Starting a transcription side hustle in 2024 is an exciting opportunity for anyone looking to earn extra income. Transcription offers the flexibility to work from anywhere, at any time, while honing your listening and typing skills.
This side hustle offers more than just financial rewards—it’s a chance to learn about new industries and even contribute to meaningful projects.
Whether you’re a student, a stay-at-home parent, or just looking to generate extra revenue in your spare hours, transcription work can fit seamlessly into your life. So, how can you start a transcription side hustle in 2024? Here’s what you need to know.
What Is Transcription?
Before jumping into how to start your transcription side hustle, let’s break down the basics.
Transcription is the art of turning spoken words into written text. It’s a meticulous process where audio or video recordings are carefully listened to and then typed out, capturing every detail accurately.
Professionals use transcription services every day. Use cases range from interviews and lectures to legal proceedings and medical consultations.
What Skills Do You Need To Start A Transcription Side Hustle?
To be a successful transcriptionist, you’ll need a combination of technical, language, and personal skills. Here’s a detailed breakdown:
- A transcriptionist should be able to type quickly and accurately. Speeds of 65 to 75 words per minute are standard requirements, but accuracy is equally important to ensure the transcript is error-free.
- Good hearing and the ability to distinguish different accents and dialects are crucial. You must be able to accurately interpret what is being said—even in poor audio quality or when multiple speakers are talking simultaneously.
- A strong command of the language you are transcribing is essential. This includes grammar, spelling, and punctuation. You should be able to understand and transcribe slang and idiomatic expressions accurately.
- Basic knowledge of computer operations and familiarity with transcription software and equipment are necessary. You’ll need to know how to operate playback software, use foot pedals (if applicable), and manage files and folders.
- Attention to detail is critical for ensuring that the transcription accurately represents the audio. You’ll need to catch subtle nuances in speech and follow formatting and client-specific transcription guidelines.
Why Start A Transcription Side Hustle In 2024?
The benefits of starting a transcription side hustle can be broken down into three key advantages: flexible scheduling, extra income, and skill development.
Transcription side hustles offer completely flexible scheduling.
One of the worst parts about having a side hustle is adding a second commute to your day on whatever random nights your manager decides to schedule you. But transcription offers the unique advantage of working from any location and time that suits you.
This level of autonomy is unmatched in most professions!
The financial benefits are second to none.
The top monthly earners literally pocket thousands of extra dollars at the end of the month. Just imagine—what would you do with an extra $3,400 in your pocket? Pay off debts? Save up to buy a home or a new car? Pay tuition? The possibilities are endless!
What’s more, a financial transcription side hustle requires minimal upfront costs, mainly just a reliable computer and internet. As you grow your business, you might invest in other equipment to make your work more efficient, such as a transcription foot pedal.
Get skill development you can apply to any industry.
Transcription work sharpens skills such as listening, fast and accurate typing, and mastery of language nuances. Plus, you’ll learn about a wide range of subjects.
What other profession allows you to help a police officer by transcribing witness interviews one minute and then helping a protective service worker the next minute?
It’s also worth noting that as the digital world expands, the demand for transcription services is soaring across various industries. In 2020, a whopping 64% of industries in the e-learning and market research fields used speech-to-text automated transcription.
This growing need means more long-term opportunities for you to find transcription-based work and keep your side hustle going strong.
How Profitable Is A Transcription Side Hustle?
Transcription can be a profitable side hustle, with earnings influenced by factors like speed, accuracy, and the complexity of the audio. Industry rates for transcriptionists can vary widely based on experience, specialization, and the nature of the transcription work.
Some transcription companies pay by the word, typically starting at one-half cent per word, with some shifts offering bonuses. Others pay by the hour, offering around $15 to $20.
Highly experienced transcriptionists, especially those offering services in high-demand specializations, can earn even more, making transcription a lucrative side hustle for those who build their skills and reputation in the industry.
How To Start A Transcription Side Hustle In 9 Steps
Starting a transcription side hustle in 2024 can be a rewarding and flexible way to earn extra income. Here are the steps to becoming a successful transcriptionist:
Step #1 – Learn what transcription involves.
Transcribing audio to text requires strong listening skills, fast and accurate typing, excellent grammar, and attention to detail. Transcribing means developing a keen ear and fast fingers. It’s not just about speed; precision and meticulous attention to detail are your true assets.
You’ll also need to know the different types of transcription: edited, intelligent, and verbatim transcription. What does an excellent transcription look like once the professionals are all done? Check out a few transcription examples here.
