITUTE (TCI)STAFF. ALL THE ESTIMATES PROVIDED IN THIS REPORT AREBASED ON OUR STRATEGIC PARTNER’S EXPERIENCE IN RUNNINGA SUCCESSFUL TRANSCRIPTION COMPANY FOR FIVE YEARS. OURCOLLECTIVE EXPERIENCE SUGGESTS THAT THE EARNINGPOTENTIAL AND EMPLOYMENT ENTIRELY DEPENDS ON THETRANSCRIPTIONIST OR THE BUSINESS OWNER. USING THEMATERIALS AND TESTS OF THIS REPORT CAN HELP THE READERSTART THEIRTRANSCRIPTION BUSINESS, OR FIND A SUCCESSFUL CAREER, ASA WORK-FROM- HOME TRANSCRIPTIONIST. HOWEVER, THISREPORT DOES NOT PROMISE ANY EMPLOYMENT OR BUSINESSSUCCESS TO THE READER.

•ALL THE EXAMPLES OF EARNINGS MADE IN THE REPORT AREHYPOTHETICAL AND WILL DEPEND ON INDIVIDUALTRANSCRIPTIONISTS OR TRANSCRIPTION BUSINESS OWNERS.EARNINGS AS A TRANSCRIPTION SERVICE PROVIDER WILLDEPEND ON SEVERAL SKILLS REQUIRED FOR A SUCCESSFULTRANSCRIPTIONIST.

•THIS REPORT FROM TRANSCRIPTION CERTIFICATION INSTITUTESHOWS LINKS TO SEVERAL SERVICE PROVIDERS NOT OWNED BY,OR AFFILIATED WITH, THE COMPANY. TRANSCRIPTIONCERTIFICATION INSTITUTE IS NOT GUARANTEEING THEIRQUALITY OF SERVICES. THE READER AGREES NOT TO HOLDTRANSCRIPTION CERTIFICATION INSTITUTE RESPONSIBLE FORANY ISSUES THAT MAY OCCUR WITH ANOTHER COMPANY LISTEDON THE SITE.



everything you need to know about work from home general transcription business opportunities

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