While it may be overlooked sometimes, transcribing is a great skill which is in higher demand than one would realise. Transcription services are important for a number of industries. This includes regular businesses, law firms or for doctors looking to have transcriptions of medical reports. If you’re enthusiastic about providing transcription services, follow our W-R-I-T-E guide to start your own transcription business.
You can also check out our online guide for more lucrative business ideas.
What is a transcription business?
A transcription business is a service which converts speech into writing, whether it be on paper or on a computer. Chances are you’ve seen a transcriber before. If you’ve ever watched an episode of SVU, you’ve probably seen a court stenographer, who writes down what everyone says in a court hearing.
Right rates
For a transcription service, everyone prices differently. A general rate for a professional transcriber is around $1 per minute. It’s important to understand that customers will not be satisfied with transcriptions that include typos, incorrect phrases and slow service. Furthermore, there are extra services which you could offer in your business, such as:
- Express fees for customers who want transcriptions done quickly.
- Formatting of the transcription e.g. putting it into a professional document.
Intended market
You will need to think of your intended market and target audience. Who will need your services, and who do you want to aim and advertise to? You could choose to specify your business so that you only transcribe podcasts, or advertise to medical or legal professionals. It’s important to think about who you want to service, as this will determine your type of transcription business before it is even founded.
Time to pick a business name
Choosing a business name is a crucial aspect of starting a business. It is what the public knows you as, and what you will trade under. Generally speaking, you should make sure that it reflects the nature of your business. If you are thinking of specialising in transcription of professional legal documents, it should be something serious. If you’re unsure of what to pick, you can refer to our article ‘5 Things to Consider When Naming Your Company’.
Once you’ve finished picking your perfect business name, you will have to register for an Australian Business Number (ABN). An ABN is an 11 digit number used by the government for taxation purposes. All Australian businesses require one.
Enrol for Tax
Your business will need to register for taxes, as a part of setting up your business. In order to do so, you will need a tax file number (TFN) and an Australian Business Number (ABN). All Australian businesses require these. If you expect a very high turnover when you start your business, you will need to register for Goods and Services tax (GST). GST registration is mandatory if you have an annual GST turnover of $75,000 or more.
It is important to understand these elements before starting your transcription business. Starting a business can be a challenging experience, but our W-R-I-T-E guide will ensure smooth sailing. If you have any further questions, you can contact a business lawyer.
