Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$150

$250

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$1,400

Total Startup Costs

$1,135

$23,259

Otter Voice Meeting Notes

otter.ai

5,639

Sonix

sonix.ai

24,353

Trint

trint.com

39,284

3Play Media

3playmedia.com

52,739

Automatic Transcription Software

vocalmatic.com

79,742

Speechpad

speechpad.com

145,493

CastingWords Transcription Services

castingwords.com

171,131

GMR Transcription Services, Inc.

gmrtranscription.com

194,015

Simon Says

simonsays.ai

263,799

Take Note

takenote.co

362,081

Transcribe Anywhere

transcribeanywhere.com

449,523

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a transcribing service business costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.

Rewarding work

Starting a transcribing service business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

No overhead costs

To get your transcribing service business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Crowded Space

Competition is high when it comes to your transcribing service business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A transcribing service business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a transcribing service business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a transcribing service business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Isolation

Often times, as a transcribing service business, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a transcribing service business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.