6 Transcription Business Success Stories [2024]
A transcription service converts live or recorded speech into a written or electronic text document. Transcription service is in demand globally across industries.
Becoming a transcriptionist can be a side hustle or a full-time job, so long as you have the right gear.
Do you plan to become a transcriber ? Take an online transcriptionist course and work on your listening skills. To succeed, you need a good typing speed and excellent language command.
Here are some real life success stories of starting a transcription business:
1. Transcription Outsourcing, LLC ($1.2M/year)
Ben Walker, the founder of Transcription Outsourcing, was inspired to start his business after hearing about a friend starting a medical transcription company. He saw an opportunity in the healthcare industry and decided to join forces with the founder to create a transcription service that catered to not only medical professionals but also the legal, law enforcement, financial, academic, and general business industries. Through effective advertising, SEO, and a commitment to exceptional customer service, Transcription Outsourcing has been able to attract and retain clients, leading to their success as a $100k/month company.
How much they make: $1.2M/year
How much did it cost to start: $150K
Current team size: 5
How this founder started a $100K/month guaranteed transcription service for medical, legal, law enforcement, financial, academic and general business industries, winning the NASPO ValuePoint transcription services contract over 26 other companies and learning valuable lessons about getting a coach and getting as much PR as possible.
2. Scribie ($1.2M/year)
Rajiv Poddar, the founder of Scribie, originally started with a hardware startup that failed. After repurposing an internal tool into a Skype call recording plugin, he discovered the demand for transcription services. Seeing the opportunity in the online transcription industry, he built Scribie as a crowdsourcing platform with quality control mechanisms, focusing on providing accurate and consistent transcripts. Despite being a solo founder, Rajiv's passion for solving the problem of transcription and his commitment to quality have driven Scribie to surpass $1 million in revenue in 2020.
How much they make: $1.2M/year
How much did it cost to start: $500K
Current team size: 5
Scribie crossed the $1 million revenue mark in 2020 after 12 years in business, remaining a lean, profitable service by focusing on quality over growth and acquiring customers through organic search and word-of-mouth referrals, while CEO Rajiv Poddar aspires to scale the transcription service without compromising quality.
So... can you actually make money with a transcription business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
So... can you actually make money with a transcription business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. GMR Transcription Services, Inc. ($2.4M/year)
How much they make: $2.4M/year
How much did it cost to start: $2K
Current team size: 5
This case study article showcases the success of GMR Transcription, a company that generates over $1 million per year with only three employees, by providing accurate transcription services with pricing transparency and efficient file delivery.
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
