Wooden judge gavel,law scales, open book and stack of books on table in a courtroom.Concept of justice and law.
The average legal transcriptionist in the US makes about $49,097 per year, which translates to about $24 per hour. Top earners in the same niche get up to $67,000 annually. If you’re looking to get into the transcription business, go for it!
The legal field is rife with all kinds of interviews and conversations from different parties. Everything from hearings, interrogations, subpoenas, and sworn statements require transcription. Offering legal transcription services is an excellent small business opportunity for enterprising individuals.
The best part is that you don’t need legal experience to offer these services. Today, we’ll be providing guidance on how to offer legal transcription services as a business. Without wasting too much time, let’s dive straight into it.
Creating a proper business plan is the first step in creating your legal transcription business. Doing so will help you map out specifics and create a clear road map for your venture. Here are a few guiding questions to help you with your planning.
Answering the above question should help you create a proper business plan for your transcription services. With a business plan in place, you can move to the next step.
The next step involves registering your transcription business as a legal entity. But you’ll first have to choose a business structure. The most common business structures in the country are sole proprietorships, limited liability companies (LLCs), and partnerships.
For your transcription business, we recommend forming an LLC. You can’t be held personally accountable if someone sues your transcription service company. Talk to your lawyer to help you register an LLC for your transcription business.
Once you create an LLC, the next step is to register your new business for taxes. All businesses must pay both legal and federal taxes or risk closure. However, before you do that, you need to register for an Employer Identification Number.
Any transcription business requires a firm grasp of crucial typing skills. As such, you need to familiarize yourself with the necessary typing qualifications and work towards achieving them. As a transcriptionist, you’ll need to type extremely fast while maintaining accuracy.
Here are a few typing qualifications for transcribers.
With consistent practice, attaining the above typing skills will be a cakewalk. There are also plenty of online platforms where you can practice your typing.
If your typing skills are a tad lackluster, you might want to improve them before starting your business. If the online typing platforms don’t work for you, you can consider doing the following.
Starting a transcription service is one of the most cost-effective small business ideas. However, that doesn’t mean you don’t have to spend a dime on the venture. Depending on the niche, you’ll need to buy specific transcription supplies, equipment, and software.
A few examples of the equipment you’ll need include:-
Never skimp on the equipment you get for your transcription business. Invest in high-quality tools and equipment that will last a lifetime. Substandard equipment will only slow down or kill your transcription business.
Although you don’t have to go to law school to do legal transcription, you’ll have to get acquainted with various legal terminologies. You can read through a couple of legal books and familiarize yourself with some of these terms. Also, read through legal articles and follow up on the latest news in the legal field.
Try watching a few live legal proceedings and note any legal jargon the involved parties use. Getting well-versed in legal terms will take some time, but you’ll get the hang of it sooner or later.
There are tons of transcription courses that institutions offer online and in brick-and-mortar establishments. If your knowledge of the law is wanting, you might want to enroll in one to sharpen your legal knowledge. This course allows you to learn things like
If it’s your first try at transcription, you might consider taking a transcription course. You can use these legal tabs to keep all your notes in order.
After your course, you’ll receive transcription certification for legal transcription. This gives you the green light to offer transcription services for legal clients. However, you might need to fulfill other requirements in some states to get this certification.
Once everything is in place, you must find clients for your transcription services. Most people are unwilling to hire inexperienced transcriptionists, so focus on finding experience first. You might want to slightly lower your rates at first to attract the right clients.
Once you find clients, make sure you deliver your A-game. Remember, you want positive client reviews and excellent ratings. These reviews and ratings will attract more clients, making you more money.
After you’ve dealt with a reasonable number of clients, consider branding your business. All that’s left to do now is grow your business and thrive.
You can make a serious killing by offering legal transcription services to clients across the country. The information above should help you set up a robust transcription business.
So what are you waiting for? Start your transcription business today.
And don’t forget to check out the other posts on the site for more informative reads.
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