Are Transcription Jobs Worth It? (Beginners Guide)

James

Updated on

February 8, 2023

Do you wish you could make additional money online? If you have a laptop and outstanding typing skills, maybe you should consider transcribing.

Of course, before you dive in, you may have some reservations about whether or not transcription jobs are actually worthwhile. Now, if you are looking for a way to supplement your income, transcription work is a good option.

Moreover, if you intend to make transcription a full-time occupation, starting off online will serve you well. And you may gain the experience that you need to succeed.

But is the job worthwhile? Are these jobs real or just a scam? Continue reading if you want to learn more about transcribing jobs and what they entail, such as what duties are involved.

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Are Jobs In Transcription Worth It?

The trend of full-time employment is gradually shifting; with the rise of the internet, there are more opportunities than ever to work remotely.

And online transcription is a great option if all you want is the flexibility to work whenever, the independence to manage yourself, and the chance to make more money. The good news is that you would not have to pay anything to join the websites that provide these chances.

Transcription work is great for those looking to start a business or expand an existing one, whether as a side gig or a full-time career. This is because gaining enough experience to work directly with a client increases your opportunities for lucrative compensation.

However, transcribing, like any other industry, has rivals. That implies that you need to consistently deliver high-quality results whenever possible. Also, as a freelancer, clients come to you rather than the other way around.

Keep in mind that a client’s willingness to spend a lot depends on factors like your previous work experience and how hard you work.

Jobs in online transcription are worthwhile since they can lead to other, more promising careers. In addition to providing educational opportunities and financial rewards, these platforms will also provide you with valuable real-world experience.

Are Transcription Jobs Legit?

Those who seek employment in online transcription can easily find it. The work is real, there are actual audio files and video files to transcribe, and the sites don’t charge a fee to join.

Therefore, you should consider a transcription job as a legitimate means to financially support yourself, provided that the market demand is fulfilled. Moreover, transcribing sites rarely ask for unusual things, like a specified payment of money to get the work done. Therefore, transcribing careers are reliable and trustworthy.

However, remember that the sector is highly competitive and that success will not come quickly. In today’s competitive job market, it’s not enough to have perfect grammar and spelling, lightning-fast typing, and impressive accuracy.

Therefore, if you are thinking about getting into online transcription, you need to level up. What else do you have to offer besides the ability to type quickly and accurately while using perfect syntax and spelling?

If you want to stay ahead of the competition, you need to learn the technical skills necessary to handle faulty audio, timestamp a file or track. Sometimes you may have to listen to two or more speakers simultaneously.

Given the legitimacy of the transcription job market, it makes sense to provide genuine, high-quality services to succeed in the industry.

Is It Possible To Make A Living By Transcription?

If you want to make a living doing something you enjoy or start a new career, become a transcriptionist. Several factors impact how much you can earn every hour, including:

The transcribing organization
The specific client of a business
Your rate
Your precision

Keeping in mind that the aforementioned factors affect the hourly wage, you may do your part by producing quality work. To accomplish this, you must have the proper equipment, purchase a foot pedal, and invest in efficient transcription software. Keep in mind that you are paid weekly per job, not per hour.

There are many transcription sites that allow transcriptionists to work as independent contractors. This means that transcriptionists can work as much or as little as they want, and they are not tied to any one company. In addition, transcriptionists can often find higher-paying jobs by working as independent contractors.

What Types Of Transcription Jobs Exist?

Believe it or not, the job market for typists is quite robust. But here we’ll focus on the big three:

1. General Transcription

General transcribing, which includes market analysis, seminars, lectures, and utterances, is where most entry-level transcriptionists will find work (to name a few).

The jobs typically do not necessitate any formal education or transcription training. Still, as a beginner, you should get some basic transcription instructions. Taking a course in transcription will improve your resume for entry-level opportunities.

Unfortunately, there are certain transcription services that pay quite poorly. But remember that gaining even minimal training opens you to more lucrative opportunities in the transcription industry.

2. Medical Transcription

There is more to being a medical transcriptionist than simply being able to type quickly. In addition to training in transcription, medical scribes must also be familiar with anatomy and common healthcare lingo. Today, scribes must also learn transcript editing.

While this may seem like a lot of work, it is necessary in order to provide accurate transcripts of medical meetings, patient visits, and more. With the right training, you can become a vital part of the healthcare team, providing an important service that helps ensure patient care is accurately documented.

3. Legal Transcription

When you think of a legal transcriptionist, you might imagine someone sitting at a keyboard, transcribing audio files of speeches or interviews. However, transcriptions can also be done for legal documents, and this type of transcription requires specialized training.

