Income $50,000.00 – $200,000.00
The range of income for the first year will be dependent on how much you would like to work. Tran scribing legal documents is extremely lucrative. Most firms pay an average rate of $2 per page. Most documents are double-spaced and at 60 wpm you would average 12 pages an hour.
You could also expand your endeavors to the point of locating the clients, managing other transcribers and negotiating 25-50% of their rate as your fee.. That would give you unlimited income and eliminate the need for you to actually do the work yourself.
Companies that need occasional transcription services would have projects such as manuscripts, legal events such as depositions and court reporting. You would need to capture the documents.
Your clients will be legal firms, state, county and federal legal departments and publishers. You would also find that college campuses have professors and students who need their documents captured.
Your services would allow them to hire you as the need arises.
Your marketing plan will be based upon targeting either legal service providers or publishers. Join leads clubs in order to obtain personal introductions to firms that would use your services. These personal introductions will provide you with much more rapid access to new clients.
Your Power Partners should consist of those who supply your clients with services on a regular basis. They will be Printers, Accounting firms, Photographers, Graphic Artists, Web Site Designers, Public Relations and Marketing firms.
The conversations with these Power Partners should indicate your willingness to include them as you become aware of companies that need their services. It is important you meet with these Power Partners in person the first time, and then keep in touch with them weekly through email or phone conversations.
You will need to have excellent skills in typing, organization, project planning, a computer to create a database, a tracking system and invoices. A professionally designed website is not necessary and an outgoing personality is extremely important. You will also need to have reliable transportation.
You could also expand this to the point of finding the clients, managing other transcribers and negotiating either finder’s fees for projects or a percentage of the project fees. That would give you unlimited income and eliminate the need for you to do the work yourself.
Personality Type: Analytical, Amiable, Expressive
Total Start Up Costs: Less than $500
(includes business cards, website and phone)