We get asked this question nearly every day. The answer really depends on these things:
First, what is your typing speed? If you type at least 40-45, you’ll do fine. If you type faster than this now, you’ll be ahead of the game and be able to earn a great hourly rate, depending on the type of document.
Second, who is your client? For example, transcribing for a marketer — who sends you audio files every week — is going to take less time than transcribing for a professor who has dictated a technical, scientific audio dictation.
Third, what is the type of document you’ll be transcribing? For instance, transcribing a video or a group of people may take longer than typing up a straight dictation.
As more and more companies are going digital, the possibilities are virtually unlimited. You can make much more working for yourself than you ever could working for someone else. Some transcription business owners make over $100,000 a year and more (as I have.) A few have made much more than that by hiring subcontractors and just managing their business instead of doing the actual work. Of course, some make less than this also. All this is discussed in our program (including all the how-to instruction, downloads, worksheets, templates, and everything else you’ll need to get there.)
For more detailed information on this subject, be sure to request our Free Transcription E Book which answers this and a whole lot more.