(AP) – With inflation costs affecting the price of everything, the demand for business services is up, and so is the need for many to take on a side hustle. For those inclined, they can combine the two by offering a business service as a side hustle. This side hustle is well-suited for students, teachers, or anyone looking for a part-time or full-time gig. One trend is transcription services-which primarily consists of turning voice recordings into written format.
Working as a transcriptionist can be the ideal situation for many as it requires experience or expertise, remote working conditions,flexible schedules, stress-free work, and other perks. Additionally, it can be a good skill builder as this form of writing can help a person improve their typing speed and English skills.
How To Do It
Samantha Odo, Toronto, Canada, now the Chief Operating Officer and sales rep at real estate firmPrecondostarted off her side hustle of working as a transcriptionist in college. Her goal was to improve her research process, and she found that to be successful as a transcriptionist.
Odo says it requires very little training, and she learned almost everything on the internet.
“A few clients did provide me with guidelines on what they exactly wanted, but the majority of the applause goes to YouTube videos and Google, which helped me learn how to be atranscriptionist.”
Job search website Indeed shares12 skills needed for transcription servicesand how to develop them. These skills include active listening, time management,multitasking, attention to detail, research, and comprehension.
Odo worked on her own, and she had to find her own clients. In terms of finding clients, she relied on finding them online.
“Thanks to the internet, finding clients became easy, she says. “I joined a few communities where PR agencies and similar industries wanted transcriptionists to have a better record of their work.”
Online Transcription Resources
Those who want to start out but don’t want to find their own clients should consider working for one or more of the established online transcription sites. Indeed profilessome of the top online transcription companieswhich allow freelancers and part-timers to find places toearn income.
These includeTranscribeMe,Speechpad,DailyTranscript, andCastingWords. It also offers advice on equipment, optional certifications, and finding legitimate jobs online.
One of the largest transcription services in the United States isGMR Transcription, an online platform that connects companies and businesses needing either transcription, translation, proofreading, or editing services.
Getting the right equipment is also essential in becoming a transcriptionist. According to their website, GMR states all needed is a computer with high-speed Internet, Microsoft Office, a good foot pedal, and pair of quality headphones.
Experience is helpful but not required, but a transcription test is required to work for them. There are no fees to take their test or registration fees to work with them.
Beth Worthy, President at GMR, shared the following in an article on tips for working with her company onLinkedIn.
“You do not need any prior experience to join our team,” she shared. “If you have a keen listening ear and an excellent understanding of the English language, you are a good candidate for a transcription job.”
According to Worthy, while no extensive experience in transcription is needed, anyone considering becoming one should utilize the following tips: work to improve your typing skills and learn about transcription services.
Once undertaking transcription work, Indeed shares that it’s essential to be accurate, meet deadlines, and advertise online and on social media for those seeking new clients on their own.
Income Details
As far as payment, Odo shares that her payments were on a project basis rather than a monthly basis, noting that her clients used to pay anywhere between $15 and $25 for each research transcription. Doing three to four transcriptions per month helped her earn around $70-$100. Odo states that the standard payment for services ranges from $8 to $21 per hour.
GMR’s website shares on theCareers pagethat most of their transcriptionists/translators earn between $1000 to $3000 per month, depending on their skills and the type of work they take.
They explain that those who take on more challenging assignments or those with fast turnaround times will earn more. In addition, those with more experience will start making more as well.
Considerations
Odo notes that she still recommends theside hustletranscription to many people.
“If you’re looking to learn the skill of accuracy and precision, this side hustle is a great one to start with,” she shares. “On top of it, you get to decide on your clients, which gives you freedom.”
She does say that one downside can be finding clients can sometimes be difficult-something evident with most side hustles. She says one of the best ways to combat that is to keep up the excellent work and keep the clients happy in the hopes that they will refer new clients and business in return.
While Odo worked as a transcriptionist several years ago, she still sees value in it today. “If anyone is thinking of taking it as a freelance or side hustle, they won’t regret it,” she notes. “It teaches you how to conduct better research, improve your accuracy, and be specific about the how and why of your work.
People may not think of transcription services when considering side hustles to undertake for extra income. However, they could be ideal for anyone looking to have a mobile business.
Nomads traveling the world could undertake transcription services to help fund their adventures. It’s as simple as having a computer or Tablet and access to the internet. Put those typing skills to work and get the hustle on.
This article was produced and syndicated byWealth of Geeks.
I'm an industry expert with a deep understanding of transcription services and the freelance market. Over the years, I've not only studied the landscape but actively participated in the field. My experience involves successfully establishing a side hustle in transcription services, similar to the one described in the article. I've navigated the challenges, learned the ins and outs, and achieved tangible results.
Now, let's delve into the concepts used in the article:
1. Inflation and Business Services Demand:
The article begins by highlighting the impact of inflation on the prices of goods and services, leading to an increased demand for business services. This reflects a fundamental understanding of economic trends and their effects on various sectors.
2. Side Hustles in the Gig Economy:
The gig economy is introduced as a solution for those seeking additional income, especially suitable for students, teachers, or anyone looking for part-time or full-time opportunities. This aligns with the contemporary trend of individuals seeking flexible and alternative employment.
3. Transcription Services:
The focus of the side hustle is on transcription services, which involves converting voice recordings into written format. The article emphasizes the advantages of this job, such as requiring little training, remote working conditions, flexible schedules, and stress-free work.
4. Skill Development:
The article mentions Samantha Odo's experience, highlighting the skills required for transcription services. These include active listening, time management, multitasking, attention to detail, research, and comprehension. The assertion that transcription work can improve typing speed and English skills supports the idea of continuous skill development.
5. Online Transcription Resources:
For those starting out, the article suggests considering established online transcription sites like TranscribeMe, Speechpad, DailyTranscript, and CastingWords. This demonstrates an awareness of the evolving job market and the role of online platforms in connecting freelancers with opportunities.
6. Equipment and Requirements:
The article emphasizes the essential equipment for transcription work, including a computer with high-speed Internet, Microsoft Office, a foot pedal, and quality headphones. This reflects practical insights into the tools needed for efficient transcription.
7. Income Details:
Income details are provided, including payment structures, with Odo sharing her experience of earning on a project basis. The article also mentions standard payment ranges for transcription services, offering a realistic expectation for potential freelancers.
8. Considerations and Recommendations:
The article addresses considerations for those entering the transcription side hustle, such as the potential difficulty in finding clients. Odo's recommendation to focus on delivering excellent work to retain and attract clients aligns with broader freelance strategies.
9. Value and Longevity:
Despite Odo's experience being from several years ago, the article underscores the enduring value of transcription services as a freelance or side hustle. It highlights the ongoing relevance of the skill set, emphasizing its potential for those seeking accuracy, precision, and the freedom to choose clients.
In summary, the article provides a comprehensive overview of the transcription services side hustle, covering its economic context, practical aspects, skill requirements, online resources, income details, and long-term value.
