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Many people first do freelance transcription with the intent of making some extra money on the side. Eventually, most of them choose to stay as they realize that they are building an incredible career and earning handsomely in the process. Once they become successful, they have so much work that they can enjoy the luxury of turning away clients because they are too busy; they may even have to recruit new help to handle the work, thus turning their gig into a flourishing business.
Whether you want to go solo with your transcription business or aim to scale it to a full-fledged agency over a period of time, there are certain tips that you must follow if you want to turn your freelancing work into a thriving business.
Your anchor clients are those who will work with you on a consistent, regular basis, thereby building a very strong foundation for your business moving forward. In the case of transcriptionists, such a client would be one who needs 5-7 client interviews transcribed every month. Anchor clients not only give you stability, but it’s also easier to work with them regularly instead of having to manage 30-40 different new clients, each having different needs and expectations.
Retainer work mainly involves contracts that are stricter, dictating you the amount of work that you are expected to do for a specific client over a specified period of time. These clients are also anchor clients, having deliverables that are even more consistent and on some occasions, have firmer terms. A few of the retainers might require an upfront payment or a month’s notice prior to cancellation.
Retainer work, in many cases of freelance transcription jobs, is necessary for allowing freelancers to upscale their business, because the consistency of work will ensure that you won’t need to fork out a portion of your income every month, thereby allowing you to focus on other important things, such as growing your business and finding more high-value clients.
You know that it’s the time to delegate tasks after you’ve done as much as you can on your own. In this scenario, time is your biggest constraint as you keep finding more clients and keep increasing your rates. At this juncture, you should hire an assistant who is capable of handling tasks like invoicing, doing basic research for you, and setting your schedule. You should hire a transcriptionist who can record key tasks, which include calls from clients or even internal meetings.
As you scale further, you may want to hire other team members who take off some of your burden you have been handling so far alone, and a manager who will keep everyone in line. In order to maximize your own time, keep looking for people who can always help, create a role for them, and fill those positions on an immediate basis.
Freelance transcription work can give you the much-needed boost to launch your business, or at least lay its groundwork. The gig economy is experiencing a boom and successful freelancers typically earn a lot more than the office-goers. While converting yourself from a freelancer to an entrepreneur, you should get your priorities right, and also act at the right time. The rewards that you will reap in the future due to your efforts will definitely be worth many times over.
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