How to Make Money Transcribing: Your Guide to Financial Freedom

Are you looking for an opportunity to make money online by transcribing?

Transcribing is one of the most popular side hustles that you can pursue.

Whether it is legal transcription, medical transcription, or general transcription it’s an easy and flexible way to earn money.

In this article, we’ll discuss how to make money transcribing and provide you with the essential tips and tools to help you succeed.

What is Transcribing?

Transcribing is the process of converting audio files or video recordings into written text.

It’s a popular side hustle that many people pursue to make some extra money.

Transcribers are often required to listen to and accurately transcribe recorded conversations, interviews, speeches, and other audio and video recordings.

There are a number of reasons why transcription work services are in demand.

Businesses need transcribers to convert their audio recordings into text for research and marketing purposes.

Journalists, academics, and students often need transcribers to convert their interviews and lectures into written form.

The job of a transcriber requires great attention to detail and excellent typing skills.

It’s important to be able to accurately capture the content in the audio recordings. It’s also important to be able to type quickly and efficiently.

Let's quickly run through the various transcription roles:

General Transcriptionist

A general transcriptionist is a person who is responsible for accurately translating written text into audio or video formats.

They would transcribe board meetings, business meetings, lectures, speeches, or even discussions during marketing focus groups.

They may work as part of a team, or on their own, and often have a degree in journalism, speech pathology, or communications.

Legal Transcriptionist

Legal transcriptionists are people who help to transcribe legal documents, such as court transcripts and legal letters.

They may also help to create summaries of legal cases or provide other legal assistance.

Medical Transcriptionist

A medical transcriptionist is a professional who transcribes medical dictation and other audio recordings into written form.

They are responsible for accurate and error-free transcription, ensuring that the information conveyed in the recording is accurately transcribed.

Benefits of Transcribing

Transcribing is a great way to make money on the side.

It’s a flexible job that can be done from home and it offers great earning potential for the right people. Here are some of the benefits of transcribing:

• Flexibility: You can work at your own pace and set your own hours.

• Work from Home: You don’t have to commute to an office to do your job.

• Earn Extra Income: You can make more money than you would with a regular job.

• No Special Skills Required: You don’t need any specialized training or education to become a transcriber.

The great thing about transcribing is that you can do it anywhere and anytime.

You can work from your home office, or even while traveling.

It’s a great way to make some extra money and gain some extra work experience.

Transcription Statistics

Transcription is an in-demand job and there are many opportunities to make money transcribing.

According to the U.S. Bureau of Labor Statistics, the median hourly wage for transcriptionists is around $15.47 per audio hour however, some do also pay per audio minute.

The average monthly earnings are around $250 while the top monthly earnings for transcriptionists are around $2,500.

The demand for transcription services is expected to continue to grow in the coming years.

This is due to an increasing need for audio and video recordings to be converted into text.

Businesses, journalists, academics, and students all need transcribers to help them get their recordings into written form.

How to Make Money Transcribing

There are really two ways that you can make money transcribing.

Either you join a transcription company as an employee finding a transcription job or you create your own path as a freelance transcriber selling your services on freelance platforms.

Whichever route you choose, making money transcribing is easy and straightforward.

You don’t need any special skills or qualifications to become a transcriber.

All you need is a computer, a reliable internet connection, and a good set of headphones.

Join a transcription company

Once you’re ready to start transcribing, and if you are looking to join a transcription company, the first step is to find companies that offer transcription jobs online.

There are a few different companies that hire transcriptionists and offer freelance transcription jobs.

You can find these companies by searching online or by looking at job boards.

Here are some of the most popular transcription companies that you could join and where you can find online transcription jobs:

• TranscribeMe: TranscribeMe is a popular transcription service that allows you to find and manage transcription jobs.

• GoTranscript: GoTranscript is another popular transcription service that offers freelance transcription jobs.

• Rev: Rev is a transcription service that offers transcription, captioning, and translation services.

• Scribie: Scribie is a transcription service that specializes in audio and video transcription.

• VoiceBase: VoiceBase is a transcription service that offers transcription, captioning, and voice search services.

Once you’ve found a company that you’d like to work for, you’ll need to apply for the job.

You’ll typically need to submit a resume, cover letter, and a sample of your work.

Some require you to write a transcription test and should you pass you are then accepted and can start transcribing.

Freelance Platforms

If you are planning to go the other route and forge your own path as a freelance transcriber then below are some of the best freelance platforms for you to join, to showcase your skills and start selling your services.

• Upwork: Upwork is one of the most popular freelance job platforms. You can find transcription jobs on Upwork and manage your workflow.

• Fiverr: Fiverr is a popular freelance job platform that offers a wide range of transcription services.

• Freelancer: Freelancer is another popular freelance job platform. You can find transcription jobs and manage your workflow on Freelancer.

