The requirements of a freelance transcriptionist are much lower than those of a transcriptionist working for a location-based company in a boring old office.
If you are self-employed, the equipment you need is minimal. A computer or laptop for greater mobility, plus an internet connection, and if you’re really fancy, gadgets like headphones and / or microphone.
You can work at home … or anywhere there is a Wi-Fi connection! You don’t need to pay for the trip or the uniform, or any kind of clothing for that matter. You can be in your pajamas or your birthday suit and still be a producer of high-quality transcripts.
Of course, you need skills like typing, research skills, attention to detail, and preferably transcription, editing, or writing experience.
Working from home requires a good degree of self-discipline and the ability to motivate yourself to keep working. As a freelancer, you should also keep your CV up to date so that you are ready to take on a new job with new online audio transcription business when it arises.
A freelance transcriptionist should know how to search for work online and become familiar with job sites and establish positive work relationships / connections with their transcription colleagues. As the old adage goes, “It’s not what you know, it’s who you know!”
A good idea is to build your client list and don’t be afraid to ask for references to attest to the quality of your work.
When comparing work as a freelance transcriptionist to that in an office, the factors to consider are:
Upfront or capital cost: Freelancers provide their own equipment, utilities like electricity, internet, etc. Therefore, they can charge lower fees and the initial outlay can be recovered quite easily over time. Both types of transcriptionists must produce high-quality work; however, companies can employ more levels of work quality verification (QA / QA) and can use editors, proofreaders, and so on. Sometimes this is an additional cost to the client, so it may still be better for a client to use a freelance transcriptionist.
As a freelancer, you may only have one specialization, for example medical or legal. If that’s the case, you’ll need to invest time and possibly money in research and training to familiarize yourself with other fields like general, podcast, and interview transcription.
When it comes to quantity, companies will always have the upper hand as they can definitely handle higher volumes compared to freelancers. Although the freelancers can meet only for a specific project. Still, this capacity will be more limited compared to companies.
Delivery times are inherently quite strict. However, freelancers are generally professionals. They deliver on time, most of the time. But, if a problem arises, at the end of the day they are people without support. Transcription services / companies, on the other hand, have numerous employees and contingencies.
Still, I think the advantages of freelancing still outweigh the negatives.
You have great flexibility and autonomy. You can work at your own pace, on your own terms, and you don’t have to deal with office politics (or clothing). You can even choose your own clients!
Geographical location is not a barrier and there is the possibility of achieving a better work-life balance. This point is especially important, since I myself know how horrible it is when you are sinking to the ground.
Public transport, fuel, taxis, etc. it all adds up! Without having to travel, you can really save money and also manage your meals more easily and profitably when you transcribe from home.
For you egomaniacs (kidding!), You can take pride in your work and proudly take 100% of the credit.
I will point out some disadvantages. You are isolated. The absence of physical interaction with others means it can be lonely work, especially late at night. You will also not receive bonuses, health insurance, paid holidays / vacations as if you were working for a transcription service. Note: However, there are some transcription companies that actually give bonuses and paid vacations to their best and most trusted freelance transcriptionists.
Income and workload can vary quite a bit. There will be times when work is so much that you go crazy, and times when you have nothing. “When it rains it pours.”
That initial start-up cost is a direct cost to you. You should also organize the tax payment yourself, and you should have good concentration so as not to get distracted.
Both types of roles will work for different people; some transcriptionists like the security of working a full-time position for a company that does primarily the same type of audio, and others prefer to have their fingers on a lot of pie – variable workload, many clients, many different types of audio .
Do whatever makes you happy. Good luck in your transcription career, which I believe can be profitable, flexible, and very rewarding!