What will I be doing?

If you take dictation, type like the wind and know technical terms, you can offer a transcription service from your home. A transcription service translates spoken words into written words for medical, legal, editorial and other employers. Some transcription service go a step further, summarizing transcripts for easier reading.

What will I need to start?

A transcription service today requires a computer with a word processor. It also requires transcription equipment, such as a Dictaphone. Some prefer small cassettes or digital recorders. In any case, you'll need equipment to listen and transcribe.

You will also need to know the "language" of your client. Medical and legal terms are like a foreign language to those unfamiliar with them. You must know these words and how to spell them if you will be transcribing them. Fortunately, there are books and even computer software programs that will help. There are also courses you can take to help learn these terms.

Who will my customers be?

Your customers will be doctors, lawyers, editors and other professionals who prefer to dictate than write their words. Most do it for efficiency or convenience. You may transcribe an attorney's recorded notes into a contract or a to-do list. You may transcribe a doctor's recorded comments into a medical record. Or you may transcribe an interview between a writer and a famous celebrity for an upcoming book.

How much should I charge?

Transcription services establish a rate of $25 to $60 an hour, but price by the line, page or document. The price may be $1 a page or $30 for a client report. To price by units, select the typical unit for your field, estimate the average time to transcribe and process, then price it accordingly.

How much will I make?

Your established transcription service will probably require less than 20 percent of your time for marketing. Until then, you may spend as much as half of your time selling your service to others.

Overhead expenses depend on the equipment you need and your travel time, if any, between jobs. If all dictation is delivered to you, your overhead will be lower than if you have to travel to your client's location. Expect overhead expenses ranging from 20 to 40 percent. So net income for a full-time transcription service can range from $25,000 to $50,000 a year or more.

How can I get started?

First, build your skills. You will be paid for efficiency and accuracy. If you work slowly or make mistakes you will lose business. Make sure you have the needed skills before you start your transcription service.

Second, contact potential customers, interviewing them about their transcription needs. What services would they like that they're not getting now?

Third, define and promote your business. Focus on a specific type of transcription and customer, then go after them.

The SIC code for transcription services is 7389-17.

How can I use computers to increase profits?

Transcribers have come to rely on computers to simplify their process. They not only use word processing programs to enter information, they also use professional dictionaries (legal, medical, business) to verify spelling accuracy. Then they use computers to publish transcripts in a variety of forms. Finally, computers track projects, manage customers, and promote their business.