Moneymaking Idea: Offer Transcription Services

Photo Credit: http://www.flickr.com/photos/29970359@N07/4679014559

This is the first moneymaking idea that I want to share because this is what I do for a living right now. Okay, I'm going to cut to the chase and give you some useful information about the job:

What is Transcription?  

Simply put, transcription is converting spoken words into written documents. There are different areas of specialization with regard to transcription.  Medical transcriptionists transcribe dictated reports made by doctors. Legal transcriptionists transcribe dictations by lawyers and other legal professionals.  Business transcriptionists usually transcribe the recorded conversations that take place during business meetings and teleconferences.

How Does It Work? 

You will be asked to download an audio file from a website. Then, using a transcription software, you will listen to the audio and type what you hear in a word processor such as Microsoft Word.  Then, you will upload the word document file that contains the transcript to your client's website or send it via email.

How Do You Get Paid?

You will either get paid per word, per audio minute or per byte depending on the arrangement you have made with your client (I get paid by the byte).

Skills You Need for the Job

1) GOOD LANGUAGE SKILLS -- This includes a good grasp of English grammar, the ability to listen and perceive nuances of pronunciation, and basic knowledge of the rules of punctuation and style.

2) BASIC COMPUTER SKILLS -- You don't have to be a computer maven to be a transcriptionist. A basic proficiency in MS Word, Excel and Internet research will do. You will also need to learn how to use a USB foot pedal, which is really stupidly easy.

3) GOOD TYPING SKILLS -- Speed and accuracy in typing is essential if want to be a productive transcriptionist. Simply put, the faster you type, the more transcripts you produce in a day and the more you produce, the more you earn.

4) SPECIALIZED KNOWLEDGE -- Transcription requires the ability to understand what is being said through context clues. In other words, a transcriptionist needs to know what is being talked about in order to correctly transcribe what is being said by the speaker. For instance, a medical transcriptionist has to be familiar with medical terms and drugs' generic names and brands and has to study the basic concepts of anatomy and physiology in order to be able to transcribe doctors' reports accurately. Legal transcriptionists have to be familiar with the legal terms, especially the Latin ones. Even media transcriptionists like me have to be familiar with the names (especially the pronunciation and spelling) of TV personalities like George Stephanopoulos, Lola Ogunnaike and Zbigniew Brzezinski. (Zbigniew? Whew!)

If you want to be a transcriptionist, you need to determine in what area or field of transcription you are well-suited for. Some graduates and students of medicine and nursing get into medical transcription. Law students and graduates may work as legal transcriptionists. Wide readers and erstwhile couch potatoes like me are well-suited for media transcription. You may take up special courses like I did. I studied medical transcription for six months.

Equipments/ Software You Need

1) A GOOD WORD PROCESSING SOFTWARE -- I use MS Word, but alternatively, you can use Writer, a free word processor from Open Office. It's free and it's compatible with MS Word. To download the Open Office suite, click here.

2) A TRANSCRIPTION SOFTWARE -- A transcription software is a program that plays back sound files. The best transcription software I have ever used so far is Express Scribe. Other transcription softwares make the speaker sound like Darth Vader when you slow down the speed. Not Express Scribe -- you can adjust the speed without affecting the pitch of the speaker's voice. The latest version of Express Scribe now allows you to transcribe video files.  And did I mention that it's free? To download Express Scribe, click here.

Beware: Some transcription "firms" promise to train you for free and guarantee you a job, but they will actually charge you an astronomical price for the transcription software (like $600). I almost got duped; fortunately, my uncle didn't lend me money for the software. Why pay when you can get one for free?

3) A HEADSET -- Actually, a pair of good earphones or headphones will do. Sometimes, I use my MP3 player's earphones.

4) A FOOT PEDAL -- You can actually do without this one -- if you're just practicing. Anything that the foot pedal can do, the mouse can also do. Express Scribe allows the use of "Hot Keys" -- F keys that have the same function as a foot pedal. However, if you would like to be a productive transcriptionist, earn more and concentrate better on what you're transcribing, then you should get one.

 As I have mentioned in my "About" page, I have been a broadcast media transcriber for about five years and I have been earning enough to support myself and my family.  Sometimes, I have some extra money to buy things for myself. With a fraction of my earnings as a transcriptionist, I've been able to buy a laptop and a desktop computer.

Transcription requires some basic skills that may be acquired through constant practice. The knowledge part is easy; I studied medical transcription for only six months. Well, I don't even use what I have studied because I transcribe news reports instead of doctors' reports. The investment is minimal and may be recouped within months. This could be a lucrative job depending on one's level of skill and productivity. It could be rewarding and it is certainly worth-trying.

Next, I will post a list of companies that hire transcriptionists. Stay tuned!