How to Set Your Transcription Rates

For instance, some audio files may be from an individual who dictated notes for a novel or personal journal, while transcript projects may require a lot of industry specific research for terms and phrases outside of normal everyday language.

So while some transcriptionists may set their rates according to complexity and research time, others simply charge a flat rate no matter what the content or how complex it is. It just makes for easier bookkeeping in the long run.

Many beginning transcriptionists set their transcription rates at the lower end of the scale to get started in the business, then increase their rates according to their level of experience and proficiency in the field.

But whether you're setting your rates as a business owner or you're looking to take on overflow work from a larger transcription company, you want to make sure you're getting paid a decent rate without undercharging or shortchanging yourself just because you're new to the field. You certainly don't want to work for less than minimum wage just because you're new to general transcription.

So use this basic formula to get a range in mind of what you should charge new clients per audio hour or what you should be looking for in the way of taking on overflow work:

Figure out the minimum length of time it takes you to transcribe one audio hour, then multiply that by $10.

I personally believe you really should not be earning less than $10 per typing hour today. General transcription is a career. It's not just a "typing from home job." You deserve better than minimum wage in this field so be sure to set your transcription rates accordingly.

Most larger transcription companies that outsource their corporate transcription pay about $40 to $45 per audio hour, which by industry standards at four hours to type one hour of audio, that comes out to about $10 per typing hour.

And that should be the absolute minimum you should charge your clients or the least amount you should accept in payment for overflow work. Once you've moved beyond the "entry level" stage you can start charging more per hour.

So to earn at least in the range of $10 per typing hour, figure out the minimum length of time it takes you to transcribe one audio hour, then multiply that by $10. As you get faster and more proficient, you'll begin to get higher paying clients and you can start raising your transcription rates accordingly.

Again, remember, general transcription is not just a type at home job. It is a career choice and compensation for your time should be no less than if you were doing transcription in someone else's office.

Types of Transcription You Can Specialize In:
Podcast transcription
Transcribe podcasts for smaller companies to help them build their businesses.

Focus Groups
Build up some creditentials with a couple of contracted companies doing focus groups.

Interview Transcription
Interviews can take place in person or over the phone and can be an interview of one or more people. This type of work can come from a variety of clients from authors to seminar speakers.

Corporate Transcription
The material can be from corporate presentations, quarterly earnings release calls when companies announce their financials for the quarter and year end; teleconferences, seminars, lectures, and conference presentations.

Dictation Transcription
This is one speaker recording notes, a journal, instructions, chapters of a book, just about anything while alone.

Academic Transcription
This type of transcription usually comes from students and teachers who have recorded seminars, lectures or classes.

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