Step #2 – Improve your transcription skills.
Practice typing to increase your speed and accuracy. Regular practice through typing tests and exercises can help you reach or exceed the ideal benchmark of 60 words per minute. You’ll also need to understand transcription formatting best practices.
You’ll also improve your skills by becoming proficient with transcription software. Hardware, like foot pedals, can significantly improve your efficiency. These tools help you play, pause, or rewind without taking your hands off the keyboard, enabling you to focus on accurate transcription.
Step #3 – Brush up on your grammar skills.
Excellent command of the language you’ll be transcribing in is crucial. Refreshing your knowledge of grammar and punctuation rules ensures that the transcripts you produce are of high quality and require minimal editing.
Step #4 – Get the right equipment.
- High-quality headphones are a game-changer. They allow you to discern every word, especially in recordings with background noise or lower quality. They can significantly reduce the time spent rewinding and deciphering audio, making your transcription process smoother and more efficient.
- A foot pedal acts like an extra set of hands for a transcriptionist. It enables you to control audio playback without needing to shift focus from typing to mouse or keyboard controls for the audio. This tool can drastically increase productivity by keeping your hands free for continuous typing.
- A dependable computer and a fast internet connection are the backbone of your transcription setup. They ensure you can access audio files swiftly, use transcription software effectively, and conduct necessary research without interruptions, contributing to a seamless transcription process.
Step #5 – Gain experience transcribing.
Use online platforms offering practice transcription files to hone your skills. This hands-on experience can help you familiarize yourself with different accents, industries, and audio qualities.
Courses are great practice, too. Look for free online courses that can help you learn transcription basics. Transcription classes can also provide you with a structured approach to understanding the basics. Classes will help you gain mastery of the finer points of the trade.
Step #6 – Find transcription jobs.
Many transcription companies, such as SpeakWrite, are open to hiring transcriptionists with only one year of transcription/word processing experience in an office environment in the past five years.
Transcription companies are ideal over gig websites like Upwork or Fiverr because they provide a steady stream of work and a structured environment to help you grow your skills.
Step #7 – Learn to manage your time wisely.
Balancing transcription work with other responsibilities requires effective time management. Setting realistic deadlines and working hours can help you deliver quality work whenever you have the time to clock in.
For instance, SpeakWrite operates 24 hours a day, 365 days a year, and typists choose their own shifts—no more than 12 hours in a day and at least 15 scheduled hours per month. You’ll need to be decent with time management to ensure you can hit the minimum number of hours.
Additionally, most transcription companies offer clients a speedy turnaround time, so you should be able to complete jobs expeditiously.
Step #8 – Build your reputation with quality work.
Your reputation hinges on the quality of your work. Strive for accuracy and ensure that you meet or exceed your deadlines. High-quality transcripts will keep your side hustle strong and ensure you always have a steady stream of work (and revenue).
Step #9 – Grow your side hustle, grow your network.
Networking with fellow transcriptionists and potential clients in these spaces can lead to more job opportunities, valuable advice, and industry insights that can help you grow your side hustle.
Join online forums and social media groups related to transcription to connect with potential clients and peers.
Learn How To Edit Transcriptions Like A Pro
Knowing how to edit and format your transcriptions is the difference between a job well done and a transcription flop. Editing and proofreading transcriptions are essential tasks for ensuring the accuracy and clarity of the text.
Are you just getting started? Here are a few pointers to help you hone your skills so you can impress your next transcription client.
Listen and read your work simultaneously.
Once you’ve finished transcribing everything, listen to the audio with headphones while reading your transcript. This can help you catch discrepancies between what is said and what is transcribed, including misheard words or phrases.
Check for grammar and punctuation.
There’s nothing worse for a client than having to go back and edit a misplaced comma or a misspelled word. Ensure that the transcript follows standard grammar rules (unless, of course you’re transcribing verbatim and the speaker breaks the rules).
If you’re completing an intelligent or edited transcription, adjust sentence structure to make the text more readable while retaining the speaker’s original meaning.
Also, proper punctuation is crucial for conveying the transcript’s correct pauses, stops, and emotional cues. For example, commas can indicate a pause for breath, while periods denote a complete stop.
Format your transcription according to the client’s instructions.
Well-formatted transcripts reflect professionalism and attention to detail, which are crucial in legal, medical, academic, and professional settings. Include speaker labels if there are multiple speakers, and ensure that each new speaker’s dialogue starts on a new line. If writing verbatim, use italics or brackets for non-verbal sounds (e.g., [laughter]).
