If you are a fast typist, this one is for you: make money with transcriptions. If you have some spare time on your hands and looking to make some extra money, then transcriptions might be the perfect side hustle for you! This side hustle is a great way to work from home and earn extra money on your own schedule.
If you are interested in transcription and want to learn more, then read on! We will provide an overview of what transcription is, how you can get started, and the best companies to work with.
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What is a Transcription?
Let’s start with the basics. Transcription is the process of converting audio or video into written text. This is typically done by listening to audio recordings and typing the spoken words into a text document. Transcription is a great way to make money from home as it is relatively easy to learn and can be done anytime and anywhere. Transcription is also a great way to flex your writing muscles as well as become more disciplined with your time management. This side hustle offers a wide variety of opportunities including transcription of podcasts, interviews, lectures, and more.
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The Benefits of Transcription
There are many great benefits to becoming a transcriptionist. Firstly, it’s a great way to make money from home without having to sacrifice time with your family. Most transcription companies offer flexible hours so you can always take on as much or as little work as you like. The work you take on is up to you and if you want to skip a month or two, no one will tell you anything. In addition to being a great opportunity to make money from home, transcription also offers the chance to sharpen your language and writing skills. You’ll be able to learn a lot while listening to audio recordings and typing them into a document, including new phrases, words, and even topics that you weren’t familiar with before.
Find out my favorite Transcription Company
How to get started in Transcription
Getting started in the transcription business is actually quite easy. First, you’ll need to sign up for an account with one of the many transcription companies. Here’s a link to the one I use. Most companies have an online sign-up form that you can fill out in minutes. Once you have registered for your account, you need to read the guidelines required in a transcription, do a little test to prove you read and learned them. Once you get approved, you will then be able to start taking on projects and start earning money from home. You will need to download any audio or video files to your computer and then listen to them and type the contents into a text document.
Tips for success
Make sure you have adequate supplies for your project. You’ll need headphones and a good quality microphone to ensure you hear all of the audio clearly. You should also invest in a transcription foot pedal, as this can help make the process much faster and easier. The key to success in transcription is being organized. Keep all of your projects in one place so that you can easily reference them when needed. Finally, be sure to read the instructions of each project carefully to ensure accuracy. Don’t forget to proofread your work before submitting it.
The amount of money you can make through transcription depends on the specific company you are working with. Most companies pay on a per-minute, per-word, or per-page basis, with the average rate being around $25 per audio hour. This company pays 0.60$ per audio minute which is 36$ per audio hour. Even if you transcribe 30 audio minutes three times a week, the earning is an extra 200/250$ per month for just 1 and a half hour of audio time per week. But let’s say you are in between jobs and/or traveling and can take up 2 audio hours a day for 5 days a week, throughout different platforms with the average rate of 25$ per audio hour, then the earning potential starts around 1000$ per month per 2 hours of work a day. Not that bad uh? However, it is important to note that the more experienced you are, the more you can earn. As you become a more experienced transcriptionist, you can command higher rates for your work. Additionally, you could also consider seeking out private clients who are willing to pay more for your services.
Pro tip: You have a favorite podcast and noticed they don’t have transcriptions of their episodes? Reach out to them and offer your services.
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Pros and Cons of Transcriptions
- You can work as much or as little as you want.
- You can also set your own hours and work around your family’s schedule.
- Easily doable from the comfort of your home, coffee shop (if you don’t mind the noise) and to take with you around the world
- Never a dull moment, every project is different in terms of length, topic and wording
- Full of learning opportunity. Imagine not only reading an informative and interesting article, but really learning the lingo of the topic from an expert. A true dream for language lovers like yours truly
- You are a freelance now, no more commuting to work, annoying co-workers, dressing to go to work, work as much or as little as you want and the freedom is priceless.
- You need to learn a few technicalities and how everything works. It takes a little practice.
- You are a freelance now, you have to chase contracts, no co-workers to talk to, you need to keep yourself accountable on getting out of your pjs and actually work
- You need to do your own taxes
Transcription is a great way to earn money from home on your own schedule. Whether you are a stay at home mom or a student looking to make some extra money, transcription is a great side hustle that can provide a flexible source of income. Just remember to keep organized and proofread your work before submitting it, and you’ll be well on your way to success in the transcription world. good luck!