That’s because legal documents are often full of “legalese,” or jargon used by lawyers. This can include terms such as “affidavit,” “power of attorney,” and “summons.”

To produce an accurate transcript, the transcriber must have a strong understanding of this vocabulary. In addition, legal documents often contain complex sentence structures and technical language.

Hence, job seekers who wish to work in this field must be highly skilled in both English grammar and typing. With the right training, legal transcription can be a rewarding and challenging career.

Things To Keep In Mind

1. TAT Time

When it comes to transcribing services, the return time, or TAT, might vary widely depending on the transcription companies. TAT may range from one day to seven days. Do not take on work that you cannot finish within the given TAT.

One crucial thing to remember, deadlines should be met, if not beaten. The transcription company you work for makes guarantees to its users that they will receive a finished transcript within a specified time frame. It is your responsibility to meet those guarantees on time, every time. If you do not comply, it is likely that your service may be cut off.

The vast majority of writers, thankfully, work as independent contractors. You can set your own schedule in this way. If you want to work at 2 in the morning, that is fine. However, timelines must always be kept in mind.

2. The Audio Hour

Despite the similar names, an audio hour and a conventional hour do not mean the same. Transcription work that you can do from home exists, and they pay as much as $15.00 per audio hour.

Without any prior work experience, you might consider $15.00 an hour to be a reasonable starting wage. You would be right if the hourly rate really was $15.00, but it is not. The term “audio hour” refers to a continuous hour of recorded audio.

Remember that it will take you roughly four hours to transcribe an hour of recorded audio files or video files. The four hours include time for typing the transcript as well as proofreading and editing.

Opportunities In The Field Of Transcription

The following transcription sites can help you find legitimate transcription jobs for beginners if you’re interested in making a career change.

1. TranscribeMe

If you are just starting off, you can still benefit much from this site. It is possible to make a living wage here even with no relevant work experience, and you can work at your own hours. Gain experience in either the legal or medical transcription fields, which will increase your chances of receiving a higher salary.

Since each clip is only a minute or two long, you won’t have nearly as much downtime either. Sign up for TranscribeMe and take the test to get started. Within 12 business days, you will receive a reply.

2. GMR Transcription

This is a transcription site that is exclusively open to those living in the United States of America and does not require any prior experience on your part. To be eligible, you will need to have a foot pedal, a reliable internet connection, Microsoft Office, and headphones that go over your head.

After you have successfully completed the test, you will be required to transcribe a two-hour audio file before beginning to work for money. The test will be provided to you. In addition, there is a requirement that you transcribe at least four hours of audio each and every month.

3. Daily Transcription

This is another transcribing website that is appropriate for novices who can type at least 50 words per minute. The only catch is that they should only be residents of the United States or Canada and should be of the appropriate age.

The advantage of working for Daily Transcription is that you can anticipate an excellent pay rate. This is due to the fact that some of their clients include the United States Air Force and Bank of America, amongst others.

You will be able to receive the job if the tests are passed, and your pay per minute for audio transcription will be somewhere between $0.75 and $0.85. Therefore, given the high level of employment opportunities available here, the craze about it is worth it.

4. SpeakWrite

There are jobs available on this site that are worth your time if you currently have, at minimum, a year of experience working as a general transcriptionist. Keep in mind that there is a high availability of work here.

Furthermore, people having a background in law are at an advantage when applying for this transcribing job position. This is because the majority of their clients come from various legal and government-related fields.

A foot pedal is an additional essential piece of gear that must be in your possession in order for you to be qualified. Because a minimum accuracy of 90% is anticipated from you, you absolutely must pay careful attention to it.

On this platform, the minimum monthly hour needed for employment is 15 hours, and if you want to stay working, you must meet this need. Additionally, there are shifts that come with a 10% bonus.

5. Transcript Divas

People who have worked in similar capacities in the past receive a strong preference for employment. On the other hand, even novices have a shot at making extra money in this setting.

When you have finished with the assigned transcription jobs, you can anticipate receiving compensation ranging from $0.84 to $2.98 for each minute of audio that is transcribed. So, consider using Transcript Divas if you are looking for a website that may pay an amount that is greater than the standard compensation for a transcriptionist in the US.

Bottom Line

Transcription jobs are a great way to make extra money, and with the right tools and training, they can be a viable career option. The amount of quality work you put into the transcription will determine how much money you make.

We hope this guide has helped give you a better understanding of what to expect if you decide to pursue a transcription career. Until next time!

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