• PeoplePerHour: PeoplePerHour is another popular platform for finding transcription jobs and managing your workflow.

• Guru: Guru is a popular platform for finding freelance transcription jobs.

These platforms are a great way to find transcription gigs and manage your own workflow. They can help you find more clients and make more money transcribing.

Essential Tips for Making Money Transcribing

Here are some essential tips to help you make money transcribing:

• Set a Schedule: It’s important to set a schedule and stick to it. Transcribing can be time-consuming, so it’s important to set aside a specific amount of time each day to dedicate to it.

• Set a Deadline: It’s also important to set a deadline for each transcription task. This will help you manage your time and ensure that you submit your work on time.

• Use a Transcription Tool: There are a number of transcription tools available to help you transcribe more efficiently. These tools can help you transcribe faster and more accurately. (see further down for a list of our recommended tools)

• Take Breaks: Transcribing can be mentally taxing, so it’s important to take regular breaks. Taking a break will help you keep your focus and stay motivated.

• Practice: Transcribing is a skill and it takes practice to become a good transcriber. It’s important to practice your transcribing skills regularly.

Creating a Transcription Business Plan

If you’re serious about making money transcribing, then you should create a transcription "business plan".

It is not a usual business plan that new business draws up and that needs to be handed to someone else but it merely assists you in growing your transcription business.

Most importantly, this will help you set goals, stay organized, and track your progress.

Here are the steps to creating a transcription business plan:

• Set Goals: Set goals for how much money you want to make and how many hours you want to work each week.

• Track Your Progress: Track your progress by tracking your hours and earnings. This will help you stay motivated and on track.

• Keep Learning: Keep learning about transcription and stay up-to-date with the latest transcription tools and techniques. Further below we layout some of the top tools that you can use and some of the top courses you can attend to sharpen your transcription skills.

• Network: Network with other transcribers and build relationships with potential clients.

• Stay Organized: Stay organized by creating systems and processes to help you manage your workflow.

Creating a transcription business plan will help you stay organized and motivated.

It will also help you stay on track and achieve your goals.

Transcription Tools to Help You Earn More

If you really looking to grow your transcription business or even just transcribe at scale so that you can earn more money, then you will need a few transcription software and tools to get you there.

These will come at a penny but think of it this way - the tools are your transcribing assistants and with their help, you will be able to transcribe faster and more accurately.

This will allow you to take on more jobs or business and eventually earn way more than without using any tools.

Here are some of the most popular transcription tools:

• Express Scribe: Express Scribe is an audio player application for PCs or MACs designed to help transcribe recorded audio.

• oTranscribe: A HTML5 app to take the pain out of transcribing interviews. It is useful for journalists, academics, and anyone else who needs to transcribe audio.

• Happy Scribe: Happy Scribe's automatic and human transcription services convert audio to text with 85-99% accuracy in 45+ languages and 120+ formats.

• Sonix: Using artificial intelligence, Sonix converts your audio file to text. It's the world's most advanced automated transcription, translation, and human-machine interface company with cutting-edge speech recognition software. This really helps should the audio you transcribe have bad audio quality.

• Trint: Trint's AI transcription converts your audio and video files into text, making them as editable, searchable, and collaborative as a document.

These tools can help you make more money transcribing by helping you transcribe faster and more accurately.

Courses for Transcribing

There are a number of courses available to help you become a better transcriber.

These courses will teach you the fundamentals of transcription and provide you with the skills and knowledge to become a successful transcriber.

Here are some of the most popular courses for transcribing:

• Transcribe Anywhere: With Transcribe Anywhere, you can learn to transcribe with excellence and accomplish it from anywhere.

• Transcription Certification Institute (TCI): TCI is the finest destination for beginning online training as a transcriptionist. You get a guaranteed internship, once your qualification has been completed.

These courses are a great way to learn the fundamentals of transcription and become a successful transcriber.

Outsourcing Transcription Services

Once your freelance business is up and running and growing well then you could look at the possibility of outsourcing your transcription gigs.

Outsourcing your transcription services will help you save time and make more money.

So where can I outsource these gigs?

You guessed it, the same transcription service companies, as we mentioned further above in this article, where you were looking for jobs.

These services are a great way to save time and make more money transcribing.

Conclusion

Transcribing is a popular and in-demand side hustle that offers great earning potential.

It’s an easy and flexible way to make money and get paid and it can be done from home.

In this article, we discussed how to make money transcribing and provided you with the essential tips and tools to help you succeed.

If you’re looking to make money transcribing, then you should create a transcription business plan and take advantage of the transcription services and tools available.

You should also consider taking courses and outsourcing your transcription services.

With the right tools and techniques, you can make money transcribing and achieve financial freedom.

For more side hustle ideas then please go through our Home-Based Businesses page where we list numerous ideas for you to start a business from home.