Some clients will include special formatting instructions, such as for legal documents. Follow them to save your client the hassle of formatting the text themselves.
Proofread again.
Check for spelling errors, especially with proper nouns or specialized terminology. Ensure consistency in names, terminology, and abbreviations throughout the transcript. It’s best to edit the transcript in several passes. For example, focus on accuracy in the first pass, grammar and punctuation in the second, and formatting in the third.
– If possible, have another person review the transcript. A fresh pair of eyes can often catch errors that were previously overlooked.
Understand the importance of grammar, punctuation, and formatting.
Grammar, punctuation, and formatting are critical in transcription because they enhance readability and convey accuracy.
Proper structure makes it easier for readers to follow the flow of thoughts and arguments. Correct punctuation can change the meaning of a sentence, and proper grammar ensures that the intended message is clear.
Common Mistakes To Avoid When Starting a Transcription Side Hustle
The difference between surviving and thriving in the world of transcription can come down to avoiding common mistakes.
Remember, in transcription, your reputation is everything. Mistakes can lead to unsatisfied clients and lost income. Start on the right foot by understanding the challenges of transcription and how to overcome them.
Don’t underestimate the importance of skill in transcription.
Transcription is more than just typing—it requires a keen ear, attention to detail, and a good grasp of grammar. Underestimating its difficulty can lead to poor quality work and unhappy clients. You should be fluent in English and be able to type 60 WPM with 90% accuracy.
Don’t ignore the importance of required transcription equipment.
Relying on basic or inadequate equipment can hamper your ability to produce accurate transcriptions. Quality headphones, a comfortable keyboard, and professional transcription software significantly impact your efficiency and accuracy.
Pro Tip: You should not attempt to use your smartphone or a tablet to start your transcription side hustle.
Don’t overlook the need for continuous learning.
The transcription field, especially in niches like legal or medical transcription, often requires specific terminologies. Neglecting to continuously improve your skills and knowledge can limit your opportunities for more lucrative, specialized work.
Don’t misjudge time management.
Taking on too many projects or not making time to log the hours you need can lead to missed deadlines and compromised quality. Effective time management and realistic assessment of how much work you can handle are crucial for maintaining a positive reputation and client satisfaction.
Transcription Side Hustle Frequently Asked Questions
Is a transcriptionist a good side hustle?
Yes, being a transcriptionist is a great side hustle. It offers flexibility, the ability to work from anywhere, and the chance to earn extra income while developing valuable skills. You can pocket thousands of dollars in extra cash if you put in enough work.
Do transcribers make a lot of money?
Generally, transcriptionists start at one-half cent per word, with some shifts offering bonuses. Others pay by the hour, offering around $15 to $20. Entry-level transcriptionists might start at lower rates but have the potential to earn more as they gain experience.
How profitable is transcribing?
Transcribing can be quite profitable, especially for those who specialize in high-demand areas like legal and medical transcription. Your profitability will depend on factors like your speed, accuracy, and the complexity of the transcription work.
How To Start A Transcription Side Hustle With SpeakWrite
SpeakWrite is the perfect platform for those looking to kickstart a transcription side hustle. They offer a structured pathway into the transcription world, providing access to a steady stream of clients and an established payment system.
Things SpeakWrite looks for in its transcriptionists:
- A background in word processing.
- Passion for transcription and facilitating workflow.
- Expertise in Microsoft Word or willingness to do what it takes to get up to speed.
- Professionals who take quality seriously.
- Willingness to learn SpeakWrite policies and procedures.
- Availability 4 hours or more per week.
- Readiness to redefine your career and reach new levels of personal and professional success.
Getting started as a transcriptionist with SpeakWrite is as easy as four simple steps:
- Check the transcriptionist requirements to see if you qualify.
- If so, then sign up on SpeakWrite’s website to be a transcriptionist.
- Take a brief assessment to determine the skill level and quality of your work.
- You’ll be assigned work as it becomes available.
SpeakWrite’s transcription platform is designed to be straightforward, allowing you to focus on honing your transcription skills and growing your side hustle.
Start Your Transcription Side Hustle Today!
Jump into your transcription side hustle with SpeakWrite and watch your skills turn into earnings. It’s your chance to join a vibrant community of professional transcriptionists with easy access to jobs and straightforward payment. Ready to start your transcription side hustle?
